Managing Receivables & Payables
TallyPrime helps you manage receivables and payables arising from credit transactions. You can define credit limits and credit periods, track invoice-wise outstanding amounts and ageing, and monitor customer credit utilisation. In addition, you can manage collections and supplier payments, calculate interest on overdue balances, send reminder communications, and settle outstanding dues. As a result, you gain better visibility into customer and supplier dues, enabling effective monitoring of credit exposure and working capital, while supporting improved financial discipline and stronger customer and supplier relationships.
Understanding Receivables & Payables Tracking
Receivables and payables can be tracked in different ways depending on how you manage collections and payments. To support these approaches, TallyPrime enables tracking at both the party level and invoice level, giving you the flexibility to choose the method that best fits your business.
Learn more: Flexible Tracking of Outstanding Amounts
Setup for Tracking Receivables & Payables
Configure outstanding tracking, credit terms, and interest parameters before recording credit transactions. As a result, you can monitor credit limits, credit periods, and outstanding amounts, helping you manage collection and payment commitments more effectively.
Learn how to:
Managing Receivables
Track customer dues from the time a credit sale is recorded until the outstanding amount is settled. Beyond tracking outstanding amounts, TallyPrime enables you to monitor customer credit utilisation, identify customers approaching or exceeding their credit limits, evaluate credit exposure, and assess customer credit risk.
Learn how to:
- Record Credit Sales
- Track Receivables & Payables
- Monitor Customer Credit Usage
- Record Receipts from Customers
Managing Payables
Track supplier dues from the time a credit purchase is recorded until payment is made. In addition, TallyPrime helps you monitor unpaid and overdue bills, track payment commitments, and maintain visibility into supplier outstanding balances.
Learn how to:
- Record Credit Purchases
- Track Receivables & Payables
- Record Payments to Suppliers
Calculating Interest on Outstanding Receivables
Calculate interest on overdue balances based on the defined credit periods and interest rates. As a result, you can offset the cost of delayed collections.
Learn how to:
- Set Up Interest Calculation
- Calculate Interest on Outstanding Receivables
- View Interest Receivable Reports
Sending Reminder Letters for Outstanding Receivables
Generate and share reminder letters or outstanding statements through digital communication channels to follow up on pending and overdue customer payments. By doing so, you can remind customers of upcoming or overdue payments and support timely collections.
Learn how to:
Settling Outstanding Dues
Easily record receipts and payments against outstanding invoices and bills to settle customer and supplier dues. Consequently, you can maintain accurate outstanding balances and monitor the settlement status of receivables and payables.
Learn how to:
