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Related Party Transactions

Identifying Related Parties

Those Ledgers which are marked by the user as Related Party will only appear in the Related Party Transactions report.

  1. Gateway of Tally > Analysis & verification > Voucher Verification > Related Party Transactions.
    Alternatively, press Alt+G (Go To) > type or select Related Party Transactions > and press Enter.
  2. Press Alt+V (Master Configuration).
  3. Select Related Party and press Enter.
  4. Select the required Ledgers using Spacebar in the Related Party Configuration screen.

  1. Press Alt+V (Update) to view Related Party Details screen to mark the selected Ledger as Related Parties.
  2. In Related Party Details screen.
  3. In Is Related Party field select Yes.
  4. In Relation Type field specify the relation type.

  1. Press Enter to save the Related Party Configurations.
    Note:Follow the same steps to unmark a Party which is wrongly identified as Related Party.
  2. Press Esc to view the Related Party Transactions report.

Related Party Transactions

Related Party Transactions report displays all the transactions that were made with the persons/parties identified as Related Party by the user. The user will be able to scrutinise these transactions to find if any undue favours are made to any of the Related parties.

In this section

View the Related Party Transactions report

Gateway of Tally > Analysis & Verification > Voucher Verification > Related Party Transactions.
Alternatively, press Alt+G (Go To) > type or select Related Party Transactions > and press Enter.
The above report displays the Party wise Total Vouchers, Verified Vouchers and Closing Balance for each Party. The name of the immediate Group/Subgroup and Relation Type is also displayed.

Button options in the Related Party Transactions

  • F3 (Company): press F3 to change the company.
  • F4 (Group): press F4 to filter the Related Parties belonging to the selected Group.
  • F9 (Analysis & Ver Reports): press F9 (Analysis & Ver Reports) > type or select Analytical Procedures> and press Enter.
    You can follow this step to open any of the Accounting, Inventory, and Verification reports from the list.
  • Alt+V (Master Configuration): press Alt+V to identify the Related Parties, Periodic Ledgers and apply Sampling methods for verification.
  • Alt+F12 (Range): press Alt+F12 to use the Range Filter option to search the specific vouchers from the list of Ledger Vouchers displayed.
  • Ctrl+F12 (Value): press Ctrl+F12 to use the Value Filter option to search the specific vouchers as per the specified user defined criteria. Press Enter on any of the Related parties to view the Related Party Transactions – Ledger Vouchers report.

Configuration Options

Press F12 (Configure) to change the default display for the above report.

  • Show Primary Group: Set this option to Yes to display the name of the primary Group/Subgroup.
  • Show Base Currency: Set this option to Yes to display the base currency details for the related party.

Related Party Transactions – Ledger Vouchers

The Related Party Transactions – Ledger Vouchers report displays all the Vouchers belonging to the selected Party.

In this section

View the Ledger Vouchers for the Related Party Transactions

  1. Gateway of Tally > Analysis & Verification > Voucher Verification > Related Party Transactions.
  2. Select the required Related Party and press Enter.

The above Ledger Vouchers report displays the transaction details such as Date, Vch Type,Vch No.,Transaction Value, Verification Status and Verification Note for the selected party.

The first section in the report displays the transaction with Ref. No. and the second section displays the transaction carried out On Account.

Button options in Related Party Transactions – Ledger Vouchers report

  • F2 (Period): press F2 to change the period selected.
  • F4 (Ledger): press F4 to select a different Party and displays the Ledger Vouchers report for the same.
  • Alt+F5 (Detailed): press Alt+F5 to view the detailed Ledger Vouchers report.
  • F8 (Show Ledger): press F8 to display the default Ledger Vouchers report for the selected Related Party along with the details of the Opening Balance, Current Total and Closing Balance.
  • F9 (Analysis & Ver Reports): press F9 (Analysis & Ver Reports) > type or select Analytical Procedures> and press Enter.
    You can follow this step to open any of the Accounting, Inventory, and Verification reports from the list.
  • F10 (Other Info): press F10 to view the following details:
    • Whether this Ledger is identified as Is Related Party.
    • MSME Type.
    • Details of Sampling Method applied if any.

  • Alt+J (Set Manual Sampling): press Alt+J to mark the selected Vouchers (using spacebar) as sampled. The manual sampling method will get applied to all such Vouchers and they will appear under the sampled column on the dashboard.
  • Alt+L (Delete Manual Sampling): press Alt+D to delete the Manual sampling method already applied for the selected Vouchers (using the spacebar).
  • Alt+R (Verify): press Alt+R to verify the selected vouchers. For more details on verification refer Verification Status.
    Note: The Alt+R (Verify) button will be highlighted when one or more Vouchers are selected to Verify using Spacebar.
  • Alt+S (Remove Verify):press Alt+S to change the Verify Status for the selected Vouchers as Not Verified(blank).
  • Alt+F12 (Range): press Alt+F12 to use the Range Filter option to search the specific vouchers from the list of Ledger Vouchers displayed.

Configuration Options

Press on F12 (Configure) to alter the default display for the above report.

  • Show Narrations: Set this option to Yes to display the Narration entered by the Client during the Voucher entry.
  • Show Verification Status: Set this option to Yes to display the Verification Status as selected by the user during the verification. This option is set to Yes by default.
  • Show transactions with Verification Status: Select the required Verification Status for Vouchers (from Altered, Verified, Clarified, Need Clarification, Not Verified, Under Observation, On Hold and Any) to filter and display the Vouchers for the selected Verification Status.
  • Show Verification Note: Set this option to Yes to display the Verification Note as entered by the user during the verification. This option is set to Yes by default.
  • Show Client’s Clarification Note: Set this option to Yes to display the Clarification Note entered by the Client for the Vouchers marked as Need Clarification by the user.
  • Show Date and Time: Set this option to Yes to view the Verification Date and Time.
    On enabling Show Date and Time option, the Related Party Transactions – Ledger Vouchers report appears as shown:
  • Show Verified By: Set this option to Yes to view the person who has performed verification on the Vouchers.
  • Show Clarification from: Set this option to Yes to view the user who has provided clarification, if any, for the Vouchers.
  • Show Category: Set this option to Yes to view the category of clarification alongside the Vouchers.
  • Type of Category: Select the List of Category and Vouchers marked for the chosen Category will be filtered for display.
  • Show Priority: Set this option to Yes to view the Priority of the clarification required (High/Medium/Low).
  • Type of Priority: Set this option to Yes to view the type of priority options.
  • Sorting Method: Select the required sorting method for the transactions from the list of Sorting Methods.
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