e-Payments in TallyPrime
Payments are an important aspect of business. Ensuring a smooth and fast payment process means building a relationship of trust and transparency with your suppliers. While cheques are a conventional mode of payment to suppliers, most businesses are switching to the advanced method – e-Payments. Efficient and secure, e-Payments are also error-free, as they require little to no manual effort.
- Your bank must be supported for e-Payments in TallyPrime.
- To update the payment status and reconcile the e-Payments, the file format of the payment reverse file provided by the bank must be compatible to TallyPrime.
- The bank ledgers and party ledgers must have the correct bank account details.
- Payments must be recorded with all the relevant bank details.
- If you want to send online payments, then your bank must be supported for Connected Banking.
Offline Payments
You can export Payment Instruction files and upload them on the bank portal to process your payments.
Online Payments
If you are using Connected Banking, then you can send online payments right from TallyPrime in a quicker and easier manner.
All you need to do is record a regular payment voucher with the bank details, then export the payment instructions from TallyPrime. After that, just upload the file on the bank portal.
You can also check the e-Payments report to track the status of each payment and take action if needed. It’s easy, efficient, and keeps you in control.
Enjoy Convenience while Fulfilling Requirements for e-Payments | One-time Setup
With TallyPrime, you can:
- Choose different payment modes based on the amount range
- Export payment instructions instantly while creating vouchers—or do it later in bulk
- Include bank-specific details to ensure smooth processing
- Control who can make e-Payments and access the e-Payments report
It’s all about making payments easier, faster, and more secure—your way.
Record e-Payments with Ease
After the one-time setup, you need to record e-Payments with the beneficiary account details specified in the party ledger. You have the flexibility to change the details during voucher creation.
Once you record e-Payments with the necessary, they will be ready for export of payment instructions.
e-Payments Report
The e-Payments report in TallyPrime provides you with the status of all the e-Payments recorded by you. You get to know if an e-Payment is ready to export.
You can identify the transactions that require corrections such as:
- Incomplete/Incorrect Bank Ledger Master Details
- Incomplete/Incorrect Transaction Details
- Mismatch in Bank Details (With Masters)
Moreover, you can identify transactions sent to the bank that are in progress, successful, and unsuccessful. The statuses are identified with the payment reverse file.
Export and Process e-Payments with Necessary Details | Payment Instructions
Payment instructions contain all the details required to process the payments on the bank portal. In TallyPrime, you can export the payment instructions from either Exchange or Export menu. Once exported, you can upload the file on the bank portal.
To know the bank-specific process for e-Payments on the bank portal, refer to Contact Details for e-Payments.
Update e-Payment Status in TallyPrime
Based on the information in the payment instructions uploaded on the bank portal, the bank provides you with a payment reverse file that you can download from the portal itself.
When you import the payment reverse file in TallyPrime, the e-Payment statuses get updated based on the actual status of the payments on the bank portal. This helps you identify if any payments are yet to be processed or are unsuccessful.
If there are any unsuccessful payments, you can reset the e-Payment status and export the payment instructions with the correct details.
Moreover, if you don’t have the payment reverse file, then you can set e-Payment status manually.
Questions & Answers
- How can I avail the facility to make e-Payments using TallyPrime?
You can start sending e-Payments if your bank is supported for e-Payments.
- Do I need to contact my bank for enabling e-Payments?
For some banks, you will need to contact your bank relationship manager.
To know the process, refer to the list of banks supported for e-Payments.
- What all bank details are required for e-Payments?
For a successful e-Payments, you need to record payment vouchers with all the bank account details including account number, IFSC, and other.
