Providing Services and Receiving Payment with Tally Prime

Provide Service And Received Payment -2

In today's business world, it is important to have an efficient and effective accounting system in place. Tally Prime is a popular accounting software that can help businesses manage their financial transactions easily. In this article, we will discuss how to provide services and receive payments in Tally Prime.

Creating a Sales Voucher

The first step in providing services is to create a sales voucher in Tally Prime. To do this, you need to go to the 'Gateway of Tally' and select 'Accounting Vouchers'. Click on 'F8' or the 'Sales' button to create a new sales voucher.

In the sales voucher, you need to enter the following details:

• Date of the transaction 
• Customer's name
• Service details
• Amount charged for the service

Once you have entered all the necessary details, save the voucher.

Receiving Payment

After providing services to a customer, you need to receive payment for the services rendered. To receive payment, you need to create a receipt voucher in Tally Prime. To do this, go to 'Gateway of Tally' and select 'Accounting Vouchers'. Click on 'F6' or the 'Receipt' button to create a new receipt voucher.

In the receipt voucher, you need to enter the following details:

• Date of receipt 

• Customer's name 

• Amount received 

• Mode of payment (cash, cheque, etc.)

Once you have entered all the necessary details, save the voucher.

Viewing Reports

Tally Prime allows you to view reports of all your financial transactions. To view reports of the services you have provided and the payments received, go to 'Gateway of Tally' and select 'Display'. From here, you can select 'Account Books' and then choose 'Ledger' to view the ledger report of a specific customer or service.

You can also view other reports such as the Profit and Loss statement, Balance Sheet, and Cash Flow statement. These reports can help you keep track of your business's financial health and make informed decisions.

Conclusion

Providing services and receiving payment is an essential part of any business. Tally Prime makes it easy to manage these transactions efficiently. By creating sales and receipt vouchers and viewing reports, you can keep track of your financial transactions and make informed decisions for the future of your business.