How to pass bill by Transaction in Tally

In a simple word, we can say that bill by bill transaction means keeping records of each transaction.



Example:

·      Receipt from the party against which bill?

·      Making payment to the party for which bill??

·      What is the present balance of the party?

·      How much money is pending to receive or pay party-wise detail?

To answer all these questions, you need to record transactions bill by bill for Tracking purpose, bill reference allocation is played a more crucial role here.



There are Four bill reference in Tally

·      Advance: For receiving or paying money in advance.

·      New Ref: For generating a new reference.

·      Agst Ref: Against reference is used in a bill to knock off the pending bill.

·      On Account: When you do not have any reference

Note: if Sales/purchase voucher tally not asking reference then press F12 > make use defaults for allocation window “No”



Example of the bill by transaction:

I passed two Sales bill in the name of “Mr. A” Now “A” is making partly payment to me so I need to keep a record that the payment which I received it is for against which bill?

When you make a sale bill or purchase bill take method of adjustment as “New Reference “
And when pass the receipt entry or payment entry take method of adjustment as “Against Reference” 

When you select against reference Tally will show you all the previous bill which is pending from the same party just select your reference and Accept the entry, 

given reference will not show next time because it has adjusted.