Customer Credit Limit in Tally Prime

Credit Limit refers to the monetary limit agreed upon mutually by the seller and the buyer for trading purposes. Credit Limits can be specified for any Ledger account falling under the groups Sundry Debtors.

Ledger Accounts created under Sundry Creditors are also allowed for defining Credit Limits for the reason that there may be two-way trade between the parties i.e., you may sell to a Sundry Creditor and buy from a Sundry Debtor Accounts.

How to set Customer Credit Limit in Tally Prime

  1. Gateway of Tally
  2. Create
  3. Show more
  4.  Show Inactive
  5.  Credit Limit
  6.  Sundry Debtors
  7. Select any ledger and set credit limit amount and days as required

Setting Credit limit while creating ledger in tally prime

Gateway of Tally —–> Create —–> Ledgers

Press F12 (Configure) Activate below option

Provide Credit Limit —–> Yes

Name: – Kranti and Co.

Under: – Sundry Debtors

Maintain bill by bill —–> Yes

Default Credit Period —–> 30 days or Can any date

Set Credit limit —–> 20,000

Now Create a Sales Voucher of ledger Kranti and Co.

If the total amount will exceed more than 20000 then, Voucher is not Accepted

Note.

  • We can make 2, 3 vouchers of party, but total amount will be not exceeding above credit limit.
  • When total amount is received means receipt voucher is made then we can again get total credit amount i.e., 20000

Assignment 1

  1. On 01/04/2021, Company Sold goods worth Rs. 50,000 on credit to Anvi and Co. The credit limit set for Anvi and co. is 70,000.
  2. On 01/05/2021, Company gets additional order of goods worth Rs.30,000
  3. In order to make sales voucher of Rs. 30,000, company must make receipt voucher of minimum 10,000, as credit limit is Rs. 70,000 (50,000+30,000=80,000)
  4. On 02/05/2021, Company received bill of Rs. 10,000 from Anvi and Co.
  5. On 01/06/2021, Company Sold goods worth Rs. 30,000 to Anvi and Co.

HINT:

  1. Sales voucher (50,000)
  2. Receipt voucher (10,000)
  3. Sales voucher (30,000)

Assignment 2

  1. On 01/04/2021, Company Sales 10 Motorola Power one each at 13000/ rupees to Swaroop & Co.  Where credit limit for party is 1,50,000.
  2. On 01/05/2021, Company gets additional order of 5 Motorola Power one each at 13000/ rupees
  3. In order to make sales voucher of Rs. 65,000, company must make receipt voucher of minimum 45,000, as credit limit is Rs. 1,50,000 (130,000+65,000=1,95,000)
  4. On 02/05/2021, Company received bill of Rs. 45,000 from Swaroop & Co. 
  5. On 01/06/2021, Company Sold goods worth Rs. 65,000 to Swaroop & Co. 

HINT:

  1. Sales voucher (1,30,000)
  2. Receipt voucher (45,000)
  3. Sales voucher (65,000)