How to record Purchase returns and Sales Returns in Tally Prime ?

What is DEBIT NOTE ?

This voucher is open is the ALT + F5 key is pressed. If the company returns the purchase commodity for any reason (Ex: Damages, inferior quality etc,,), it should be recorded in this voucher. Transactions related to purchase returns come into this voucher. It can also record interest calculations.

What is CREDIT NOTE ?

ALT + F6 is the key to open the CREDIT NOTE voucher. If the company has returns of the goods sold for any reason (Ex: Damages, inferior quality etc..), it should be recorded in this voucher. Transactions related to sales returns come into this voucher. Moreover, interest calculations can also be recorded in this voucher.

ASSIGNMENT

1. Company purchased the following items with ref no: RK/400 from Rama Krishna Industries on 01-08-2021

2. Company send a debit note to Rama Krishna Industries against ref no: RK/400 due to damages on 02-08-2021.

3. Company paid the total pending amount to Ramakrishna Industries against ref no: RK/400 in cheque of canara bank on 02-08-2021

SOLUTION

ACTIVATING FEATURES

• Press F11 for Company Features
• Show More Features : YES
  Show all features : YES
  
• Accounting :
  Maintain Accounts : Yes
  Enable Bill-Wise Entry : Yes
  
• Inventory:
  Maintain Inventory : Yes
  Integrate Accounts with Inventory : Yes
  
• Press CTRL + A to accept the total screen

ACTIVATING PURCHASE , DEBIT NOTE & PAYMENT VOUCHERS:

• Gateway of Tally
  • Masters
    • Alter
      • Accounting Masters
        • Voucher Type
          • Select “Purchase” voucher from list
            • Press enter
• Activate this voucher type : Yes
• Press enter : CTRL + A to accept the total screen

Similarly, activate the same option (Activate this voucher type : Yes) to Debit note and Payment vouchers also

Recording PURCHASE voucher

• Gateway of Tally
  • Transactions
    • Vouchers
• Press F9 for purchase voucher
• Press CTRL + H to change the voucher mode
  • Select “Item Invoice” from the list
• Supplier Invoice no: <Enter the invoice number> RK / 400
• Party’s A/c Name : <create >
  Name : Rama Krishna Industries
  Under : Sundry Creditors
  Maintain Balances Bill-By-Bill : Yes
  Press CTRL + A to accept the ledger creation screen
• Purchase Ledger :
  <create>
  Name : Purchase A/c
  Under : Purchase Accounts
  Inventory Values Are Affected : Yes
  Press enter
  Accept_ Yes
• Name of Item :
  <create>
  Name : Redmi note 8 Pro
  Under : Electronics
  Units : PCS
  Accept_ Yes
• Quantity:
  20Pcs
• Rate:
  20,000
• Press Enter
• Similarly, Create the remaining items and enter the quantity and rate
• Press Enter
• Enter the billwisedetails:
  Type of Ref :
  New ref :
  Name :
  RK/400
  Amount :
  6,66,000
• Press enter > Accept _ Yes

RECORDING “DEBIT NOTE” VOUCHER

• Gateway of Tally > Transactions >Vouchers >
• Press ALT + F5 for Debit Note Voucher
• Party’s A/c Name : Select “Rama Krishna Industries” from the list
  Press Enter
• Ledger Account : Purchase A/c
• Now enter the items and Quantity
• Press enter
• Total Debit Note Value : 1,18,000
• Press Enter
• Type of Ref: Agst Ref
• Name : RK/400
• Amount : 1,18,000
• Press Enter
• Accept_ Yes

REPORTS

• Gateway of Tally > Reports > Stock Summary
• ALT + G for Go To > Bills Payable>
  Pending Amount of Rama Krishna Industries Rs. 5,48,000/-
• ALT + G for Go To > Debit Note Register

RECORDING PAYMENT VOUCHER

• Press F5 for payment voucher
• Account : Canara Bank
• Particulars : Rama Krishna Industries
• Amount: 5,48,000.00
• Press enter
• Type of Ref:
  Agst Ref
• Name :
  RK/400
• Amount:
  5,48,000
• Press Enter
• Transaction Type : <select Cheque> from the list
• Press enter > Accept_ Yes
  

NOTE : You can settle the pending bills through ledger outstanding reports also

• Press ALT + G for Go To > Ledger Outstandings
  <select “RAMA KRISHANA INDUSTRIES”> Press enter
• Press ALT + B for Bill Settlement
• Voucher Type : Payment
• Voucher Date : 02-08-2021
• Account : Canara Bank
• Narration : Total pending amount of agnst ref : rk/400 cleared by cheque of canara
• Press enter
• Now payment voucher displays
• Accept _ Yes

SEE MORE