Banking Introduction

Most businesses do transactions through bank accounts for receipt and payments of money.

It's fast and safe, as money exchange between businesses can happen in many ways cheque, online, transfer, demand draft, banker’s cheque, letter of credit, etc.

Businesses like ours transact with many suppliers and customers, so it is crucial to manage bank books and reconcile them to have proper bank accounts as on a given date.

Banking in Tally

Banking restated information for the smooth running of our business.

  1. Bank reconciliation
  2. Cheque printing
  3. Chequebook management
  4. Bank payment methods (cheque)
  5. Deposit slips
  6. Payment advice to the creditor
  7. Post Dated Cheque (PDC) management

Bank Reconciliation type

  • Manual Reconciliation: - An accountant will go through the transactions in the bank statement and enter the bank date manually or record the missing transaction to match the record.
  • Auto Reconciliation:- Automatic bank reconciliation or auto reconciliation is a new method that can speed up the accounting process by straightening your financial data with your book statement and accounting software information.

Cheque Printing

As soon as we enable set cheque printing configuration tally will automatically show us the pre-defined formats available for the cheque to print for this bank.

No need to have any specific printer for printing cheques From tally, printers that can take our cheques and print in any of the orientations will be enough.

There is no need to invest in the printer for this

We will go to the same bank ledger HDFC bank account and activate cheque book management feature.

 


 Cheque Register

Allows users to configure cheque number ranges for Auto cheque numbering based on cheque range. Duplicate cheque number validation Report for cheques issued (like the issue log slip in the cheque books) Inventory of cheques available (not used)Stale/canceled cheque management Filters based on Cheque range

Bank Reconciliation:

The BRS screen allows the user to reconcile the bank account. This screen will now provide detailed information about transaction types, instrument no., instrument date, cheque favoring, etc. Users can also provide Opening BRS for unreconciled transactions. Allows users to import bank statements to perform Auto Bank Reconciliation.

Deposit Slips:

Bank-wise Cash Deposit Slips for the Cash being deposited can be generated automatically along with cash denominations. Cash  Deposit Slips that are required to accompany Cash that is being deposited to the Bank can be generated automatically along with cash denominations.

Payment Advice:

The payment advice sent to the suppliers / other parties along with the cheques/other instruments may be generated quickly from the voucher itself. To access Banking, go to Gateway of Tally > Banking. Migrating Banking Vouchers for Existing Data When the existing users of Tally.ERP 9 accesses their company data using Tally. ERP 9 Release 3.0 for the first time, will migrate the Banking vouchers. On completion of migration, the following has to be considered for Bank Reconciliation:

The Transaction Type row in the Bank Reconciliation screen will be blank. The user may alter the vouchers and select the appropriate transaction type (Cheque/DD) in the Bank Allocation table and accept the vouchers, in case required.

The Instrument Date displayed in the Bank Reconciliation screen will be the Voucher Date. The reconciliation will be based on the Instrument Date provided in the Bank Allocation table and not on the Voucher date.

The Bank Reconciliation screen lists the transactions on based each transaction type selected in the voucher.

Example: A single banking voucher having Cheque/DD and Electronic Cheque as Transaction type will be considered as two transactions in the Bank Reconciliation screen.