Invoices can still be generated and credit periods given at the
time of invoicing even if credit limits are not set. However, that may not be
desirable, especially in a decentralised environment.
Therefore, to minimise errors during invoicing, you
might prefer to set these important terms beforehand.
- Go to Gateway
of Tally > Accounts Info > Ledgers > Credit
- Select the group of ledgers, for which the credit
limits have to be set, from List of Groups.
- Set credit limits for both, amounts and periods here.
You can set the amount
limits in foreign currency if you wish, for customers who are usually issued an
invoice in foreign currency.
Note: Credit Periods are in days only and are
calculated from the effective date. If a separate effective date field appears
in your voucher, the credit period will be calculated from the effective date,
which might differ from the voucher date. If the voucher date is the only date
field in the voucher, then it is also the effective date and the credit period
is effective from this date.