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Credit Limits @ Tally.ERP 9...

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 and Sundry Creditors. 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

1. Setting Credit Limits

You can set credit limits for ledgers accounts grouped under Sundry Debtors and Sundry Creditors at the time of ledger creation or from the alteration screen or also at the time of invoicing. To activate Credit Limits feature in Tally.ERP 9,

Go to F11 Features > Accounting Features > Set Maintain Budgets and Controls to Yes
Credit Limits @ Tally.ERP 9..
Credit Limits @ Tally.ERP 9..
Select the required group of ledgers from the List of Groups to set credit terms. The Multi Ledger Limit Alteration screen is displayed. The list of ledger accounts under the selected group is displayed. You can now set credit limits for both amounts and periods here.
Credit Limits @ Tally.ERP 9..

2. Exceeding Credit Limits

During invoice or order entry, if the credit amount limit is exceeded, at the accepting the voucher, Tally.ERP 9 prompts an error message displaying the amount exceeding the credit limit specified. You can however,

  1. Enter a lower value (within the prescribed credit limit) to complete the entry ; or
  2. Abandon the current entry and obtain authorization to increase the credit amount limit in the Multi Ledger Limit Alteration screen.

This feature helps in restricting Invoicing for the customers or parties exceeding the prescribed credit limits and thereby facilitating better and effective control of the outstanding.

 
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15 Chapters in Tally.ERP9 Book + 21 Chapters in GST Practical Assignment on GST in Tally.ERP9 & All features are described with Practical Problems with Solutions.

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