Bills payable journal entry || bills payable and bills receivable || tally prime complete course ||

Bills payable journal entry || bills payable and bills receivable || tally prime complete course ||

When you make some purchases or obtain services from your vendors you need to keep track of all the payments that you have to make on the agreed timelines. All such pending or overdue payments to your parties are outstanding payables. You can manage outstanding payables in TallyPrime using Outstanding Payables report that gives you an overview of what your business owes for supplies, inventory, and services. Moreover, you can get an overview of the amount and the creditors to whom you owe money and how much you owe each creditor and how long the money has been owed. You can manage outstanding payables in TallyPrime that will help you to know the time-to-time expenses, avoid overseeing the outstanding payments that you owe to the creditors, and help you manage the cash-flow in your business.

When you purchase goods/services on credit, you may want to track and manage the amount that is due to your party. Once you record a purchase, TallyPrime reflects the purchase amount as Credit against the party in the corresponding report. Anytime you make thee payment to your party, you can record a payment entry for that amount to clear the outstandings for that party.

so today in this video i am going to tell you how to clear bills payable in tally prime
so enjoy the video

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