In TallyPrime, Cleared Purchase Bills represent purchase transactions where both the goods and the corresponding bill (invoice) have been received and processed.
They signify a complete purchase cycle, from receiving the inventory to settling the payment obligation to the supplier.
Here’s a detailed explanation of Cleared Purchase Bills with examples:
1. Understanding Cleared Purchase Bills in TallyPrime:
Two Key Components:
1. Receipt of Goods:
The inventory items have been physically delivered and recorded in TallyPrime using a Receipt Note.
2. Processing of Bill:
The supplier’s invoice has been received, a Purchase Bill has been created in TallyPrime, and the related account payable amount has been debited to the appropriate account (usually “Purchases”).
2. Benefits of Cleared Purchase Bills:
1. Accurate Inventory Tracking:
Reflects the actual inventory received and recorded in your system.
2. Transparent Accounts Payable:
Clearly shows the purchase cost and the outstanding amount owed to the supplier (if not yet paid).
3. Improved Reporting:
Contributes to accurate financial reports like the Purchase Summary and Accounts Payable reports.
3. How Purchase Bills Become Cleared in TallyPrime:
1. Goods Received:
A Receipt Note is created in TallyPrime upon receiving the inventory.
2. Bill Received:
The supplier’s invoice is received.
3. Purchase Bill Created:
A Purchase Bill is created in TallyPrime, referencing the received items, quantity, rate, and total amount as per the invoice.
4. Linking the Documents:
The Purchase Bill is linked to the corresponding Receipt Note, establishing a connection between the physical goods and the financial transaction.
5. Payment Made (Optional):
If the payment to the supplier has been made, the Purchase Bill will be marked as “Paid” in TallyPrime.
4. Example of Cleared Purchase Bills:
- You order 10 laptops from ABC Computers at Rs. 50,000 each.
- You receive the laptops and create a Receipt Note in TallyPrime.
- The bill from ABC Computers arrives, totaling Rs. 500,000.
- You create a Purchase Bill in TallyPrime, referencing the Receipt Note and entering the details as per the invoice.
- This Purchase Bill becomes “Cleared” as it reflects both the received goods and the processed bill.
5. Verifying Cleared Purchase Bills:
1. Reports:
You can utilize reports like the “Purchase Summary Report” (Gateway of Tally > Reports > Inventory Reports > Purchase Summary) or the “Cleared Purchase Bills Report” (search for it using Reports > Display More Reports) to view a list of cleared purchase transactions.
6. Importance of Cleared Purchase Bills in TallyPrime:
- Ensures accurate inventory and financial record-keeping.
- Provides a clear audit trail for purchase transactions.
- Helps manage your accounts payable effectively.
By understanding and managing Cleared Purchase Bills in TallyPrime, you maintain accurate inventory data, transparent accounts payable, and generate reliable financial reports for informed decision-making.
Leave a Reply