1. Understanding Third-Party Sales in TallyPrime
When a third party sells goods on your behalf, they typically collect payments from customers.
You’ll need to record the receipt of these funds in TallyPrime.
2. Steps to Record Receipt of Sale Value in TallyPrime:
1. Create a Receipt Voucher:
Go to Gateway of Tally > Vouchers > Press F5 (Receipt).
2. Enter Party Details:
Select the third party’s ledger account.
3. Select Payment Mode:
Choose the payment mode (e.g., cash, bank transfer, cheque).
4. Enter Amount Received:
Enter the total amount received from the third party.
5. Adjust Inventory:
- Create a Journal Entry to adjust the inventory and the consignee’s account.
- Debit the “Inventory Account” and credit the “Consignee’s Account” for the cost of goods sold.
3. Example of Receipt of Sale Value from a Third Party in TallyPrime:
Let’s say a third party sold 10 units of your product at Rs. 100 per unit and remitted Rs. 900 to you after deducting their commission.
1. Create a Receipt Voucher:
- Go to Gateway of Tally > Vouchers > Press F5 (Receipt).
- Select the third party’s ledger account.
- Choose the payment mode (e.g., bank transfer).
- Enter “900” as the amount received.
2. Adjust Inventory:
- Create a Journal Entry:
- Debit “Inventory Account” with Rs. 1,000 (10 units * Rs. 100).
- Credit “Consignee’s Account” with Rs. 1,000.
4. Key Points:
- Reconciliation: Regularly reconcile the payments received from the third party with your sales records.
- Commission Adjustment: If the third party is working on a commission basis, adjust their account for the commission paid.
- Inventory Valuation: Ensure accurate inventory valuation to calculate the cost of goods sold.
- Tax Implications: Consider any applicable taxes and duties on the sales made by the third party.
By following these steps, you can accurately record the receipt of sale value from a third party in TallyPrime, ensuring that your financial records are up-to-date and accurate.
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