How to Record E-Payments in Tally Prime 6.0

Published on: 26-03-2025

How to Record E-Payments in Tally Prime 6.0

E-payments are becoming a popular mode of transaction for businesses, and it's essential to accurately record them in your accounting software for transparency and proper bookkeeping. Tally Prime, one of the leading accounting software tools, allows users to easily record e-payments to maintain precise records for their business transactions.

Here’s a complete guide on how to record e-payments in Tally Prime:

Step 1: Create E-Payment Ledger

Before recording e-payments, you must ensure that you have a ledger for the payment method. Follow these steps:

1. Go to Gateway of Tally: From the main screen, navigate to the "Accounts Info."
2. Create Ledger: Under the "Accounts Info," select Ledger and then choose Create.
3. Name the Ledger: Name the ledger according to the e-payment method, such as "Bank - UPI" or "Bank - NEFT" (depending on your payment mode).
4. Under Group: Select Bank Accounts or any other relevant group depending on your chart of accounts.
5. Save the Ledger: Once all the details are entered, press Enter to save the ledger.

Step 2: Record the E-Payment Transaction

Once the necessary ledger is created, follow these steps to record the e-payment transaction:

1. Go to the Voucher Entry Screen: From the Gateway of Tally, go to Accounting Vouchers and select Payment Voucher (F5).
2. Select the Bank Ledger: In the Account field, select the bank ledger that is associated with the e-payment.
3. Enter the E-Payment Details:
   • Debit the Payee Account: In the debit side of the voucher, select the account you are paying (e.g., a supplier or vendor).
   • Enter the Payment Amount: Enter the amount of the e-payment.
   • Payment Mode: You can also mention the e-payment mode such as UPI, NEFT, RTGS, etc., in the narration field for better record-keeping.
   • Narration: It’s advisable to provide a detailed narration explaining the payment purpose (e.g., "Payment made via NEFT for supplier invoice #123").
4. Save the Transaction: After entering the payment details, press Enter to save the payment voucher.

Step 3: Record Payment Against Bills (Optional)

If you're making an e-payment against a specific purchase or sales bill, you can directly link the payment to the respective bill.

1. Select the Party’s Ledger: In the Account section, select the creditor or supplier ledger.
2. Choose the Bill Reference: Tally will automatically show the outstanding bills for that supplier. Choose the bill that you are paying and allocate the amount.
3. Save the Voucher: Once the amount is allocated to the bill, save the payment voucher by pressing Enter.

Step 4: Check the Bank Reconciliation

To ensure everything is in order and that the e-payment has been properly recorded in your bank accounts:

1. Go to Bank Reconciliation: From the Gateway of Tally, select Banking > Bank Reconciliation.
2. Reconcile Transactions: Match the e-payment transaction with your bank statement to ensure accurate reconciliation.
3. Save the Reconciliation: Once you confirm that everything matches, save the bank reconciliation.

Tips for Efficient E-Payment Recording in Tally Prime:

• Set Payment Methods: If you use multiple e-payment methods (e.g., UPI, NEFT, RTGS), create different ledgers for each payment method for better tracking.
• Use Narrations: Always use detailed narrations to identify the purpose of each e-payment. This helps in easy reference during audits.
• Reconcile Regularly: Keep your bank reconciliation up to date to ensure all e-payments are properly reflected in your bank accounts.
• Create Payment Templates: For frequent e-payments, create templates in Tally to save time on repetitive entries.

Conclusion

Recording e-payments in Tally Prime is a straightforward process that ensures accurate and efficient bookkeeping. By following these steps, you can maintain clear and organized financial records for your business, which will help you manage cash flow and improve financial transparency. Ensure that you use the correct ledger accounts and keep your bank reconciliation updated for smooth operations.

With this guide, you can confidently handle e-payments in Tally Prime and keep your financials in order.