Credit limit means in how much you will spend for payments to your creditor or in how much time, your debtors will pay to you for your credit sale . Setting of credit limit in Tally.ERP 9 is only possible after activating advance accounting feature. This feature is relating to set maintain budgets and controls.
Click to F11 Features >> Accounting Features >> Set Maintain Budgets and Controls to Yes
After this you can create credit limit in single mode and in multiple mode
In single mode ledger creation
Gateway of Tally>> Accounts Info>> Ledgers>> Create / Alter (under Single Ledger)
In multiple ledger creation mode
Gateway of Tally>> Accounts Info>> Ledgers>> Credit Limits (under Multiple Ledgers)
You can set credit limit in days and amount both . Suppose if you want to sell credit to debtor upto Rs. 400000 within 20 days . Then you can write default credit period 20days . It means your debtor has to pay you within 20 days and set credit limit as Rs. 400000
Benefits of Setting Credit limit
After this if you pass any voucher entry of credit sale more than Rs. 400000 , voucher entry will show error , with this error , you can find that we can sale credit only Rs. 400000 to Debtor X
One more benefit of setting credit limits is that the current balance and the credit limit of the Ledger accounts are displayed in the Order and Invoice entry vouchers to ascertain the amount permitted or acceptable.
Click to F11 Features >> Accounting Features >> Set Maintain Budgets and Controls to Yes
After this you can create credit limit in single mode and in multiple mode
In single mode ledger creation
Gateway of Tally>> Accounts Info>> Ledgers>> Create / Alter (under Single Ledger)
In multiple ledger creation mode
Gateway of Tally>> Accounts Info>> Ledgers>> Credit Limits (under Multiple Ledgers)
You can set credit limit in days and amount both . Suppose if you want to sell credit to debtor upto Rs. 400000 within 20 days . Then you can write default credit period 20days . It means your debtor has to pay you within 20 days and set credit limit as Rs. 400000
Benefits of Setting Credit limit
After this if you pass any voucher entry of credit sale more than Rs. 400000 , voucher entry will show error , with this error , you can find that we can sale credit only Rs. 400000 to Debtor X
One more benefit of setting credit limits is that the current balance and the credit limit of the Ledger accounts are displayed in the Order and Invoice entry vouchers to ascertain the amount permitted or acceptable.
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