Enable and set credit limit in Tally : You may want to set a credit limit for party ledgers.

In TallyPrime, you can set credit limits for ledgers grouped under Sundry Debtors and Sundry Creditors.

Set credit limit in Tally for each ledger one-by-one

1) Gateway of Tally > Alter > Ledger > select the party ledger > and press Enter. Alternatively, press Alt+G (Go To) > Alter Master > Ledger > select the party ledger > and press Enter.

2) Press F12 (Configure) > set Provide Credit Limits to Yes.

3) Enter the amount in the Specify credit limit field.

4) Enable the option Override credit limit using post-dated transactions, if required.

** Set credit limits for multiple parties in one-go

1) Gateway of Tally > Alter > Credit Limits > select the account group > and press Enter. Alternatively, press Alt+G (Go To) > Alter Master > Credit Limits > select the account group > and press Enter.

2) Select the required group of ledgers to set the credit terms.

3) In the Multi Ledger Limit Alteration screen, set:

A..Credit Limit – Specify the amount of credit limit against the ledger account in this field. You can set the amount in foreign currency, if required, for ledgers involving forex transactions.

B.. Credit Period – Specify credit period in number of days or the due date.

C..Check for Credit Days during Voucher Entry – Enable this to get a warning message when the party ledger selected in a transaction has exceeded the credit period, and the outstanding bills are not cleared.

To view this report for a different group, press F4 > select the group > and press Enter.

The credit limits defined in the party ledgers will be applied in the transactions.