Day 25: Bill-wise Details, Outstanding & Interest
✅ Today you will learn
- Enable bill-wise details for parties
- Use New Ref, Agst Ref, Advance and On Account correctly
- Read receivables and payables outstanding
- Prepare an ageing analysis
- Calculate interest on overdue bills
🏢 In the real world
Gupta School pays ₹50,000 and says “adjust it against our old bills.” Which bills? Without bill-wise tracking, the ledger shows only one balance and nobody knows which invoice is 15 days late and which is 90 days late. Bill-wise details turn a single balance into a clear list of who owes what since when.
Switch on bill-wise details
- 1F11 → Accounting: Maintain bill-wise details = Yes (for non-trading accounts also, if you need it for loans/expenses).
- 2In each party ledger: Maintain balances bill-by-bill = Yes and Default credit period (e.g. 30 days).
- 3Optional: Credit limit on the party – TallyPrime warns when a new sale crosses it.
- 4Optional: F11 → Enable interest calculation, then set rate and basis on the party ledger.
Receivables as on 30 September 2026
Report: Display More Reports → Statements of Accounts → Outstandings → Receivables (Payables for suppliers). Ledger-wise and group-wise views are also available.
| Party | Bill | Date | Pending (₹) | Age (days) | Status | Ageing bucket |
|---|---|---|---|---|---|---|
| Capital Office Supplies | RS/26-27/102 | 12-06-2026 | 28,528 | 110 | 80 days overdue | Above 90 days |
| Mehta Book Depot | RS/26-27/118 | 20-07-2026 | 32,450 | 72 | 27 days overdue | 61–90 days |
| Gupta School | RS/26-27/131 | 16-08-2026 | 50,000 | 45 | 15 days overdue | 31–60 days |
| Om Book Centre | RS/26-27/140 | 05-09-2026 | 28,873 | 25 | Not due | 0–30 days |
| Sharma Coaching | RS/26-27/146 | 22-09-2026 | 5,900 | 8 | Not due | 0–30 days |
Total receivable ₹1,45,751, of which overdue ₹1,10,978. Bill RS/26-27/101 of Gupta School is fully received and does not appear.
Ageing summary
| Bucket | Amount (₹) | % of total |
|---|---|---|
| 0–30 days | 34,773 | 23.9% |
| 31–60 days | 50,000 | 34.3% |
| 61–90 days | 32,450 | 22.3% |
| Above 90 days | 28,528 | 19.6% |
Interest on overdue bills
Simple interest = amount × rate × days ÷ 365. Example: ₹50,000 overdue for 45 days at 18% p.a. = 50,000 × 18% × 45 ÷ 365 = ₹1,109.59.
In TallyPrime, once interest calculation is enabled and the party ledger has the rate (e.g. 18% per 365-day year, calculated from the due date), open Display More Reports → Statements of Accounts → Interest Calculation. To charge it, raise a debit note or journal: Party Dr / Interest Received Cr.
Solved examples
Example 1: Interest on Gupta School’s bill RS/26-27/131
Bill ₹50,000 dated 16-08-2026, credit 30 days → due 15-09-2026. As on 30-09-2026 it is 15 days overdue. Interest @ 18% = 50,000 × 18% × 15 ÷ 365 = ₹369.86.
| Particulars | Debit | Credit | |
|---|---|---|---|
| Dr | Gupta School New Ref: INT/131 | 369.86 | |
| Cr | Interest Received | 369.86 | |
| Total | 369.86 | 369.86 |
Practice exercises (unsolved – answer hidden)
Try each exercise on paper or in TallyPrime first, then open the answer to check.
🏋️ Practice – do it yourself
Show solution
Capital Office Supplies has only one pending bill: RS/26-27/102 ₹28,528 → Agst Ref ₹28,528. The balance ₹11,472 cannot go to Mehta’s bill; record it as an Advance (or On Account) for Capital Office Supplies. Mehta’s bill RS/26-27/118 stays at ₹32,450.Show solution
32,450 × 18% × 73 ÷ 365 = ₹1,168.20.🏅 Job skills unlocked today
Quick quiz
🧠 Quick Quiz – test yourself
Interview corner
💼 Interview Corner
What is ageing analysis and why is it useful?
Grouping outstanding bills by how long they have been pending (0–30, 31–60, 61–90, 90+ days). It shows collection risk, guides follow-up and helps decide provisions for bad debts.
Difference between Advance and On Account?
Advance is money received/paid before a bill exists and is later adjusted against it; On Account is an amount not linked to any bill at all, which should be cleared quickly.
Summary
- Bill-wise turns a party balance into a list of bills with due dates.
- New Ref for bills; Agst Ref for settlements; Advance before bills; avoid On Account.
- Ageing buckets: 0–30, 31–60, 61–90, 90+ days.
- Interest = amount × rate × days ÷ 365; charge it by debit note.
Day 26: cost centres, cost categories and budgets.
Frequently Asked Questions
Can I add bill-wise details for old balances?
Does TallyPrime show overdue bills automatically?
Tally and TallyPrime are trademarks of Tally Solutions Pvt. Ltd. This is an independent course, not affiliated with or endorsed by Tally Solutions. All business names, GSTINs and figures in the examples are fictional samples.
