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Outstanding Report in Tally Prime | Complete Guide with Credit Sales Entries
Tally Prime is one of the most popular accounting software used by businesses of all sizes. One of its most important features is the Outstanding Report, which helps users track credit transactions efficiently. Whether you are a Tally user, an accountant, or preparing for a Tally interview, understanding this report is crucial.
What is an Outstanding Report in Tally Prime?
The Outstanding Report in Tally Prime shows all pending credit transactions with customers (receivables) and suppliers (payables). It helps in monitoring who owes you money and whom you owe, along with due dates and balances.
Key Features:
- Tracks pending receivables (debtors)
- Tracks pending payables (creditors)
- Shows credit sales and purchase entries
- Displays due dates and aging of outstanding amounts
Importance of Outstanding Report
| Purpose | Explanation |
|---|---|
| Monitor Credit Sales | Track which customers have pending payments and how much they owe. |
| Track Payments | Monitor pending payments to suppliers to avoid late fees. |
| Financial Planning | Helps in forecasting cash inflow and outflow for business planning. |
| Interview Preparation | Commonly asked in Tally interviews to test your knowledge of accounting features. |
Credit Sales Entries in Tally Prime
Credit sales are sales made on credit, where payment is received at a later date. Recording credit sales in Tally Prime ensures that:
- The transaction is reflected in the Outstanding Report automatically.
- You can track amount due from each customer.
- It helps in maintaining proper accounts receivable management.
Example of Credit Sales Entry
| Date | Party Name | Invoice No | Amount | Status |
|---|---|---|---|---|
| 01-Sep-2025 | ABC Traders | INV001 | ₹50,000 | Pending |
| 05-Sep-2025 | XYZ Enterprises | INV002 | ₹30,000 | Pending |
| 10-Sep-2025 | PQR Industries | INV003 | ₹25,000 | Paid |
This table shows how each credit sale is recorded and tracked in the Outstanding Report.
How to Generate Outstanding Report in Tally Prime
Follow these steps to view the report:
- Open Tally Prime.
- Navigate to Display → Statements of Accounts → Outstandings.
- Choose the type of outstanding:
- Receivables (Money to receive from customers)
- Payables (Money to pay to suppliers)
- View the list of parties with pending balances and due dates.
- Drill down into individual ledgers to see detailed transactions.
Additional Tips:
- Filter report by age of outstanding (0–30 days, 31–60 days, etc.)
- Export report in Excel or PDF for easy sharing or record-keeping
- Regularly check to avoid overdue payments
Benefits of Using Outstanding Report
| Benefit | Explanation |
|---|---|
| Easy Tracking | Keep track of credit sales and purchases effortlessly. |
| Reduces Errors | Minimizes manual calculation mistakes. |
| Better Cash Flow Management | Helps plan finances and avoid liquidity issues. |
| Professional Accounting | Maintains a structured and professional accounting system. |
Conclusion
The Outstanding Report in Tally Prime is a must-know feature for anyone handling accounts. It not only simplifies tracking credit transactions but also helps in financial planning and interview preparation. Mastering this report ensures that you stay on top of your receivables and payables, improving efficiency in accounting operations.
💡 Pro Tip: Always update credit sales and purchase entries regularly to maintain an accurate Outstanding Report.