Use EFFECTIVE dates for vouchers, What is the use of it in Tally ERP9
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Many are confused about the option “Use EFFECTIVE dates for vouchers in Voucher Type Creation Screen. It is one of the simplest options provided, but we don’t know what is it? And where&when this option comes into use.
What is Effective dates for vouchers?
As the name reflects, this is the date at which the transaction entered will come into effect. Let’s go through an example.
Sold Rice for Rs 5000.00 to Mustafa traders on 01-04-2015.
We are giving the customer a 10 day credit period; credit period you may know, Meaning the customer should pay the seller after 10 days of purchase, on12th of April 2015.But the customer requesting you to fix an effective date of 02-04-2015 for the transaction, the reason behind the request is acceptable, as the goods delivered to the customer on that date only.
Hence the billing date is on 01-04-2015
The effective date of the voucher is on 02-04-2015
Where to use EFFECTIVE dates for vouchers?
So the customer will get one more extra day from billing date to clear his dues. EFFECTIVE date will not have any impact on accounts part, which meaning the date of transaction in ledger shows 01-04-2015 itself, but the impact shows only on the reporting part.
The Effective dates for the voucher will be used in Agewise Analysis Report. And the customer will get some extra days. instead of beginning from the billing date, the system count from the Effective date to calculate overdue days.
Assume today is 1st May 2015, Let’s find out the over due days
The system will calculate the over due from 02-04-2015
10 day credit period ends on 12-04-2015
From 13-04-2015 to 01- May-2015 19 days are there, so the over due are 19 days.
Info-graphics on Effective dates for voucher
How to do EFFECTIVE dates for vouchers
We can do and check this in Tally ERP9
Gateway of Tally>>Accounts Info>>Voucher Type>>Alter
Select Sales voucher from the list
In voucher type alteration screen,set Yes to the option “Use EFFECTIVE Dates for vouchers”.
Save the screen.
Now lets enter the transaction mentioned above, go to
Gateway of Tally>>Accounting Voucher >>Sales
Press F2 to put date entry, both voucher date and effective date.
Date of Voucher : 01-04-2015
Effetive Date: 02-04-2015
Enter the sales transaction in the sales voucher, we have already learned sales voucher entry in the previous tutorial. You can see the sales entry in the screenshot below.
Save the screen. So data entry for using effective dates for vouchers is completed, now report.
Gateway of Tally>>Display>>Statement Of Accounts>>Outstanding>>Receivables
Select Date Range uses Alt+F2, or clicking on Period button on right button panel.
From : 01-04-2015
To : 01-05-2015
You will have a report showing 19 days ,overdue.
If system calculating from bill date, it should have been 20 days, but here system calculated outstanding days using EFFECTIVE days, hence it comes 19 days.
Hope the lesson is useful, before closing ,I have a word with you all, I may not be 100% accurate on this blog, you can sent me opinions based on your experience. Comment below for and suggestions.