what is the meaning of Bills receivables & bills payables?

Question

how to find bill receivable & bills payables in tally 6.3 version?

Answer 1

ACCOUNTS RECEIVABLES AND ACCOUNTS PAYABLE
Accounts Receivables is the amount to be received from Sundry Debtors and Accounts Payable, the amount to be paid to Sundry Creditors. Tally provides complete bill wise information of amounts receivable as well as payable either Party wise or Group wise. This feature can track bills, payments/receipts including advances one-to-one.

How to use this facility?

Activate ‘BillWise’ details by pressing F11 (Features). Now Create a Party (Ledger A/c) under the group ‘Sundry Debtors’ as well as one under group ‘Sundry Creditors’, and also activate ‘Maintain balances bill by bill’ for all the Parties while you are in Ledger creation mode. Next, select the option ‘Voucher Entry’ in ‘Gateway of Tally’ -> Select Sales or Purchase Voucher.

Now, while entering the transaction, the user can specify a Ref. no with due date for the amount or break it up by giving multiple ref no with different due dates.

To view the reports follow the procedure given below.

Select ‘Display’ (in Gateway of Tally menu) -> Select ‘Statement of Accounts’ -> Select ‘Outstandings’ -> Select ‘Receivables’ (in case you want to see amount due to the company) -> Select any particular group. The report displays bill by bill outstanding for all parties along with the pending amount as well as the due date.

In case user wants to see the amount payable by the company then select the option ‘Payable’ under the menu ‘Outstandings’. The user, once he has selected either Payables or Receivables can toggle between the two reports by clicking F4 function key.

For individual Party wise outstanding:

->Select ‘Ledger’ option under ‘Outstandings’. This report gives a bill-by-bill display of all outstandings for the concerned party along with the total outstanding amount.



For a display of total outstandings for all parties -> select ‘Group’ in the menu ‘Outstandings’ and then select any particular group or sub-group.



Tally gives Age wise Analysis Reports and hence keeps the user informed for the range of period the bills have been outstanding. The user has the luxury of defining the Ageing periods as per his needs. e.g. 0 to 30 days, 30 to 45 days, 45 to 60 and so on. The procedure for displaying the report is given below. The aging analysis gives flexibility to do ageing by due date or bill date.

-> Select ‘Ouststandings’ under Display menu -> select ‘Receivables ‘ or ‘Payables’ press F5 (age wise) -> select method of ageing -> specify the periods

Answer 2

Need a little help with your homework? LOL! In a nutshell, a bill payable is a bill that you have to pay while a bill receivable is a bill that you send to someone else and they have to pay you for it. In business you have both. Lets say you own a carpet cleaning business. Each time you do work for someone you will send out a bill for the work you did. This is a bill receivable. That person will then pay the bill by sending money to you. You will then use that money to pay your costs for running the business (eg. electricity, rent, office supplies etc.). These bills that you have to pay are bill payable.

Answer 3

I have no idea what tally 6.3 is but:
Bills receivable is where bills are received (you get bill in mail)
bills payable is where bills are paid (you responsible for paying bill with no mail)