Party ledger and statement
Every party's account in one place: opening balance, each bill, return and payment with a running balance, and the closing balance, for any period. Show it on screen, print a Statement of Account to send, or open it on the phone.
PLANSEvery plan
The problem it solves
- What a party owes is worked out from the bill book, the cash book and the bank passbook.
- A party disputes the balance and you have nothing printed to send them.
- The salesman on the road cannot say what the party owes before taking the next order.
- A party who is both customer and supplier has two balances that never get set off.
How it works
- Open Trade > Parties > Party Ledger.
- Pick the party and the period. The period starts on the first day of your financial year and ends today; change it as needed.
- Press Print Statement for a Statement of Account PDF with the opening balance, each entry, a running balance and the closing balance.
- Or press Show Entries to see the same entries on screen, to filter or open a bill.
- In the app, open the party under Parties to see what they owe, their credit limit and credit days. You also see the ledger with opening and closing balance, and their unpaid bills.
Everything it does
What the ledger holds
- Every posted entry on the party's receivable and payable accounts in the Entity: bills, returns, receipts, supplier bills and payments
- Contacts under a company party are shown in the company's ledger
- Debit means the party owes you; credit means you owe them or they paid
- One ledger for a party who is both customer and supplier
- Drafts and held bills are left out until posted
Statement of Account
- Party, Entity and period on top
- Opening balance, then each line: date, document, reference, debit, credit and running balance
- Totals of debit and credit, and the closing balance
- A PDF to print, email or send on WhatsApp
Period and Entity
- From: the first day of the Entity's current financial year; To: today
- The start date cannot be after the end date
- With several Entities, pick the Entity; each Entity's ledger is kept apart
In the app
- Parties lists customers with their group and phone
- A party shows Owes us, Credit limit and Credit days
- Ledger card: opening balance, each entry with date, kind and reference, closing balance
- Unpaid bills and Receive payment on the same screen
Who uses it
Billing ClerkChecks a party's balance before billing on credit and prints a statement when asked.
AccountsSends statements for balance confirmation and follows up disputes.
Trade ManagerReviews big balances before releasing credit.
Where you use it
- Web: Trade > Parties > Party Ledger (Print Statement, Show Entries)
- The SmartMy Trade app: Parties in the Menu, with the ledger on each party (built and in testing, not in the app stores yet)
- Customer portal (Growth): the party sees its own bills and statement and pays online
- Not a ledger of every party at once: for ageing and dues across parties, see the Trade reports (Growth)
What you control
Settings
- Financial year of the Entity: sets where the default period starts
Works with
SmartMy Tally connectorIf your accountant keeps the books in Tally, posted bills and payments can be sent there as well.
Questions
Can I send the statement on WhatsApp?
Print Statement gives a PDF. Save it and send it from WhatsApp or email. Sending it straight from the ledger is not built.Does the ledger include advances?
Yes. A receipt not yet set against a bill shows as a credit on the ledger and lowers the closing balance.Can the party see their ledger themselves?
From Growth, the customer portal shows the party its bills and statement and lets it pay online.Is there interest on overdue balances?
No. The ledger does not work out interest as built.Related features
BILLING AND STOCKReturns and receipts against billsGoods coming back are a return on the bill: the stock goes back into the shop and the party's balance comes down. Money coming in is a receipt, set against the party's bills, and the party gets a thank-you with what is still due.CUSTOMERS, BROKERS AND REPORTSCustomer portal: bills, statement and paying onlineYour credit parties log in to see what they owe, what is overdue, every bill and return, and their statement for any period. A bill opens its own page, where the party pays online.ORDERS, PURCHASE AND CREDITPayment reminders and payments dueParties are reminded a few days before a bill falls due, and every week once it is overdue, with a link to the bill. On the other side, Payments Due lists the supplier bills you have to pay.ORDERS, PURCHASE AND CREDITCredit limit, overdue and cash-only holdsSome credit bills and sales orders wait for a manager's approval. That is when over the party's credit limit, to a cash-only party, or to a party with overdue bills. Approved, it posts or confirms by itself.CUSTOMERS, BROKERS AND REPORTSAccounting reports, stock value by location and pending listsTrial balance, profit and loss, balance sheet, day book, cash and bank books and ageing. Stock value per shop and godown, and a summary of each shop's sales, margin and net. And the lists of what is still to deliver and receive.WITH OTHER SMARTMY PRODUCTSBooks in Tally with the SmartMy Tally connectorBill, collect and keep stock in SmartMy Trade while your accountant keeps the books in TallyPrime. Every posted bill, credit note, supplier bill, receipt and payment goes to the Tally company by itself, through SmartMyTally on your office PC. Each party lands on its own ledger, the way your books keep them.
See your shop on it.
Tell us what you sell, how many shops and godowns you run and how you bill today. We will set up your items and parties with you and print your first bill.