Tally

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Padmaja CA (Querist)
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25 January 2011 Dear Friends

I had one doubt in tally accounts please clarify
our Organisation had Bank Term Loan in UBI Bank
They relese Loan Directly in Loan account (I.e generally Frist they must release loan amount to our current account next we may pay to parties from current account)so they paid to our parties directly from Loan account
so how can i made an entry in tally accounts to reflect that transaction in Receipt and payments accounts in tally

If i made a journal as Party AC Dr
To Term Loan Account
then above entry not reflected in Receipt and Payments accoun

Please Please Clarify

C.A.Javid Patel

C.A.Javid Patel (Expert)
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25 January 2011 Instead of making the Journal entries you pay directly from loan account.

i.e.

party account
to loan Account

and for this open the loan account in overdraft group under the group cash / bank balnce.

Padmaja CA

Padmaja CA (Querist)
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27 January 2011 Thanku Sir,

I am already try as you said but the problem is i must made journel for every month Interest. If we group loan as over draft then not possible to made journal to every month interest

i have one idea
when loan is paid to party then can i made following entry

cash a/c dr
to loan a/c
and another entry

party a/c dr
to cash entry

is there any wrong? in above entry

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C.A.Javid Patel

C.A.Javid Patel (Expert)
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27 January 2011 yes it is correct.

Padmaja CA

Padmaja CA (Querist)
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27 January 2011 Thanks for your replies Sir