X

Vendor Payments

Tally

Bank Statement Sync

Smart Bank Statement Sync

Sync all transactions from RazorpayX in Tally.

With the Smart Bank Statement feature, you can sync the transactions from your statement as entries in your Tally application. By doing so, you can understand your transactions in a business perspective, rather than just a banking perspective.

How it Works

  1. Suppose you have made a transaction to a vendor and it shows in your bank statement as a just debit, double-entry to the vendor.
  2. When you sync the transaction using the RazorpayX-Tally Integration, you can use the Payout notes, Payout Purpose and other details from RazorpayX as reference and update your journal entry narrations in TallyPrime.
  3. You can create a journal entry and reconcile payments easily.

Watch the video below to understand the Smart Bank Statement process or read along.

You can also watch the

Bank Statement Sync video in Hindi

.

Advantages

The bank statement sync offers the following merits:

  • It automates a lot of your bookkeeping and data entry process.
  • Reduce errors and inconsistency and save up on time.
  • You do not need to maintain and cross-verify data between many excel sheets.

Setup Workflow

You must first enable the Smart Bank Statement setting to sync all the transactions made in RazorpayX to Tally. To enable this setting:

  1. Navigate to R:RazorpayX Settings from your Gateway of Tally screen.
    Top-right menu highlighting R:RazorpayX Settings
  2. Select Yes against Sync Entries from RazorpayX. This is a one time process.
    Select Yes in Tally to enable sync

You have now enabled the setting to sync all transactions made in RazorpayX to Tally, regardless of the type of transaction.

Whether you

make a payout

, or the money is debited as part of a

payout link

, payroll, tax payments and more, all transactions can be synced in Tally.

Sync Transactions

After you enable the

sync workflow

, you can sync all the transactions you make in RazorpayX to Tally. To do so, you must:

Start Sync

To sync these transactions in Tally:

  1. Open Tally to show the Gateway of Tally screen.
  2. Go to UTILITIES → RazorpayX.
    RazorpayX in utilities in Gateway of Tally menu
  3. In the RazorpayX menu, click RazorpayX Bank Statement.
    RazorpayX Bank Statement in RazorpayX menu
  4. Select RazorpayX Account when prompted to Select Ledger. The RX_Statement screen appears.

You have successfully moved all your transactions from RazorpayX to Tally. On this screen, you find the list of transactions taken from all of RazorpayX. They appear marked as NA___ under the Particulars column.

Transactions after syncing from RazorpayX

Create Journal Entry

The Status of transaction synced reads Not Booked. This implies that the journal entry is made, but is incomplete in Tally. As such, it is also not posted to Tally. RazorpayX never posts journal entries directly to Tally.

To create the journal entry:

  1. Click on the relevant transaction synced to Tally. The Accounting Voucher Alteration screen appears.
  2. On this screen, you can find the Narration to the bottom-left corner. The narration contains the details of the transaction that you can use as reference when creating a journal entry.
    Select relevant incomplete journal entry and create entry using narration as reference.
  3. Create the journal entries by clicking on the By and To fields. Map the fields to the entities as present in your ledgers.
  4. Review your journal entry. Once statisfactory, enter Yes against Convert Voucher & Approval. You have successfully created and updated the particulars and narration of your journal. You have also booked the entry in Tally.
    After the entry is created, you
  5. Go back to the RX_Statement screen.
  6. Click on F10:Booked. It shows all the booked entries in journal. The latest entry you have booked will appear in the booked screen.

You have successfully created a journal entry for your transaction.

Reconcile Entries

You must now reconcile the entries. To do so:

  1. Go back to Gateway of Tally.
  2. Navigate to UTILITIES → Banking.
  3. In the Banking menu, click Bank Reconciliation.
  4. Here, select the Name of the Bank Ledger as RazorpayX A/c.
    Select RazorpayX ledger
  5. Select the duration for which you want to view the entries by clicking F2:Period.
  6. Select B:Basis of Values and click Include Reconciled transactions from the drop-down list.
    Select option from the list to show reconciled trasactions

Tally registers the journal entry you have created with all the narration details and context. You do not have to worry about the origin and settlement of the transaction, or contact your Vendors and other entities to help in reconciliation process.

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