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.
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.
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.
You can create a journal entry and reconcile payments easily.
Watch the video below to understand the Smart Bank Statement process or read along.
In the RazorpayX menu, click RazorpayX Bank Statement.
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.
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:
Click on the relevant transaction synced to Tally. The Accounting Voucher Alteration screen appears.
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.
Create the journal entries by clicking on the By and To fields. Map the fields to the entities as present in your ledgers.
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.
Go back to the RX_Statement screen.
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.
Here, select the Name of the Bank Ledger as RazorpayX A/c.
Select the duration for which you want to view the entries by clicking F2:Period.
Select B:Basis of Values and click Include Reconciled transactions from the drop-down list.
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.