1. In TallyPrime, What does Credit Limit mean?
The monetary limit agreed upon by the seller and buyer of a business for trade purposes is referred to as a Credit Limit. Credit limits can be set for any ledger account that belongs to the Sundry Debtors and Sundry Creditors groups in TallyPrime.
2. How to set Credit Limit for a customer in TallyPrime?
Specifying Credit limit for Individual Ledger or Multiple Ledger.
a) From Gateway of Tally > Maters > Create > Accounting Masters > Ledger > From the Ledger screen, click F12: Configure > Set the option Provide Credit Limits to Yes > Enter the Credit limit and Credit Period.
b) From Gateway of Tally > Masters > Create >Accounting Masters > Click on Show more > Select Credit Limit > Click Sundry Debtors > Enter the Credit limit and Credit Period.
3. What does it mean to Split a Credit Sale into Multiple Bills, in TallyPrime?
When a business makes a credit sale to a party and permits them to pay in installments, we can break the credit sales entry into many invoices in TallyPrime.