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Monday, February 11, 2019

Basic Accounting Entries in Tally

In Tally there are four simple accounting vouchers namely,
Journal Entry
Payment Entry
Contra Entry
Receipt Entry
We are able to have look at them one at a time. we will give an explanation for you with the assist of examples.

Journal Entry
It's far an accounting access that is required to be created while there is no cash or bank account concerned.
So, basically it's far an entry for transactions which outstanding payments or receipts, accounting changes or it may be ultimate entries on the quit of the accounting yr.
In simple words, each time there is no cash account or financial institution account concerned it's miles a journal access.
In ancient times, there used to be a journal book specifically for this kind of accounting entries and hence the name journal entry is given.
Payment Entry
It is basically an entry for paying something.
For example, if you want to pay salary to someone working for you, it will be payment entry.
Or if you want to pay for an expense such as maintenance expenses, you have to pass a payment entry.
You can pay through your bank account or via cash as per you needs.
Contra Entry
When there are just two accounts namely 1) Cash Account and 2) Bank Account an accounting entry which is required to created is Contra Entry.
as an example, you need to deposit your vintage ₹500 and ₹1,000 notes within the bank, the entry required for the above would be a contra access.
On the alternative in case you want to withdraw new ₹2,000 notes in change for the vintage notes, it might again be a contra access.
you may even enter the financial institution info in new edition of Tally.ERP nine like cheque no., wide variety of notes deposited or withdrawn, branch call etc.
Receipt entry
it is the complete opposite of a payment entry.
it's far surpassed whilst you get hold of cash or an amount on your financial institution account.
as an instance, in case you acquire cash for selling matters, it'll be a receipt access.
Or you're paid your revenue in your financial institution account for operating for a person, it will once more be a receipt access.
Their respective Tally shortcuts are
F4 – Contra access
F5 – fee access
F6 – Receipt access
F7 – journal entry

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