Types of Vouchers (Contra, Payment, Receipt, Journal, Sales, and Purchase) in Tally Prime

Tally Prime is a popular accounting software that helps businesses maintain their financial records. One of its key features is the use of vouchers, which are used to record different types of transactions. In Tally Prime, there are various types of vouchers, each serving a specific purpose. This article will explain the six main types of vouchers in Tally Prime: Contra, Payment, Receipt, Journal, Sales, and Purchase.

1. Contra Voucher

A Contra voucher is used for recording transactions that involve the transfer of money between two cash or bank accounts. This voucher is typically used when there is an internal transfer of funds from one bank account to another or from cash to a bank account (or vice versa).

Example of Contra Voucher

For instance, if a business transfers $5000 from its cash account to its bank account, a Contra voucher is used to record the transaction.

1. Go to the Gateway of Tally.
2. Under Voucher Entry, select Contra.
3. Enter the transaction details, such as Debit Cash and Credit Bank for the amount of $5000.
4. Press Enter to save the voucher.

2. Payment Voucher

A Payment voucher is used to record transactions involving the payment of money. This could include payments made for expenses, bills, or liabilities. It is typically used when cash or bank payments are made.

Example of Payment Voucher

For example, if a company pays $1000 in cash for office supplies, a Payment voucher will be used to record this transaction.

1. Go to the Gateway of Tally.
2. Under Voucher Entry, select Payment.
3. Enter the details of the transaction, such as Debit Office Supplies (Expenses) and Credit Cash for $1000.
4. Press Enter to save the voucher.

3. Receipt Voucher

A Receipt voucher is used to record all types of money received by the business. This could include receipts from customers, loans received, or any other type of income.

Example of Receipt Voucher

For instance, if a customer pays $1500 for a product, a Receipt voucher will be used to record the transaction.

1. Go to the Gateway of Tally.
2. Under Voucher Entry, select Receipt.
3. Enter the transaction details, such as Debit Cash (or Bank) and Credit Sales for $1500.
4. Press Enter to save the voucher.

4. Journal Voucher

Journal vouchers are used for recording adjustments, accruals, and non-cash transactions. This type of voucher is commonly used for accounting entries like depreciation, provisions, or adjusting entries.

Example of Journal Voucher

For example, if a business needs to record depreciation of $500 on its machinery, a Journal voucher is used.

1. Go to the Gateway of Tally.
2. Under Voucher Entry, select Journal.
3. Enter the details of the transaction, such as Debit Depreciation Expense for $500 and Credit Accumulated Depreciation for $500.
4. Press Enter to save the voucher.

5. Sales Voucher

A Sales voucher is used to record the sale of goods or services. It is typically used when a business makes a sale to a customer, either on a credit basis or for immediate payment.

Example of Sales Voucher

For instance, if a company sells $2000 worth of goods to a customer on credit, a Sales voucher is used.

1. Go to the Gateway of Tally.
2. Under Voucher Entry, select Sales.
3. Enter the details of the transaction, such as Debit Accounts Receivable (Debtors) and Credit Sales for $2000.
4. Press Enter to save the voucher.

6. Purchase Voucher

A Purchase voucher is used to record the purchase of goods or services by the business. It is used when goods or services are bought from a supplier, either on credit or for immediate payment.

Example of Purchase Voucher

For example, if a company purchases office supplies worth $800, a Purchase voucher is used.

1. Go to the Gateway of Tally.
2. Under Voucher Entry, select Purchase.
3. Enter the details of the transaction, such as Debit Office Supplies and Credit Accounts Payable (Creditor) for $800.
4. Press Enter to save the voucher.

Conclusion

Understanding the different types of vouchers in Tally Prime is essential for efficient accounting and record-keeping. Each voucher type serves a specific purpose and helps businesses accurately record financial transactions. By using the correct voucher type for each transaction, businesses can ensure that their financial records are organized and compliant with accounting standards.