Are you tired of keeping track of all your expenses and wondering how to manage them efficiently? Look no further! Tally, an accounting software used by millions worldwide, has got you covered with their voucher types feature. As soon as you download tally prime the first thing you will encounter and need to learn are the various voucher types the software offers. In this blog post, we will explore the different voucher types in tally that can help simplify your accounting process and save you time and effort. So get ready to learn how to streamline your financial management using Tally’s powerful tools!
What is a Voucher?
A voucher is a document that contains the details of a transaction. It includes the date, amount, and purpose of the transaction. Vouchers are used to record transactions in accounting systems. There are different types of vouchers, which are used for different purposes. The most common types of vouchers are sales invoices, purchase invoices, payment vouchers, and receipts.
Types of voucher in tally
There are many different types of voucher in tally. Each type of voucher has a unique purpose and contains different information. So let’s learn about these:
A payment voucher is a type of voucher that is used to make a payment. This voucher can be used to make payments for anything from inventory to expenses. The payment voucher can be created manually or generated through accounting software.
In tally, a receipt voucher is used to record receipts from customers. This could be for goods sold or services rendered. The voucher can be created in two ways:
- From the sales invoice: When you receive payment from a customer for a sales invoice, you can create the receipt voucher directly from the invoice.
- Manually: You can also create the voucher manually by going to Gateway of Tally > Accounting Vouchers > Receipt.
When creating the voucher, you will need to specify the following:
- The date of the receipt
- The customer name
- The amount received
- The mode of payment (cash, cheque, credit card etc.)
- Any reference number (if applicable)
- A brief description of what the payment is for
This is one of the most misunderstood voucher types in tally. A Contra Voucher is a type of voucher used in Tally to record transactions where money is paid out of one bank account and received into another. This could be, for example, when transferring money between two accounts or paying a supplier directly from a bank account.
To create a Contra Voucher in Tally, go to the Gateway of Tally > Accounting Vouchers > F4: Contra. Enter the relevant details for the transaction, such as the date, narration Reference Number (if applicable), and amounts. Then select the ledgers to be debited and credited. The debit and credit amount must be equal. Finally, press Enter to save the voucher.
Journal voucher is a type of voucher used to record transactions in the journal. This voucher type is used to make adjustments to ledger accounts or to record transactions that do not fit into any other predefined voucher type.
Advantages of Using Different Vouchers in Tally
Different vouchers in tally offer different advantages that can be beneficial for businesses. For example, sales vouchers can help track and manage sales transactions, while purchase vouchers can help track and manage purchase transactions. Additionally, credit note and debit note vouchers can help businesses keep track of credits and debits, respectively. Ultimately, using different voucher types in tally can help businesses better manage their finances and operations.