What is recording transactions in Tally called?
What is recording transactions in Tally called?
Recording transactions in Tally is typically referred to as “Voucher Entry.” In Tally, a voucher represents a document containing the details of a financial transaction. When you enter these details into Tally, you are creating a voucher to record the transaction. Each voucher type corresponds to a specific type of transaction, such as sales, purchases, payments, receipts, journal entries, and more.
Here are some common voucher types you might encounter when recording transactions in Tally
Sales Voucher: Used to record sales transactions. It includes details such as the party’s name, item sold, quantity, rate, and total amount.
Purchase Voucher: Used to record purchase transactions. It includes details like the supplier’s name, items purchased, quantity, rate, and total amount.
Payment Voucher: Used to record payments made to parties. It includes information about the payment mode, amount, and the party receiving the payment.
Receipt Voucher: Used to record receipts received from parties. It includes information about the source of the receipt, amount, and the party providing the payment.
Contra Voucher: Used to record fund transfers between bank accounts or cash and bank transactions. It includes details about the accounts involved and the amounts transferred.
Journal Voucher: Used to record miscellaneous transactions that don’t fall under the other voucher types. It’s commonly used for adjustments, provisions, and other non-cash transactions.
Credit Note Voucher: Used to record credit notes issued to customers. It reflects a reduction in the amount owed by the customer due to returns or adjustments.
Debit Note Voucher: Used to record debit notes received from suppliers. It reflects an increase in the amount owed to the supplier due to returns or adjustments.
Memorandum Voucher: Used to record temporary transactions that don’t affect accounts immediately. They serve as reminders until you convert them into regular vouchers.
Sales Order Voucher: Used to record sales orders received from customers before the actual sales transaction takes place.
Purchase Order Voucher: Used to record purchase orders issued to suppliers before the actual purchase transaction occurs.
When you enter data into these voucher types, Tally automatically updates the respective accounts and prepares financial reports based on the transactions recorded. Voucher entry is a fundamental aspect of using Tally course in Chandigarh for accounting and financial management.
How to enter transactions in Tally ERP 9?
Entering transactions in Tally ERP 9 involves creating vouchers that capture the details of various financial transactions. Each type of transaction corresponds to a specific voucher type. Here’s a step-by-step guide on how to enter transactions in Tally ERP 9:
Open Tally ERP 9
Launch the Tally ERP 9 software on your computer.
Select Company
From the main screen, select the company for which you want to enter transactions. If the company is not listed, you can create a new company.
Navigate to Voucher Entry
After selecting the company, navigate to the “Gateway of Tally” screen.
Choose Voucher Type
From the Gateway of Tally screen, select the appropriate voucher type based on the transaction you want to record (e.g., Sales Voucher, Purchase Voucher, Payment Voucher, Receipt Voucher, etc.).
Enter Voucher Details
Once you’ve selected the voucher type, you’ll be prompted to enter the voucher details. The specific fields will vary based on the voucher type, but here are some common fields you’ll encounter:
Party’s Name: Select the party’s name (e.g., customer, supplier) involved in the transaction.
Date: Enter the date of the transaction.
Ledger Account: Choose the ledger accounts related to the transaction (e.g., sales ledger, expense ledger).
Amount: Enter the transaction amount.
Narration: Optionally, provide additional information about the transaction.
Save the Voucher
After entering the voucher details, review the information to ensure accuracy. If everything is correct, save the voucher.
Repeat for Additional Vouchers
If you have more transactions to record, repeat the process by selecting the appropriate voucher type and entering the details for each transaction.
Generate Reports
Tally ERP 9 automatically updates ledger accounts and prepares financial reports based on the transactions you’ve entered. You can generate reports like the balance sheet, profit and loss statement, and more to view the impact of the transactions on your company’s financial position.
Backup Your Data
Regularly back up your Tally data to ensure that your transactions are securely stored and can be restored in case of data loss.
Conclusion
It’s important to note that Tally Training in Chandigarh ERP 9 offers various voucher types to cover different types of financial transactions. Make sure to choose the appropriate voucher type for each transaction to ensure accurate accounting and reporting. If you’re new to Tally ERP 9, consider familiarizing yourself with the software’s user interface and menu structure to navigate and utilize its features effectively.
Read more Article :- Genericwdpress.
