Various Vouchers in Tally Prime 2024 :- Tally Prime, Vouchers are documents in which transactions are entered to record several business activities such as Sales, Purchases, Payments, Receipts, Journal Entries, etc. The overview of vouchers in Tally is as follows:
Types of Tally Prime Voucher
There are four types of Tally Prime Vouchers:
- Accounting Voucher
- Inventory Voucher
- Sales Voucher
- Payroll Voucher
List of Accounting Vouchers in Tally
- Purchase Vouchers (F9)
- Sales Voucher (F8)
- Contra Voucher (F4)
- Payment Voucher (F5)
- Receipt Voucher (F6)
- Journal Voucher (F7)
- Debit Note (Alt+F5)
- Credit Note (Alt+F6)
Explanation of Vouchers
Payment Voucher (F5)
Whenever any transaction cash or bank are credited then we use payment voucher. The Payment voucher is used for recording the payment made to Suppliers, Creditors, etc. These payment can be expense, purchase to trade creditors, etc.
Receipt Voucher (F6)
This voucher is used for record all receipt of money by cash, cheque, bank transfers. The Receipt voucher is used for the receipt of money from Debtors, Customers, etc. This voucher is similar to payment voucher expect that you debit cash or bank account and credit the ledger from which you receive.
Sales Voucher (F8)
This voucher is needed only if you do not make a sakes entry through invoice. In case you are not using invoice you can enter your sales as a sales voucher.
Purchase Voucher (F9)
The Purchase voucher is used to record purchases made. This voucher is used for record all the entries related to purchase. You can enter all the purchase of goods through this voucher. You can also issue purchase invoice of purchase voucher.
Journal Voucher (F7)
A Journal voucher is adjustment voucher. Thus all amounts to be adjusted between two accounts are passed as a journal. Used for adjusting entries, transfers, and other miscellaneous transactions.
Contra Voucher (F4)
Contra voucher is used for all transactions between cash and bank account only. For example, Cash deposit in bank, Cash withdraw from bank and fund transfer between two banks account on cash account.
Creating Vouchers
To create a voucher in Tally, you will normally use the menu options or shortcut keys, depending on the type of transaction you want to record. For example, to create a payment voucher, you would go to Accounting Vouchers > F5: Payment.
Voucher Details
Depending on the type of voucher chosen, Tally will prompt for the date of the transaction, account(s), amount, and other narration or remarks.
Posting Vouchers
A voucher is saved after filling in all details. Based on the debit and credit entries made in the voucher, Tally automatically posts these transactions to the related ledger accounts.
Displaying and Altering Vouchers
You can view and alter vouchers later from the voucher entry or alternation screens.
Print Vouchers
Tally provides individual and batch printing of vouchers, either for audit purposes or merely for your recordkeeping.
Audit Trail
Every voucher entered in Tally forms an audit trail, which enables one to know who has entered the voucher and when. So, in essence, the vouchers in Tally become a very critical document to be maintained by either the organization or the business for correct records of the financial and statutory compliance nature. Thus, learning how to use vouchers effectively in Tally becomes necessary for any individual dealing with accounting or financial management at a firm.
Conclusion
In this blog, we highlight the various types of vouchers in Tally Prime, and how to use each voucher according to your need. We always highlight right information in my blog. If you want to get more such information, then please visit our blog.
