Tally Prime

 Reversing Journals Reversing Journals are those vouchers which do not impact your books of accounts. Similar to the optional voucher. Has an “up to” date. To check the impact on account for certain expenses until the actual voucher is passed. The impact of a Reversing Journal can be seen by creating scenarios.

 Accounting Entry in TallyPrime As per the accounting practice of journaling, you can record all transactions using Journal Vouchers in TallyPrime. However, there are specialised accounting voucher types for different types of transactions like payments, receipts, sales, purchase, contra, debit note, credit note and so on to ease data entry. Once you know how to enter a transaction in TallyPrime, you can enter any transaction in a similar way. Voucher types in TallyPrime can be categorised as Journal, Purchase, Sales, Payment, Receipt, Contra, Inventory Vouchers, Order Vouchers and Non-Accounting Vouchers. In this topic, we will understand how to record a transaction in TallyPrime or say, accounting entry in TallyPrime and learn more about the voucher types provided for accounting in TallyPrime. Apart from these 24 voucher types, you can also create your own under these for easy identification. For example, you can create Cash Sales under Sales voucher type so that you can identify...

Payments and Receipts Recording Payment and Receipts transactions in TallyPrime follow a simple pattern. You can record a transaction with the following steps.

Memorandum Vouchers Memorandum Vouchers are those vouchers which do not impact your books of accounts. Used when the actual purpose of an expense is not sure and can be converted to any voucher type. Will not impact the accounts unless converted to a normal voucher type. The impact of a memorandum voucher can be seen by creating scenarios. In this section Making suspense payments Vouchers not verified at the time of entry Items given for approval Memorandum Voucher Register

 Mark Vouchers as Optional Any voucher in Tally can be marked as Optional by pressing Ctrl+L (Optional) during voucher entry or in alteration mode. Masking voucher as Optional will remove the accounting impact of the transactions from the books of account. Any transaction which is recurring in nature like rent, repayment of loan etc. you can pass all such transaction and mark them as optional. Once the actual date such transaction occurs you can regularise the transaction by opening it and pressing Ctrl+L (Regular).

  Accounting with Journal Voucher If you are accounts savvy, you can record the same payment transaction using a journal voucher in TallyPrime.

 Create Voucher Types TallyPrime has 28 Pre-defined Voucher Types for recording transactions, which uses a voucher type for each transaction type. Apart from default voucher types that Tally Provides, you can create new voucher types to serve your custom needs. In this section: Create of Voucher type Alter of Voucher type View the pre-defined voucher types  

  Contra Fund transfers within different accounts of your company, such as transfer from one bank account to another, deposit of cash to bank account, cash withdrawals from ATMs or, withdrawals from banks using Cheque or DD, can be recorded using Contra Voucher in TallyPrime. Such fund transfers from one account to the other – say Cash A/c to Bank A/c or vice versa – appear on the same side of the company’s balance sheet, and do not impact your company books. This does not include transferring money to any third-party account as part of a payment. Keeping a record of the contra entries helps to track internal fund transfers done month-wise or voucher-wise, for different business needs. You can get a periodic view of the contra entries to have a better understanding of the fund transfers from one account to the other using Contra Register in TallyPrime.    

Payments Recording Payment transactions in TallyPrime follow a simple pattern. You can record a transaction with the following steps. A payment transaction for Rent expenses is used for illustration.   1. Gateway of Tally > Vouchers > press F5 (Payment). Alternatively, Alt+G (Go to) > Create Voucher > press F5 (Payment). 2. If you want to change the voucher date, press F2 (Date). 3. Select the mode of payment. 4. In Account, select Cash, which is already available. When you create a Company in TallyPrime, the system creates two ledgers by default – Cash and Profit & Loss A/c. 5. Select the ledger for which you are making the payment and specify the amount. For example, Rent. 6. Under Particulars, you need to select expense ledger for which you are making this payment. In case the ledger is not available, press Alt+C to create Ledger on the fly. In Ledger Creation (Secondary) screen, give ledger name Rent and select the group Indirect Expense in the Under field. In T...

 Accounting with Journal Voucher If you are accounts savvy, you can record the same payment transaction using a journal voucher in TallyPrime. Use the following steps for the same.   1. Gateway of Tally > Vouchers > press F7 (Journal). Alternatively, Alt+G (Go to) > Create Voucher > press F7 (Journal). 2. If you want to change the voucher date, press F2 (Date). 3. Select By/Dr (Debit) side of the transaction. a. In By, select the expense ledger. For example, Rent. As in other transactions, you can create the ledger on the fly by pressing Alt+C. Alternatively, press Alt+G (Go To) >Create Master type or select Ledger > and press Enter. By default, in a journal voucher, you need to first specify the By (debit side). b. In Debit, specify the rent amount. 4. Select the To/Cr (Credit) side of the transaction. a. In To, select the payment mode. For example, Cash. To select Cash, an F12 setting for JV is needed. As in other transactions, you can create the ledger on ...

Record Transactions Recording transactions in TallyPrime follow a simple pattern. You can record a transaction with the following steps. A payment transaction for expenses is used for illustration.   1. Gateway of Tally > Vouchers > press F5 (Payment). Alternatively, Alt+G (Go to) > Create Voucher > press F5 (Payment).   2. If you want to change the voucher date, press F2 (Date). When you press F2 to change the date, the date shown is for the subsequent day of the current date. This done to avoid manual entry of date for the next day as the immediately next day is the most common business day. You can however enter any date, even backward dates.   3. Select the mode of payment.   4. In Account field, select Cash ledger, which is already available or the Bank ledger. To learn more about Bank payment refer to Banking Utilities in TallyPrime. When you create a Company in TallyPrime, the system creates two ledgers by default – Cash and Profit & Loss A/c. ...