Type of Vouchers in Tally erp 9 and Prime

Streamline Your Accounting with Tally ERP 9: A Comprehensive Guide on Type of Vouchers in Tally

Introduction

In the realm of business and finance, maintaining accurate and organized financial records is paramount. Whether you run a small business or manage a large corporation, but keeping track of your financial transactions is essential for making informed decisions. This is where Tally ERP 9 steps in as a powerful accounting software solution. Among its numerous features, Tally ERP 9 offers a range of voucher types that help you record various financial transactions efficiently. In this blog, we’ll explore the key voucher types in Tally ERP 9 and understand how they can streamline your accounting processes.

Table of content

Voucher Types in Tally ERP 9

Tally ERP 9 offers several voucher types, each designed to capture specific financial transactions accurately. Here are some of the most commonly used voucher types:

Purchase Voucher:

The purchase voucher is used to record purchases of goods or services from suppliers. This voucher type allows you to input details such as the supplier’s name, invoice number, date, and the items purchased along with their respective quantities and rates. By using purchase vouchers, you can maintain an organized record of your expenses and accounts payable.

how to make entry of Purchase voucher in Tallyerp9

Entering a purchase voucher in Tally ERP 9 is a straightforward process. Here’s a step-by-step guide on how can be do it:

Step 1: Open Tally ERP 9

Ensure that you have Tally ERP 9 installed and open it on your computer.

Step 2: Select the Appropriate Company

Select the company for which you want to record the purchase voucher. You can do this from the Gateway of Tally by choosing the company name from the list.

Step 3: Access the Voucher Entry Menu

In Tally ERP 9, different voucher types are accessible from the Gateway of Tally. To enter a purchase voucher, follow these steps:

• From the Gateway of Tally, select “Accounting Vouchers” by pressing V on your keyboard or clicking on “Accounting Vouchers” from the menu options.

Step 4: Choose the Purchase Voucher Type

Once you are in the Accounting Vouchers menu, you will see various voucher types. Select “F9: Purchase” or simply press F9 on your keyboard to create a purchase voucher.

Step 5: Fill in the Purchase Voucher Details

Now, you’ll need to fill in the details for your purchase voucher. Here’s what you need to enter:

• Supplier’s Name: Type or select the name of the supplier from your ledger master list. You can also create a new supplier if it’s not in the list.
• Date: Enter the purchase date. Usually, it’s the date of the invoice or bill.
• Reference: If there’s a reference number on the invoice, enter it here.
• Party’s Invoice No.: Enter the invoice number from your supplier.
• Purchase Ledger: Select the appropriate ledger under which you want to record the purchase. It’s typically an expense or cost of goods sold (COGS) account.
• Details: Enter a brief description of the purchase, such as the items or services purchased.
• Amount: Enter the total amount of the purchase.

Step 6: Enter Purchase Items

After filling in the purchase voucher details, you’ll need to enter the items you purchased. Here’s how:

• Item Name: Type the name of the item or service you purchased. If it’s not in your inventory, you can create it by pressing Alt+C.
• Quantity: Enter the quantity of the item or service.
• Rate: Input the rate or price per unit.
• Amount: Tally ERP 9 will automatically calculate the amount based on the quantity and rate.

Repeat this process for each item or service you purchased, and the voucher will automatically calculate the total amount.

Step 7: Save the Purchase Voucher

Once you’ve entered all the necessary details, verify the information for accuracy. If everything looks correct, press Ctrl+A or click on the “Accept” button to save the purchase voucher.

That’s it! You’ve successfully entered a purchase voucher in Tally ERP 9. This will update your financial records and allow you to track your expenses accurately. Make sure to keep a copy of the physical invoice or document for your records as well.

Sales Voucher:

Sales vouchers are essential for recording sales transactions. Whether you’re selling products or providing services to customers, you can use this voucher type to document important information like customer details, invoice number, date, and the items sold with their quantities and rates. Sales vouchers help you keep track of your revenue and accounts receivable.

In Tally, a sales voucher is used to record sales transactions in your accounting system. To create a sales voucher entry in Tally, you can follow these steps:

1. Open Tally: Launch Tally software on your computer and log in to your company’s data.
2. Gateway of Tally: You’ll start at the Gateway of Tally screen. From here, you can access various accounting functions.
3. Select Voucher Entry: To enter a sales voucher, press the following keys:
   • Gateway of Tally > Accounting Vouchers > F8: Sales
4. Sales Voucher Entry Screen: You will now be in the Sales Voucher Entry screen, where you can input the details of your sales transaction.
   • Date: Enter the date of the sales transaction.
   • Party’s A/c Name: Enter the name of the customer or party to whom you are making the sale. You can either type the name or select it from your ledger list.
   • Sales Ledger: Choose the appropriate sales ledger account from the list. This is typically an account that represents your sales income.
   • Stock Item: Enter the name of the item being sold. If you haven’t already created the item in your stock master, you may need to do so first.
   • Quantity: Input the quantity of the item sold.
   • Rate: Enter the rate or price at which the item is being sold.
   • Amount: Tally will automatically calculate the amount based on the quantity and rate.
   • GST Details: If applicable, enter the GST details, including the GST rate and tax amount.
   • Narration: You can enter a brief description or note related to the transaction if needed.
5. Save the Voucher: Once you have entered all the necessary details, press Ctrl+A or click on the Accept button to save the voucher.
6. Print the Voucher (Optional): If you need a physical copy of the sales voucher, you can print it by pressing Alt+P.
7. Return to Gateway of Tally: After saving the voucher, you can either continue entering more vouchers or return to the Gateway of Tally by pressing Esc.

That’s it! You have successfully created a sales voucher entry in Tally. Make sure to review the entry for accuracy before saving it, as errors can affect your financial records.

Journal Voucher:

Journal vouchers play a crucial role in recording non-cash transactions and adjustments. You can use them to record various entries such as depreciation, provisions, and other accounting adjustments. Journal vouchers help ensure that your financial statements accurately reflect the financial health of your business.

In Tally, a Journal Voucher is used to record financial transactions that don’t involve cash or bank accounts. These transactions typically involve adjustments, accruals, depreciation, and other non-cash entries. Here’s how you can make an entry in a Journal Voucher in Tally:

1. Open Tally: Launch the Tally software and select the company for which you want to create a journal entry.
2. Access Voucher Entry: From the Gateway of Tally screen, navigate to the “Accounting Vouchers” menu by pressing V. This will open a list of different voucher types.
3. Select Journal Voucher: In the list of voucher types, select “F7: Journal” or simply press F7 on your keyboard.
4. Enter Date: Enter the date of the journal entry. This should be the date on which the transaction occurred.
5. Debit and Credit Entries: In a Journal Voucher, you need to enter both debit and credit entries to maintain the accounting equation (Assets = Liabilities + Equity).
   • To make a debit entry, select the account you are debiting from the Account Dr field. Enter the amount in the Amount field.To make a credit entry, select the account you are crediting from the Account Cr field. Enter the amount in the Amount field.
   Remember that the total debits must equal the total credits in a journal entry.
6. Narration (optional): You can enter a brief description or narration for the transaction in the “Narration” field to provide more details about the entry.
7. Save the Entry: After entering all the details correctly, press Ctrl + A or click on the “Accept” button to save the journal entry.
8. View and Verify: You can view and verify the journal entry by going to “Display” > “Daybook” and selecting the date of the entry.
9. Print or Export (optional): If needed, you can print or export the journal entry for your records or for reporting purposes.

Remember that it’s important to ensure that your journal entries are accurate and follow the accounting principles and standards relevant to your business. If you’re not sure about the accounts to debit or credit or if you’re dealing with complex transactions, it’s advisable to consult with a qualified accountant or financial professional.

Payment Voucher:

When you make payments to suppliers or settle other expenses, the payment voucher comes into play. It allows you to specify payment details, including the payee’s name, date, mode of payment, and the accounts affected. Using payment vouchers ensures that your cash outflows are properly recorded.

In Tally, you can perform a payment entry in payment vouchers to record payments made to suppliers, vendors, or for various expenses. Here’s a step-by-step guide on how can you do it:

Step 1: Open Tally and select the company for which you want to record the payment entry.

Step 2: Go to the Accounting Vouchers menu. You can access it from the Gateway of Tally by pressing “Accounting Vouchers” or using the shortcut key V.

Step 3: In the Accounting Vouchers menu, select “Payment Voucher.” You can also press F5 as a shortcut.

Step 4: Now, you’ll be in the Payment Voucher screen. Here’s how to fill out the voucher:

• Date: Enter the date of the payment.
• Party’s Account: Select the party or supplier to whom you are making the payment. You can either type the name or select it from the list of ledgers.
• Payment Mode: Choose the mode of payment (e.g., cash, bank, NEFT, RTGS, etc.) from the “Payment” dropdown.
• Account: Select the bank or cash ledger. If you’re paying by cash, select the cash ledger; if it’s a bank payment, select the appropriate bank ledger.
• Amount: Enter the amount you are paying.
• Particulars: You can enter additional details about the payment, such as the reference number or any other relevant information.

Step 5: Now, you need to specify the ledger to which this payment will be debited. To do this, press Alt + S to bring up the “Account Allocation” screen. In this screen:

• Account: Choose the ledger or expense account you are debiting. This should be the account that represents the expense or liability you are paying.
• Amount: Enter the amount allocated to this ledger. This amount should match the total payment amount.
• Narration: You can add a brief description or note related to this payment.

Step 6: Save the voucher by pressing Ctrl + A or by clicking the “Accept” button.

Step 7: You have successfully recorded the payment entry in Tally.

Remember to review the entry before saving it to ensure all the details are accurate. Properly recording payments in Tally is essential for maintaining accurate financial records for your business.

Receipt Voucher:

Receipt vouchers are used to record incoming funds, such as payments from customers or other sources of income. You can enter details like the payer’s name, date, mode of receipt, and the accounts impacted. Receipt vouchers help track your cash inflows and accounts receivable.

o make an entry for a receipt voucher in Tally, you need to follow these steps:

1. Open Tally: Open your Tally ERP software and log in to your company’s data.
2. Gateway of Tally: You’ll start at the Gateway of Tally screen.
3. Go to Accounting Vouchers: From the Gateway of Tally screen, press V on your keyboard or click on “Accounting Vouchers” in the menu.
4. Select Receipt Voucher: In the Accounting Vouchers menu, select “Receipt” voucher. You can do this by pressing F6 on your keyboard or selecting it using the mouse.
5. Enter the Receipt Details:
   • Date: Enter the date of the receipt.
   • Account: Enter the name of the party or account from which you are receiving the payment. You can either type the name or select it from the list.
   • Debit: Select the appropriate ledger or account where you want to record the receipt. This is typically your bank or cash account. Enter the amount you received in the field of Amount .
6. Additional Information (Optional):
   • You can add narration or remarks by pressing Enter in the narration field and entering the details.
   • You can also allocate the receipt amount to different ledgers if needed by pressing Enter and selecting “Particulars.”
7. Save the Voucher: After entering all the necessary details, press Ctrl+A or click on the “Accept” button to save the receipt voucher.
8. Confirmation: Tally will ask you to confirm the voucher. Verify the details and press Enter to confirm. The receipt voucher will be saved in your company’s data.

That’s it! You have successfully created a receipt voucher in Tally to record a payment received from a party or account. Make sure to keep your Tally data organized and accurate for effective financial management.

Contra Voucher:

Contra vouchers are specifically designed for transactions that involve both cash and bank accounts. These vouchers are handy for activities like fund transfers between bank accounts or cash withdrawals and deposits. Contra vouchers assist in maintaining the accuracy of your cash and bank balances.

In Tally ERP 9, a contra voucher is used to record transactions involving the transfer of funds from one bank or cash account to another within the same company. This type of voucher is typically used for cash deposits, cash withdrawals, bank transfers, and more. Here’s how you can pass an entry in a contra voucher in Tally:

1. Open Tally and select the company: Start by opening Tally ERP 9 and selecting the company for which you want to record the contra entry.
2. Access Voucher Entry:
   • From the Gateway of Tally, navigate to “Accounting Vouchers” or press “V” on your keyboard to access the voucher entry screen.
3. Select Contra Voucher:
   • In the voucher entry screen, select the “Contra” voucher type. You can do this by pressing “F4” on your keyboard or by using the cursor to select “Contra” from the list of voucher types.
4. Enter Date:
   • Enter the date of the contra entry. This is the date on which the funds transfer or cash transaction occurred.
5. Select Bank or Cash Account:
   • In the “Account” field, select the bank or cash account from which you are transferring funds. This will typically be the account you are withdrawing money from.
6. Select the Second Bank or Cash Account:
   • In the “To” field, select the bank or cash account to which you are transferring funds. This will typically be the account you are depositing money into.
7. Enter Amount:
   • Enter the amount of the transaction in the “Amount” field.
8. Narration (Optional):
   • You can provide a brief description or narration for the transaction in the “Narration” field. This can be useful for adding notes or clarifications about the transaction.
9. Save the Voucher:
   • After entering all the required details, press “Ctrl+A” to save the contra voucher entry.
10. Verify and Confirm:
    • Tally will display the details of the contra entry for verification. Make sure all the information is correct, and if everything looks accurate, confirm the entry.
11. Post the Voucher:
    • After confirming, Tally will post the contra voucher, and the transaction will be recorded in your company’s accounts.

That’s it! You’ve successfully passed a contra voucher entry in Tally ERP 9. Make sure to double-check all the details before saving and confirming the entry to maintain accurate financial records.

Benefits of Using Vouchers in Tally ERP 9

Now that we’ve discussed the various voucher types, let’s delve into the advantages of using them in Tally ERP 9:

Accuracy: Vouchers ensure that every financial transaction is recorded accurately, reducing the likelihood of errors in your accounting.

Efficiency: Tally ERP 9 simplifies data entry by providing dedicated voucher types for different transactions, making it faster and more efficient to document your financial activities.

Organization: Using voucher types helps you categorize and organize your financial records, making it easier to access and analyze your financial data when needed.

Compliance: Tally ERP 9 is designed to meet regulatory requirements, making it easier for businesses to maintain compliance with tax and financial regulations.

Real-time Insights: With accurate and up-to-date records, you can gain real-time insights into your financial position, allowing for better decision-making.

Conclusion

In the world of accounting and finance, the importance of accurate and well-organized financial records cannot be overstated. Tally ERP 9, with its diverse voucher types such as Purchase, Sales, Journal, Payment, Receipt, and Contra, empowers businesses of all sizes to maintain impeccable financial records. By leveraging these voucher types, you can streamline your accounting processes, enhance accuracy, and gain valuable insights into your business’s financial health. Whether you’re a small business owner or a finance professional, Tally ERP 9 is a robust solution that can help you manage your financial transactions with ease and precision.