CONTRA VOUCHER (Short Key: F4)
In Tally Prime we use Contra Voucher to record accounting transactions involving Cash & Bank. It means when we transfer amount from our bank account to another bank account or we deposit cash in our bank account or we withdraw cash from our bank account, we use Contra Voucher to record such accounting transactions.
Here we will learn how to make contra entry in Tally Prime.
Contra Voucher is used when transactions happen between Cash & Bank or when transactions happen between Bank 1 & Bank 2.
Contra Voucher is used in Tally Prime to record below mentioned transactions:
1. When we deposit Cash in our Bank Account
2. When we withdraw Cash from our Bank Account
3. When we transfer some amount from our one Bank Account to our another Bank Account.
Let's understand how we record transaction in Contra Voucher with the below example:
If we have Rs. 50,000 in cash and we deposit this amount in our Bank on 1 Dec 2021 then Contra Voucher will be used in this case.
Accounting Entry in this case will be:
Bank A/c .... Dr 50,000
To Cash A/c 50,000
To record this in Tally Prime, we will go to Voucher from Gateway of Tally or Press V
and then Press F4 to go to Contra Voucher.
When we open Contra Voucher then either Single Entry mode or Double Entry mode appears by default.
There are two modes of recording transactions in Contra Voucher:
Mode 1: Single Entry
Mode 2: Double Entry
We can record entry in Contra Voucher in any mode, Single Entry mode or Double Entry mode
Its our choice what we choose, Single Entry mode or Double Entry mode. Effect of the accounting transactions will be the same on Balance Sheet if we record our transactions in any mode i.e., Single Entry mode or Double Entry mode
If by default Single Entry mode appears & if we want to make entry in Double Entry mode or vice versa, then press Ctrl + H and select Single Entry mode or Double Entry mode
Mode 1: Single Entry
For above example, if we make this entry in Contra Voucher as Single Entry mode, then entry process will be as follows:
First of all we have to put Date of this transaction. For this, we have to press F2 and put our date which is 1 Dec 2021 in our case.
And then, we have to put our Bank Ledger A/c in "Account:"
If we have not created our Bank Account in Tally Prime, then we have to create a new Bank Ledger.
Now, let's learn how we can create a new Bank ledger in Tally Prime.
For this we have to Press Alt + C from "Account:"
And then Ledger Creation screen appears like below:
We have to Select Under :Bank Account and fill Bank Account Details such as account number, IFS Code, Branch, etc as shown below:
After filling above details save this screen and Bank Ledger gets created in Tally.And after that Select this Bank Account and press enter.
In Particulars we have to select Cash Ledger. Cash Ledger is already present by default in Tally, hence we need not to create Cash ledger.
After selecting Cash ledger here, press Enter.
Now put the value of amount which is 50,000 in our case.
After putting the amount press ENTER key 3 times and it takes you to Bank Allocations screen.
In Bank Allocations screen press Enter Key and put denominations of Rupee Notes which has been deposited in Bank Account and press Enter key to save this denominations scree and press Enter Key again to exit Bank Allocations screen.
Now it takes us to Narration bar. Here we can type any narration if we want or we can leave it empty and now press enter to Accept: Yes or No
After pressing Enter key this Contra Voucher gets saved and our transactions gets recorded in Tally Prime.
We can also check the accounting effect of this entry on our Balance Sheet.
To go to Balance sheet, press B from Gateway of Tally
In the balance sheet we have to go to Current Assets in Assets side. In Current Assets we can see that Bank amount gets increased by 50,000 and Cash gets decreased by 50,000.
Mode 2: Double Entry
For above example, let's learn how we can make this entry in Contra Voucher as Double Entry mode:
If by default Single Entry mode appears & if we want to make entry in Double Entry mode, then press Ctrl + H and select Single Entry mode or Double Entry mode
Now, we have to put Date of this transaction. For this, we have to press F2 and put our date which is 1 Dec 2021 in our case.
In "Cr" we have to select Cash Ledger. Cash Ledger is already present by default in Tally, hence we need not to create Cash ledger.
After selecting Cash ledger here, press Enter.
Now put the value of amount which is 50,000 in Credit side as in our case.
And then, we have to put our Bank Ledger A/c in "Dr". Select Bank account from drop down list.
We have already learnt how we can create a new Bank Ledger (above) if no Bank ledger is shown in this dropdown list.
And after that Select this Bank Account and press enter. Now put amount as 50,000 in Debit side.
After putting the amount press ENTER key and it takes you to Bank Allocations screen.
In Bank Allocations screen press Enter Key and put denominations of Rupee Notes which has been deposited in Bank Account and press Enter key to save this denominations scree and press Enter Key again to exit Bank Allocations screen.
Now it takes us to Narration bar. Here we can type any narration if we want or we can leave it empty and now press enter to Accept: Yes or No
After pressing Enter key this Contra Voucher gets saved and our transactions gets recorded in Tally Prime.
We can also check the accounting effect of this entry on our Balance Sheet.
To go to Balance sheet, press B from Gateway of Tally
In the balance sheet we have to go to Current Assets in Assets side. In Current Assets we can see that Bank amount gets increased by 50,000 and Cash gets decreased by 50,000.
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