Tally Prime Learning - Payment Voucher in Tally Prime

 

PAYMENT VOUCHER (Short key: F5)


Here, we will learn about how accounting entries are done in Payment voucher in Tally Prime.

In a business firm, goods are purchased from supplier who is also called Sundry Creditor.
Goods purchased from Sundry Creditor is recorded in Purchases Voucher. After purchasing goods we make payment to our Sundry Creditor which is recorded in Payment voucher in Tally Prime

When we record payment made by us to our supplier or Sundry Creditor, Payment voucher is used in Tally Prime for this purpose.


Let's understand this with the following example:

If we make payment of Rs. 25,000 to our supplier or Sundry Creditor then we will record this accounting transaction in Payment voucher in Tally Prime as mentioned below.

For this first of all we have to go to Voucher from Gateway of Tally or Press V

and then Press F5 to go to Payment Voucher.

When we open Payment Voucher then either Single Entry mode or Double Entry mode appears by default.

 

There are two modes of recording transactions in Payment Voucher:

Mode 1: Single Entry

Mode 2: Double Entry

 

We can record entry in Payment 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 Payment 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. 

 Now,

In Particulars we have to select Sundry Creditor Ledger. If we have not created this Sundry Creditor A/c in Tally then let’s learn how we can create a new Ledger of Sundry Creditor in Tally Prime.

For this, we have to Press Alt+C or go Create in the dropdown list.

Then Ledger Creation scree appears:

Here, fill Name, Select Under: Sundry Creditors, fill billing address of this party, select State, fill contact details, If this party is GST Registered party then select Regular in Registration Type, fill GST no. of this party and press Enter to Save this screen. After that Sundry Creditor ledger gets created in Tally.

 And now, select Sundry Creditor ledger in particulars, press Enter. 

Now put the value of amount which is 25,000 in our case.

After putting the amount press ENTER key and now we will select method of this amount adjustment.


Select Agst Ref (to adjust this amount bill wise) or On account (to adjust this amount on account) or New Ref (to create a new reference no.) or Advance (to take it as advance) here and press Entry key to exit this screen.


Now select Transactions Type and press Enter key then fill Cheque no. in Inst No. and cheque date if we have selected Cheque in Transaction type and press Enter key to exit this 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 Payment Voucher gets saved and our transactions gets recorded in Tally Prime.

Learn how to make Payment entry from video on our youtube channel. (Link below:)

https://youtu.be/a_JwZLK8G38

 

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 Liabilities in Liabilities side. In Current Liabilities we can see that Sundry Creditor gets decreased by 25,000 and also go to Current Assets in Assets side, we can see that Bank gets decreased by 25,000.

 

 

 Mode 2: Double Entry

For above example, let's learn how we can make this entry in Payment 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 "Dr" we have to select Sundry Creditor’s Ledger. After selecting Sundry Creditor ledger here, press Enter. 

Now put the value of amount which is 25,000 in Debit side.

 

After putting the amount press ENTER key and now we will select method of this amount adjustment.

Select Agst Ref (to adjust this amount bill wise) or On account (to adjust this amount on account) or New Ref (to create a new reference no.) or Advance (to take it as advance) here and press Entry key to exit this screen.

And then, we have to put our Bank Ledger A/c in "Cr". Select Bank account from the dropdown 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 25,000 in Credit side.

After putting the amount press ENTER key and it takes you to Bank Allocations screen.


Now select Transactions Type and press Enter key then fill Cheque no. in Inst No. and Inst Date if we have selected Cheque in Transaction type and press Enter key to exit this 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 Payment Voucher gets saved and our transactions gets recorded in Tally Prime.

 

Learn how to make Payment entry from video on our youtube channel. (Link below:)

https://youtu.be/wMv76IwoRbE

 

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 Liabilities in Liabilities side. In Current Liabilities we can see that Sundry Creditor gets decreased by 25,000 and also go to Current Assets in Assets side, we can see that Bank gets decreased by 25,000.

 







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