Basic Accounting Entries in Tally
Basic Accounting Entries in Tally Basic accounting entries require you to understand basic accounting vouchers in Tally. In Tally there are four basic accounting vouchers: · Contra Entry · Payment Entry · Receipt Entry · Journal Entry Contra Entry When there are just two accounts namely 1) Cash Account and 2) Bank Account. An accounting entry which is required to create is Contra Entry. For example, you want to deposit Rs. 500 and Rs. 1,000 notes in the bank, the entry required for the above would be a contra entry. On the other if you want to withdraw Rs. 2,000 notes, it would again be a contra entry. You can even enter the bank details in new version of Tally.ERP 9 like cheque no., number of notes deposited or withdrawn, branch name etc. Payment Entry It is basically an entry for paying something. For example, if you want to pay salary to someone working for you, it will be payment entry or if you want to pay for an expense such as maintenance expenses, you have