How do you enter Contra voucher in Tally Prime ?

What is the purpose of a Contra voucher?

A Contra voucher is an accounting voucher used to record money that is both deposited and withdrawn from a bank account, as well as transfers from one bank account to another or from cash to cash.

What is Bank to Bank Transfer ?

For example,. let’s say the amount transferred from State bank of India to Canara Bank account. This contra voucher is used in that context.

What is Cash to Cash Transfer ?

Let’s say some amount has been transferred from main cash to petty cash in the company. Even in such a case, this contra voucher is used. Petty cash means, that if a small fund is provided for small expenses in the company, it is called petty cash.

What is the key for Contra voucher ?

F4 is the key to open the Contra voucher in Tally Prime.

How to record CONTRA voucher in Tally Prime ?

We can record Contra voucher in Tally Prime in two ways.
1. Single entry mode
2. Double entry mode

SINGLE ENTRY MODE

To record a contra voucher in single entry mode, you don’t need to be familiar with the debit and credit rules. The four fields present in the single entry mode are Account, Particulars, Amount and Narration. If you are entering a Bank deposit, the Bank’s ledger will be in the Account field and the Cash ledger in the Particulars field. For a Bank withdrawal, the Cash ledger will be in the Account field and the Bank’s ledger in the Particulars field. In summary, the ledger in the Account field increases and the ledger in the Particulars field decreases.

DOUBLE ENTRY MODE

Accountancy rules of Debit and Credit must be know to enter the transactions in double entry mode.

  • When it is a entry of a deposit, the bank ledger should be shown at the debit side, and the cash ledger should be shown at the credit side.
  • When it is a entry of a withdrawl, the cash ledger should be shown at the debit side, and the Bank ledger should be shown at the debit side.
  • If it is a entry of bank to bank or cash to cash transfer, the ledger should be shown at debit side which is increases. And the ledger should be shown at credit side which is decreases.

CTRL + H

In contra voucher, Press CTRL + H to choose the mode single entry or double entry.

ASSIGNMENT

  • Cash (Opening balance : Rs. 1,00,000) deposited into Canara Bank Account (opening balance : Rs. 80,000) – Rs. 20,000/- on Date : 1-4-2021
  • Amount transferred from Canara Bank to SBI Account (Opening balance: 50,000) – Rs. 10,000/- on 02-04-2021
  • Open a new A/c in HDFC Bank and deposit the cash Rs. 30,000/- on 01-05-2021
  • Cash Transferred from main Cash to Petty cash – Rs. 16,000/- on 02-05-2021
  • Amount withdrawl from HDFC Bank – Rs. 10,000/- on 01-05-2021
  • Amount transfered from HDFC Bank to Canara Bank on 02-05-2021 – Rs. 2,000/-
  • Cash transferred from main cash to the below accounts
    • Accounts department – 3,000/-
    • Finance Department – 6,000/-
    • Stores Department – 4,000/-

Solution

  • Create the ledgers for the above transactions
  • Ledger Creation:
    • Gateway of Tally
      • Masters
        • Create
          • Ledgers
  • NAME : Canara Bank A/c
  • UNDER : Bank Accounts
  • OPENING BALANCE : 80,000
  • Accept_ Yes
  • NAME : State Bank of India A/c
  • UNDER : Bank Accounts
  • OPENING BALANCE : 50,000
  • Accept_ Yes
  • NAME : HDFC Bank A/c
  • UNDER : Bank Accounts
  • OPENING BALANCE : <skip the field>
  • Accept_ yes
  • NAME : Cash at Accounts Dept
  • UNDER : Cash – in – hand
  • OPENING BALNACE : <skip the field>
  • Accept_ yes
  • NAME : Cash at Finance dept
  • UNDER : Cash – in – hand
  • OPENING BALANCE : <Skip the field>
  • Accept_ yes
  • NAME : Cash at Stores Dept
  • UNDER : Cash – in – hand
  • OPENING BALANE : <Skip the field>
  • Accept_ yes

CONTRA VOUCHER ENTRY IN SINGLE ENTRY MODE IN TALLY PRIME

  • Gateway of Tally
  • Transactions
    • Vouchers
      • Press F4 key to open Contra voucher
      • Press CTRL + H and select the mode SINGLE ENTRY
      • Press ALT + F2 to change the period:
        From 01-04-2021
        To 31-03-2022
      • Press F2 to change the date
  • ( Deposit into Canara Account )
  • Account : Canara Bank
  • Particulars : Cash
  • Amount : 20,000 < Press Enter >
  • Specify the transcation type : Cash <press enter >
  • Specify the denomination:
    • <ex:> 2000 x 5 = 10,000
    • 1000 x 5 = 10,000
    • Press Enter
  • Narration : Cash deposited into Canara bank account
  • Accept_ yes

see more :

http://rjp.b44.myftpupload.com/how-to-enter-receipt-voucher-in-tally-prime/