What are the different types of accounting vouchers in Tally?

 Nowadays, accounting is not just about keeping track of company finances. Accounting has evolved and now encompasses the entirety of the business entity’s performance, including the financial transactions and the records required by regulatory agencies. Tally, one of the most popular ERP software platforms around, provides different types of vouchers that can be used to enhance your accounting and financial reporting capabilities. Let’s learn about these vouchers in a bit more detail:

  1. Sales Voucher in Tally

Sales Vouchers are used when a company buys products or services from another company. They are also used when a company pays its suppliers. These vouchers are tracked in the Sales module of Tally and they can be used to track all types of sales transactions, including sales invoices, sales orders and any other type of payment transactions between two parties.

  1. Purchase Voucher in Tally

Purchase Vouchers are similar to sales vouchers in that they are used when companies buy products or services from another company. However, purchase vouchers also record any payments made by a customer to a supplier for goods or services purchased by that supplier.

  1. Receipt Voucher

A receipt voucher is a document that confirms the receipt of goods, services or other items of value by a vendor. It also details the amount paid and the date it was received. It is used to record all transactions made with vendors, including payments made and expenses taken out. A receipt voucher can also be used as an invoice if you want to keep track of your expenses for tax purposes. The receipt voucher will have important information such as the address where the goods were delivered, the name of the customer who received them, what was purchased and when it was purchased.

  1. Journal Voucher

Journal vouchers are used when performing accounting records in Tally. They contain all information about sales transactions, purchases, cash receipts and cash disbursements. These journals are used in conjunction with day books to prepare accounting reports for external users like auditors or tax authorities

Journal vouchers should be kept for 6 months after the end of each accounting period. The date of preparation is indicated on each voucher.

  1. Contra voucher

By now you must have learnt what is contra entry. So it’s now time to learn about contra vouchers in tally. This is the most frequently used accounting voucher and it is used to record the transactions that are not accepted by the customers or vendors. When a customer submits a bill for goods or services, it is usually rejected because of some technical errors or other reasons. The contra voucher is created to record this activity and then it can be accepted by the vendor after making all necessary corrections and adjustments.

 

  1. Payment Voucher in Tally

This type of voucher is mostly used when there are differences between cash payments and bank account transfers. It helps in reconciling all transactions between accounts such as bank accounts or credit cards, etc., and it also helps in documenting all transactions accurately so that they can be reviewed later on by auditors or others who need to know about them.

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