Basic accounting entries require you to understand basic accounting vouchers in Tally.
In Tally there are four basic accounting vouchers namely,
We will have look at them one by one. I will explain you with the help of examples as well as a video which is at the end of the post.
When there are just two accounts namely 1) Cash Account and 2) Bank Account an accounting entry which is required to created is Contra Entry.
For example, you want to deposit your old ₹500 and ₹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 new ₹2,000 notes in exchange for the old 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You can even enter the bank details in new version of Tally.ERP 9 like cheque no., number of notes deposited or withdrawn, branch name etc.
Here is an easy tutorial on how you can create contra entries in Tally.
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 to pass a payment entry.
You can pay through your bank account or via cash as per you needs.
It is the exact opposite of a payment entry.
It is passed when you receive cash or an amount in your bank account.
For example, if you receive cash for selling things, it will be a receipt entry.
Or you are paid your salary in your bank account for working for someone, it will again be a receipt entry.
Learn by watching a video on how to create a receipt entry in Tally.
It is an accounting entry which is required to be created when there is no cash or bank account involved.
So, basically it is an entry for transactions such as outstanding payments or receipts, accounting adjustments or it can be closing entries at the end of the accounting year.
In simple words, whenever there is no cash account or bank account involved it is a journal entry.
In ancient times, there used to be a journal book specifically for this kind of accounting entries and hence the name journal entry is given.
Have a look at this super easy tutorial (trust me it is super easy), and learn to create journal entry in Tally right now.
Their respective Tally shortcuts are
F4 – Contra Entry
F5 – Payment Entry
F6 – Receipt Entry
F7 – Journal Entry
In simple words, these are called basic accounting entries in Tally.
When you go to Accounting Vouchers from Gateway of Tally, you can pass the above vouchers.
Along with it you can also create some of the advanced vouchers like Debit Note, Reverse Journal, Memos and so on.
The reason I’ve explained these four accounting vouchers in detail is because I want to let the beginners learn Tally in a concrete way so that they can never ever forget them.
detailing is a key to success.
Knowing each and every thing in detail will let you be an expert at the subject that you are studying whether it is Tally or any other subject.
In the following video, I have already created some of the ledgers which are:
Note – Learn from an easy tutorial on How to Create Ledgers in Tally.
- TallySchool – under the group Capital Account
- Bank – under the group Bank Accounts
- Payment – under the group Indirect Expenses
- Cash – that is already created in Tally by default, so you do not have to create it.
What you have to do is simply create all the ledgers and then see the video tutorial below.
After that try to make entries as listed in the video without seeing the video by yourself.
By repeating this, you’ll be able grasp and remember the entries. You will know the four basic vouchers in detail.
Basic Accounting Vouchers – Explained
At the End
I have tried my best to explain the four basic accounting vouchers to be entered in Tally.
After watching this video I am pretty sure that you do not have to go to any other place to learn Tally.
Still, if you find anything that needs to be done in the video, you can simply comment below and I will be more than happy to solve your problem.
One last question: What according to you are the basic vouchers in Tally that every beginner should know in order to run and operate Tally with ease?
Now, I am sure you can easily create Basic Accounting Vouchers or accounting entries in Tally.
Comment your answer below and share your knowledge because knowledge increases when shared! 🙂