Understanding the Different Types of Tally Vouchers
1. Sales Voucher
- Definition: Sales vouchers are used to record all sales transactions.
- Purpose: Track sales data to manage inventory and revenue.
- Entries: Includes details like date, customer name, item description, and quantity.
2. Purchase Voucher
- Definition: Used for recording purchases made from suppliers.
- Purpose: Maintain a record of all items purchased and the related expenses.
- Entries: Date, supplier details, items purchased, and their costs.
3. Payment Voucher
- Definition: Records all payments made by the business.
- Purpose: Helps in tracking all outflows of cash.
- Entries: Beneficiary name, purpose of payment, and amount.
4. Receipt Voucher
- Definition: Records all receipts received by the business.
- Purpose: Helps in tracking all inflows of cash.
- Entries: Details of the payer, purpose, and amount received.
5. Journal Voucher
- Definition: Used for non-cash transactions and adjustments.
- Purpose: Adjust debit and credit entries for transactions that are not cash-related.
- Entries: Proper accounting heads to ensure balanced books.
6. Contra Voucher
- Definition: Records internal cash and bank transfers.
- Purpose: Helps to manage internal transfers like fund movement between banks or from cash to bank.
- Entries: Source account, destination account, and amount transferred.
7. Debit Note
- Definition: Issued for purchase returns or when the supplier has overcharged.
- Purpose: Adjusts accounts receivable and payable.
- Entries: Supplier details, reason for issuance, and amount.
8. Credit Note
- Definition: Issued for sales returns or when an overcharge to a customer has been made.
- Purpose: Adjusts accounts receivable and payable.
- Entries: Customer details, reason for issuance, and amount.
9. Delivery Note
- Definition: Acknowledges the delivery of goods to a customer.
- Purpose: Keeps a record of goods dispatched and received.
- Entries: Details of the items, delivery address, and quantities.
10. Receipt Note
- Definition: Acknowledges the receipt of goods from a supplier.
- Purpose: Validates the receipt of inventory.
- Entries: Supplier details, description of goods, and quantities.
11. Reversing Journal Voucher
- Definition: Temporary adjustment entries that automatically reverse on a specified date.
- Purpose: Adjust accounts temporarily without permanent changes.
- Entries: Accounting heads that need temporary adjustments.
For more detailed and professional guidance, you can check out Tally Training in Vizag.