When any person can start the business then many transaction may be occurred in business which are related to sale and purchased. All the entries which are recorded in accounting voucher related to cash and credit. When transaction related to credit then make entry only in journal voucher. When transaction related to cash then make entry only in the entire voucher.
Types of accounting vouchers and how it can be used?
- F4: CONTRA --> used for cash and bank
- F5: PAYMENT -->used for expenditure and payment to parties by cheque or cash.
- F6: RECEIPT --> used for income and received amount from the parties by cheque and cash.
- F7: JOURNAL --> used for adjustable and transferable entries.
- F8: SALES --> used for sales entries and income
- F9: PURCHASE -->used for purchased entry and expenses.
IT CAN BE EXPLAINED IN DETAIL:
F6: RECEIPT
In receipt, which are used for income and received amount from the party by cheque and cash? First of all in such a case only one entry is posted related to capital of the company. Its amount collected from various proprietors at the time of formation of company. So, it is shown in the liability side of balance sheet. In such a case, cash is always debit. It is so because then every easily known how much cash available in business. At the time of preparing the receipt voucher entry is passed. In such a case narration is being necessary.
It can be explained with suitable example:
Suppose a person start a xyz.business then for this purpose it can contribute amount Rs.5, 00, 00, and 000 at the time of formation of company. Then entry is:
Cash a/c -Dr. 50000000
To xyz. Proprietor 50000000
(Capital contribution)
F5: PAYMENT
When a person start a business then expenses incurred related to business like rent, telephone, computer, insurance, vehicle insurance, generator exp., maintains, electricity bill, etc. some other expenses.so for this purpose entry is:
When expenses incurred:
Expenses name -----A/C Dr.
To cash A/C
When payment to other party:
Party name ----A/C Dr.
To cash----A/C
When payment through bank then first of all deposit in bank.
Set standard rate for stock item:
When person take any transaction related to sales and purchase then set standard rate for stock items. It is optional not compulsory. It can do only when person don’t known real amount. For set standard:
METHOD:
- Gateway of tally -->F12 -->Acct / inventory info.
- F12 -->Acct / inventory info -->Allow standard rate of stock item
- Allow standard rate of stock item --> yes
ALTERNATIVE:
- Inventory info. --> Stock item
- Stock item -->create --> F12
- F12 -->Allow standard rate of stock item
- Allow standard rate of stock item-->yes.
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