TYPES OF VOUCHER ENTRY IN TALLY

1. CONTRA:

Under this head, those entries are recorded, which involves bank and cash or two different banks. For example Cash deposit in the bank.

2.PAYMENT:

Under this head, those entries are recorded, where we have to make payments whether in cash or through a bank. For example: pay 2000 through NEFT or cheque or RTGS or cash.

3.RECEIPTS:

Under this head, those entries are recorded, where we have received cash or cheque from our debtors or any other transaction such as bank loan.

Sometimes, a receipt can be in the form of Advance received in this case you must record this transaction under advance received tab. This is important when you are entering transaction under GST regime because, under GST law, there is tax liability even on advance received. Otherwise, you can not see this functionality if you have not configured "Tax liability on Advance Received" 

4.SALES:

Under this head, those entries are recorded, where you sell products or services in which you are dealing, not selling of assets. For example: if your business is to sell chair and table, then this type of sale is recorded in this voucher. Otherwise, if you sell your old laptop, then it is not recorded in sales, though it seems to be sale to the accountant but it is not your business sale.

5. PURCHASE:

Under this head, those entries are recorded, wherein you purchase goods or services either to manufacture goods or further selling. For example: if your business is to sell chair and table, then purchasing of wood can be considered your purchase.

6.JOURNAL:

Those entries which are not recorded in the above categories shall be recorded here. For example: if your business is to sell chair and table and you purchase a laptop for your business use [in this case laptop is your fixed assets], this entry shall be recorded in Journal Voucher.