Record Payments and Receipts: You can use the Payment vouchers or Receipt vouchers to record cash and bank payments or receipts. TallyPrime provides you the flexibility of recording your payments and receipts in the Single Entry or Double Entry mode. In TallyPrime, you can also convert a Payment Voucher to a Journal Voucher by pressing F7, and you can see the entry in the double entry mode under the Journal Voucher as well. When you are recording any transaction in TallyPrime, you can write a narration for the transaction entered for future reference. You can also print the vouchers to keep a record of the sundry receipts or payments made by you.
Payment and Receipt Registers: Suppose you want to view the monthly payment or receipt entries recorded in TallyPrime. You can utilise the Payment or Receipt Register for the same purpose and make changes to the vouchers if required. If you have used a Journal Voucher to record your payment transactions, you can view them in the Journal Register.
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Record Contra Entries using Payment or Receipt Vouchers: Due to your business requirements, you might have deposited cash into bank or withdrawn cash from bank, or made a bank-to bank transfer. With TallyPrime, such transactions can also be recorded using Payment or Receipt vouchers.
View and Analyse your Payments and Receipts: Apart from the Payment and Receipt Register, TallyPrime provides you with the Receipts and Payments Report, which you can view as is or also configure as per your requirements. All your cash and bank transactions are recorded for a specific period in the report. It is updated with every cash or bank transaction or voucher entry. You can drill down from this report to view a group-wise summary of the receipts and payments of the required group.
In business, you can pay daily wages, regular business expenses like stationery, printing, postage, and other miscellaneous expenses, or payments to your suppliers with cash as it is an instant payment method. In TallyPrime, you can record such cash payments in single entry mode. If you are unfamiliar with the accounting rules, you can use the single-entry mode of accounting. Once you select the ledgers correctly, TallyPrime automatically records your transaction as per the accounting rules.
Suppose you want to make payment through Cash for Conveyance and Telephone expenses incurred in your business. You need to select Cash account under the Account field and under Particulars select the conveyance and telephone accounts and enter the respective amounts. Similarly, you can make payments to your suppliers. You have to select your supplier account under Particulars, and you can record the transaction.
You can make bank payments and record them using the Payment voucher. In the Receipt voucher, select the Bank account under the Account field and expenses or party ledger under Particulars. You can make payments for more than one expense or to more than one supplier through a single voucher in case they are sister concerns.
You can record your payments using double entry mode in TallyPrime. In double entry mode, you need to decide which account to debit and which account to credit. You can use double entry mode if you are familiar with the accounting rules. Suppose you are making a payment for your regular business expenses. You need to debit the expense ledgers one after the other along with their corresponding amounts and credit the cash, bank, or petty cash account from where you are making the payment.
You can record all entries in double-entry mode by selecting the ledger to be debited and credited correctly. In TallyPrime, you can also convert a payment voucher to a Journal Voucher by pressing F7, and you can see the entry in the double-entry mode under the Journal Voucher as well. In this example, we are recording payment of regular business expenses through Petty Cash.
When you are recording any transaction in TallyPrime, you can write a narration for the transaction entered for future reference. But TallyPrime also provides you with the option to enter narration for each ledger while you are recording the transaction.
Suppose you are making a payment for wages from a single wage account, and you have debited the wages account and credited the cash or bank ledger. In this scenario, you cannot understand to whom you have paid the wage, so you can enable the option of providing narration for each ledger from the Payment Voucher Type and mention the name of the person to whom you paid the wages in the narration section of the ledger. This option is available for all the accounting voucher types.
After recording a payment voucher, you can print the voucher to keep a record of the sundry payments made by you. In TallyPrime, you can choose to print a voucher later or immediately after saving the voucher. If you want to print the payment vouchers immediately, you can enable the option Print voucher after saving from the Voucher type alteration screen. In your business, you might be paying daily wages to your employees through cash, you can print the payment voucher and get it signed by your employees as proof of payment made to them.
In TallyPrime, you can go to the Payment Register to view the payment entries recorded. It is a monthly report and shows the number of transactions recorded per month. You can drill down and view the transactions recorded, and you can also make changes to the vouchers if required. If you use a Journal Voucher to record your payment transactions, you can view them in the Journal Register.
In business, you might want to record receipts for Commission, Bank Interest, Discounts Received, Receipts from Customers, and so on. TallyPrime allows you to record such cash receipts using Receipt Voucher in single-entry mode. You can use a single-entry mode of accounting if you are unfamiliar with the accounting rules. Once you select the ledgers correctly, TallyPrime automatically records your transaction as per the accounting rules.
Suppose you want to record receipts through Cash for Commission. You need to select the Cash account under the Account field, and under Particulars, select the Commission Received ledger and enter the respective amount. Similarly, you can record receipts from your customers. You have to select your customer account under particulars, and you can record the transaction.
You can receive bank receipts and record them using Receipt Vouchers. Select the Bank account under the Account field and income or party ledger under Particulars. In the Bank Allocation screen, you can specify the transaction type as well as other details such as the instrument number if you received the funds by cheque.
You can record your transactions using double entry mode in TallyPrime. In double entry mode, you need to decide which account to debit and which account to credit. You can use double entry mode if you are familiar with the accounting rules.
Suppose you are recording a receipt for an Interest Received. You need to debit the Cash or Bank ledger with the corresponding amount and credit the Interest Received account. You can record all entries in double-entry mode by selecting the ledger to be debited or credited correctly. In TallyPrime, you can also convert a receipt voucher to a Journal Voucher by pressing F7, and you can see the entry in the double-entry mode under the Journal Voucher as well.
After recording a receipt voucher, you can print it immediately or print it later. In order to print the voucher immediately, you can enable the option in the Receipt Voucher Type. You can also print a formal receipt and hand it to your customer as an acknowledgement of the money received.
As a business practice, you need to issue receipts when you receive money. You can configure your Receipt Voucher type and enable the option of Print voucher after saving. This will directly take you to the printing page once the entry is recorded. You can decide whether to configure your receipt or to directly print it. The option helps you to save time from printing the vouchers later.
You can print the receipt voucher for your records, and you can also give your customers a formal receipt to show that you have received the payment for a certain invoice. The formal receipt includes the amount received along with the party name and also shows the Bank name through which you received the amount. The formal receipts are issued if the customer asks for them, you can also issue the formal receipt in the case of an Advance receipt.
In TallyPrime, you can go to the Receipt Register to view the receipt entries recorded. It is a monthly report and shows the number of transactions recorded per month. You can drill down and view the transactions recorded and also make changes to the vouchers if required. If you use Journal Voucher to record your receipt transactions, you can view them in the Journal Register.
The Receipts and Payments report displays the opening and closing cash and bank balances for a specified period. It also shows the transactions recorded during that period, where you made the payments and recorded the receipts. To view the report, change the date or period to suit your needs.
In TallyPrime, you can view the Opening, and Closing balances of your cash and bank accounts, along with the transactions during the period. You can also configure the display of the report as per your business requirements.
The Receipts and Payments report allows you to pick groups, and the report then displays information about the groups you chose. The report shows how much is the receipt and payment amount for that particular group. Additionally, you can customize the report and make modifications based on your needs.
You can select any ledger from the Receipts and Payments report and view the monthly receipts and payment transactions for that particular ledger. You can configure the report and set the display of the report as per your requirements. 152ee80cbc
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