Lesson-15 Creating Contra Entry

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Contra Entry in Single
Entry Mode

The
Contra Voucher can be passed using Single
entry mode or Double Entry mode.  To toggle
between Single Entry and Double Entry mode, we need to change the setting Use Single Entry mode for Pymt/Rcpt/Contra to Yes/No in F12 configuration.
 To
view Contra Voucher creation screen in Single Entry mode:
Go
to Gateway of Tally > Accounting Vouchers > Select F4:
Contra

For
example, to transfer funds from Cash Account to Bank Account:
1.     
Debit the Bank Account
2.     
Credit the Cash Account
The
entry will be displayed as shown.

Advantages of Single Entry
Mode:

·        
Faster data entry.
·        
When there is a Single Debit and
Multiple Credits in the entry.

Creating Contra Entry in Double Entry Mode

The
Contra entry can be passed using Double Entry mode
where we have the option to select multiple Debits and multiple Credits. To
select multiple Debit and Credit ledgers in the Double entry mode, set Use Single Entry Mode for Payment/Receipt/Contra to No in F12: Configure.

 

Entering in Double Entry Mode

Go
to Gateway of Tally > Accounting Vouchers
1.     
Select F4: Contra
from the Button Bar or press F4.
If
you pass the same entry in Double Entry Mode, it will
be displayed as shown:
Note:
If you require Cr/Dr instead of To/By, as explained in the Configuration
section, activate the option Use Cr/Dr instead of To/By during
entry in F12: Configure.
  

Use Payment / Receipt
Voucher as Contra

The
Contra Voucher is used to indicate transfer of funds
from
·        
Bank account to Cash account
·        
Bank account to Bank account
·        
Cash account to Bank account.
·        
Cash account to Cash account.
When
you are passing a Payment voucher, you do not get the Cash and Bank Ledgers for
selection in the list of Ledger Accounts on the Debit side and when you are
passing a Receipt voucher, you do not get the Cash and Bank Ledgers for
selection on the credit side.
However,
for users who wish to use the Payment and Receipt vouchers for this nature of
transaction, Tally.ERP 9 has the flexibility of defining Payment and Receipt
behaviour as per Contra voucher.
Go
to Gateway of Tally > Accounting Vouchers
1.     
Select F5: Payment
from the Button Bar or press F5.
2.     
Set the option Use
Payment as Contra to Yes in F12:
Configuration screen.
3.     
Click Accept to
save.
If
the option Use Payment as Contra is set to Yes in the F12: Configure screen, the
cash and bank accounts will be displayed for selection.
If the option Use Payment as Contra is set to No in
the F12: Configure screen, the cash and bank accounts
will not be displayed.
Example:
Ramesh encash a self Cheque for Rs. 15000 from State Bank of India
on 1st April 2012. How can we pass this Contra entry?
Answer: Create a Voucher entry
& Press F4: then Press F2 for Change the Date. In Credit Side we Enter the
name of Bank because we withdrawal from Bank & debit side we enter cash.
See Below Image.
Note: You
can see the red rectangle in the above image. This section is (Bank Allocation) for Enter the
Cheque Details, Means Drawee name (Ramesh) withdraw Rs. 15000 from Bank &
we enter Ramesh Name in favoring of, Cheque date is 1/4/2012, nature of payment
(Self or A/c Payee). It is useful to reconciliation our Bank Statement in
TallyERP.9
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