What are the Voucher Types in Tally Prime?: A Comprehensive Guide

Tally Prime is business management software that is widely used for accounting and financial management tools. Tally Prime helps the business to automate its functionalities of all types of business data and ability to manage your payables, receivables and as well as manage an inventory and stocks. Tally makes easier of every user’s and business owner for its efficiency, reliability and efficient way to focus on running business smoothly.

In tally prime, voucher is a record of all the financial transaction of a particular department and as well as businesses. In accounting voucher every transaction are record, update and according to the ledgers details. So, in tally prime voucher is important role in tax compliance and auditing. The main purpose of voucher is known about all the cash transaction and bank transaction and as well as inventory management, so that it will help better for decision making.

Understanding the Voucher’s in Tally Prime

What is Vouchers?

In manual accounting business has record the transaction in the book is called Primary book or also called as Journal Entry. In Tally user or business owner should do the entry of the businesses in the financial year that entries called as voucher entries. In Tally Prime voucher entries are the important role for every business. After the voucher entries the report gets generated automatically i.e. Trial Balance, P&L Trading Statement, Balance sheet E.T.C.

Purpose of Using Voucher

1) Accurate Financial Record:

Tally Prime maintains the accurate financial record of day to day business transaction. So, that why this ERP software are powerful for all type of business transaction and to get efficiency. It also helps to maintain all type of financial record and it will benefit for tax compliance.

2) Categorization of all transaction:

In tally prime there are different categorization i.e. sales, purchases, receipt, payment these all are different categorization, so it will help to the user to use that particular category of your business transaction and it also help for better financial management.

3) Tax Compliance:

In tally prime, vouchers allows to see your tax compliance such as (GST, TDS, TCS) etc. So there are certain principals of accounting to record all the financial transactions, so that accounting help to determining the financial performance of business. So in tally prime business are also used financial statements such as internal stakeholders as well as external like – investors, tax authorities, regulators, banks etc.

4) Reduction Error:

So Tally Prime also reduces the errors and mistakes ensuring transaction are recorded under the correct heads.

5) Better Financial Decision Making:

So in tally prime user record the entries then report get generate automatically. These reports are Trail Balance, P&L and Trading Statement, and Balance-Sheet. So it will get better for financial decision.

Types of Vouchers in Tally Prime

In tally prime there are two types of category in tally vouchers:

1) Accounting Voucher

2) Inventory Voucher

1) Accounting Voucher:

In Tally Prime accounting vouchers, helps the businesses according to their business transactions. So there are various types accounting vouchers are as follows:

1) Contra Entry (F4):

This voucher are used when we want to do entry cash to cash, cash to bank , bank to bank , bank to cash like that business transaction may get happen then you should do the contra entry.

The shortcut key of the contra entry is F4. Press the F4 and do the cash deposit entry to transfer the cash one account to another from one bank to another bank.

Steps to create a Contra Voucher Entry:

Go to Gateway of Tally > Accounting Voucher
Choose the correct ledger accounts
Enter the transaction details
Save the voucher

2) Payment Voucher (F5):

This type of voucher used to record payment entries either from bank or cash. Suppose if we want to give a payment not in cash but we want to give the payment through the cheque, so that entries also come in payment voucher entry.

For examples:

Rent Payment
Salary Disbursement
Vendor payments
Electricity Bill and Other Bills
Loan Repayment

Steps to create a Payment Voucher:

Go to Gateway of Tally > Accounting Voucher

Press F5 i.e. Payment Voucher Book gets open
Then Select the Bank or Cash ledger
Enter the Payment Entry
Press CTRL + A for save the entry

3) Receipt Voucher (F6):

This type of voucher used for received the payment from the customer or clients. So this type of entries goes to receipt voucher entry. The shortcut key of the receipt voucher is F6.

For examples:

Customer or client’s payment
Rent Received
Commission Received

Steps’ to create the receipt voucher entry:

Go to Gateway of Tally > Accounting Voucher
Press the F6: Receipt Voucher Book
Select the Bank or cash ledger
Enter the amount and details
Press CTRL + A accept and save entry

4) Journal Voucher (F7):

This type of voucher is used when business entries are not in payment, receipt, purchases and sales then and then only we used Journal Voucher entry. This type of entries are used for non-cash transaction.

For example:

Adjustment
Depreciation
Appreciation

Steps’ to create Journal Voucher entries:

Go to Gateway of Tally > Accounting Voucher
Press the F7: Journal Voucher Book
Choose the accounts and enter the transaction
Press CTRL + A accept and save entry

5) Sales Voucher (F8):

This type of voucher are used for record the sales transaction, either a credit sales or cash sales so that in financial year we may get it how much cash get received.

Note: Cash sales entry also do it receipt voucher book also.

The shortcut key of this sales voucher is F8

Examples:

Retail sales
Wholesale transaction

Steps for doing sales voucher entry

Go to Gateway of Tally > Accounting Voucher
Press the F8: Sales Voucher Book
Choose the sales ledger
Enter the customer details
Enter the product and amount
Press CTRL + A accept and save entry

6) Purchases Voucher (F9):

This type of voucher is used for record the purchase transaction, either a credit purchase or cash purchases. The Shortcut used in purchases voucher is F9

For Examples:

Buying a Raw Material

Steps for creating a Purchase entry:

Go to Gateway of Tally > Accounting Voucher
Press the F9: Purchase Voucher Book
Choose the purchase ledger
Enter the supplier details
Enter the product transactions and amount
Press CTRL + A accept and save entry

7) Debit Note (CTRL +F9) and Credit Note (CTRL +F8):

This type of voucher is used for purchases return and sales return respectively. If you are purchases a certain goods on credit and out of that the certain goods are rejected because of defected goods so that entry goes in Debit note and Credit Note entry is like a vice a versa .The shortcut of used Debit note is CTRL +F9 and shortcut of Credit Note entry is CTRL+ F8

2) Inventory Vouchers

1) Physical Stock Voucher (Alt+F10):

This voucher is used in tally for reconcile physical stock with our recorded stock. So that, we can manage the stock as well as also give reorder for the stock.

2) Delivery Note (ALT+F8):

This voucher used in tally prime for record and dispatched the goods to the customer before sending the sales bill. It will know about how much transportation cost incur. The shortcut key for this voucher is ALT+F8.

3) Receipt Note (ALT+ F9):

This voucher is used in tally prime for record and received the goods from supplier before receiving the purchase bill. The shortcut key of the voucher is ALT+F9.

4) Stock Journal (ALT+F7):

In the business suppose transfer the goods from one Go-down to another Go-down or any internal transfer or adjust the stock in the production processes.

Creating and Customizing Vouchers in Tally Prime:

In tally prime we can customize the vouchers as per the business needs. And also configure the vouchers also. We also customize the voucher format for specific industries.

Steps for creating a new voucher type:

Go to Gateway of Tally > Vouchers > Create
Steps for Customizing Voucher Layout
Go to Gateway of Tally > Press F11 Features > Voucher Configuration

Note: Enable disable field as per required for example (cost-center, inventory, GST)

Importance of Vouchers in Financial Management

1) Essential for Audit:

Tally Prime is most important for Auditing. It is complete supporting a documentation and accurate selection and verification of dates and other details to verify. In tally prime, it is specific for voucher type you want to audit for example sales, purchases vouchers etc. In the tally, if you want to review all the vouchers so you can also select the date and also you can review the date and verify it.

2) Helps for Tax Compliance:

Tax Compliance is most important for financial management. It helps to calculation of GST and TDS, TCS for tax compliance. How much should pay the tax? So it helps for financial management of businesses to take the decision. In the tally prime, you can generate e- invoice instantly and automatically, and also you can send it to your supplier or customer.

3) Provides accurate financial reporting:

Tally Prime helps to create accurate financial reporting by providing reports such as Balance Sheet, Profit and Loss Account and Trading Account, Generate Cash Flow and Fund Flow Statement, and also show liability in a company i.e. Receivable and Payable of businesses.

What is the Error in Tally Prime and How to Solve Them?

Solving the error in tally prime you should try repair a data, restoring a backup and review a report. So that your error will get solve.

How to restore a backup?

Go to Gateway of Tally > Press ALT+Y i.e. Data option, before go to that Data option first create a new folder where your file want to store
Then go to backup and select the destination of your folder and backup all the data of your company

Note: Regular backup prevents the loss of company’s data and security.

So there are certain small and common errors also incurred in Tally Prime.

For Example:

Entering incorrect ledger account
Not selecting the correct voucher type
Failing to attach supporting documents

So these are the common errors incurred in tally prime.

How can you solve them?

Go to Gateway of Tally > Masters >Alter option you can alter the wrong ledger and fix them in proper group.
Go to Page Up option or Go to Day book in tally prime and correct the voucher.

So like that you can solve the errors in tally prime.

Conclusion:

Tally Prime helps to facilitate the financial record-keeping and reporting. For keeping such a record there are various types are there - Purchases, Sales, Receipt, Payment, Debit Note, Credit Note, Physical stock, Delivery Note, Receipt Note, and Stock Journal these are the voucher type. Tally also help to business to customized the voucher according to the businesses and also active the certain features also. Tally Prime has initiative interface that allows us organization to adapt the vouchers to their specific need.

So overall we conclude that, Tally Prime is effectively utilizing different types of vouchers to enhancing financial management ensures regulatory compliances and support for decision making for business growth and expansion.