How to Pass Journal Entries in TallyPrime

Whether it is 100 years od time or 14 years ago when we use Tally 7 and 4 years ago, we use Tally.ERP 9 or now are using TallyPrime, one thing is common. That is passing of journal entries. Even way of passing has changed but fundamental rules are same. 

In TallyPrime, we will follow same rules

for passing journal entries. Even we say it passing voucher entries. When any transaction happens in business, we pass voucher entry on the basis of following rules 

Debit 

1. Any increase in asset

2. Any decrease in liability 

3. All new expenses and losses

Credit

1. Any decrease in asset

2. Any increase in liability

3. All new income and gain

Understand voucher type

For passing voucher entries in TallyPrime, we use different voucher. There are main voucher

Purchase voucher 

For voucher entry of credit purchase 

Sales voucher 

For voucher entries of credit sales

Payment voucher

For cash and bank payment of all cash purchase and expenses voucher entries

Receipt Voucher

For cash and bank receipt of all cash sales and income voucher entries

Journal voucher

For  all transactions record which didn't record in above

Following are main transactions which record 

1. Credit purchase and sales of fixed assets

2. Depression record

3. Record of outstanding and advance expenses and income adjustment entries

4. Accounting mistakes correct entries.

Example

Credit purchase of bike Rs. 20000 for business purpose from Mohan 

journal entries

Bike account debit 20000

Mohan account credit 20000

Voucher entry in TallyPrime

Ist step open TallyPrime

2nd step Select company

3rd step Transactions

4th step choose Journal voucher by click F7

5h Step Debit side of voucher entry

If you didn't create ledger account

In keyboard press

Control+c

Create bike under fixed assets and after accept, you reach again journal voucher. Write 20000

6th step Credit side of this voucher entry

If you didn't create ledger account

In keyboard press

Control+c

Create mohan account under Sundry creditors and after accept, you reach again journal voucher. Write 20000

7th step Accept voucher entry

After accepting it, it means you have passed one journal entry in TallyPrime.