Sales in Double Entry Mode | Voucher Mode in TallyPrime: 6 Steps

Double-entry accounting is the standard method used in TallyPrime.

It requires that every transaction has a corresponding debit and credit entry, ensuring the accuracy and balance of your accounts.

Sales in Double Entry Mode

When you record sales in TallyPrime using the Sales voucher type, you’re essentially using double-entry accounting.

1. Steps to Record Sales in Double Entry Mode in TallyPrime:

1. Create a Sales Invoice:

Go to Gateway of Tally > Vouchers > Press F8 (Sales).

2. Enter Party Details:

Input the customer’s account name.

3. Select Item or Account:

• For Sales of Goods: Select the stock item being sold.
• For Sales of Services: Select the income account representing the service.

4. Enter Quantity and Rate (If Applicable):

• For goods, enter the quantity and rate.
• For services, enter the total service charge.

5. Add Taxes (If Applicable):

Include any applicable taxes like GST, VAT, or excise duty.

6. Save the Invoice:

Press Ctrl+A to save the sales invoice.

2. Behind the Scenes:

When you save the sales invoice, TallyPrime automatically creates the corresponding credit entry to the customer’s account.

This ensures that your accounts balance.

3. Example: Sales of Goods in Double Entry Mode in TallyPrime

Let’s say you’re selling 10 units of a product named “Laptop” at a rate of Rs. 50,000 per unit to a customer named “Tech Solutions.”

• Debit: Sales (Income Account) – Rs. 500,000 (10 units * Rs. 50,000)
• Credit: Stock in Hand (Inventory Account) – Rs. 500,000

4. Example: Sales of Services in Double Entry Mode in TallyPrime

Let’s say you’re providing consulting services to a client and charging Rs. 10,000.

• Debit: Consulting Fees (Income Account) – Rs. 10,000
• Credit: Accounts Receivable (Customer’s Account) – Rs. 10,000

5. Key Points:

• Double-entry accounting ensures the accuracy of your financial records.
• TallyPrime automatically handles the credit entry when recording sales.
• The specific accounts used will depend on your chart of accounts and the nature of your business.

By understanding the double-entry principles and using TallyPrime effectively, you can accurately record your sales transactions and maintain a balanced accounting system.