Contra Voucher in Single-Entry Mode in TallyPrime: 4 Easy Steps

Apr 9, 2024

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In TallyPrime, you can record contra vouchers for internal transfers between your accounts even while using the single-entry mode.

Single-entry mode simplifies data entry by focusing on debits (money going out) and allows for multiple credits (money coming in) in a single transaction.

Here’s a detailed explanation of recording contra vouchers in single-entry mode with an example:

Table of Contents

1. Recording a Contra Voucher in Single-Entry Mode in TallyPrime:

1. Go To Vouchers:

Launch TallyPrime and navigate to the “Vouchers” menu. You can use two methods to access the voucher creation screen:

Press Alt+G (Go To) and choose “Create Voucher” or type “Vcr” and press Enter.
Alternatively, use the shortcut key F4 to directly create a contra voucher.

2. Select Voucher Type:

In the voucher creation screen, ensure the voucher type is set to “Contra” (F4).

3. Enter Transfer Details:

Fill in the following details:

Date: The date of the internal transfer.
Particulars: A brief description of the transfer, for example, “Transfer from Savings to Current Account.”
Single-Entry Mode Focus: Since you’re in single-entry mode, focus on the account where the funds are increasing.
- Debit: (Optional) You can leave this blank in single-entry mode as the contra voucher primarily focuses on the credit.
- Credit: Select the account where you’re transferring the funds to (e.g., Current Account). This account will be credited as the funds are received.
Amount: Enter the amount of money being transferred.
Narration (Optional): Add a more detailed explanation of the transfer if needed.

4. Save and Verify:

Once you’ve entered the details, press Ctrl+A to save the contra voucher.

Double-check the information for accuracy before saving.

2. Example: Transferring Funds (Single-Entry Mode):

Let’s revisit the previous example of transferring ₹10,000 from your Savings Account (Bank A/c 1) to your Current Account (Bank A/c 2) within your business, but this time using single-entry mode:

Date: The current date
Particulars: Transfer from Savings to Current Account
Debit: (Leave Blank) (Optional in single-entry mode)
Credit: Bank A/c 2 (Current Account)
Amount: ₹10,000

3. Important Considerations about Contra Vouchers in Single Entry Mode:

1. Limited Information:

Using single-entry mode with contra vouchers provides a less detailed picture compared to double-entry.

You’re only recording the increase in the receiving account, not the decrease in the source account.

2. Error Detection:

Single-entry mode makes it more challenging to detect errors as you’re not tracking debits and credits equally.

Regular reconciliation with bank statements is crucial.

3. Limited Use Cases:

While convenient for simple internal transfers, single-entry mode with contra vouchers might not be suitable for complex businesses requiring a comprehensive view of their finances.

4. In Conclusion

Recording contra vouchers for internal transfers in TallyPrime’s single-entry mode offers a simplified approach.

However, it’s essential to be aware of the limitations of this method, including the lack of complete financial information and potential for errors.

For a more robust understanding of your finances, consider using double-entry mode whenever possible.