Tally workflow

Payment, Receipt and Contra vouchers explained

Bank statement transactions are easier to review when the voucher purpose is clear. Payment, Receipt and Contra entries describe different movements of money and should be mapped consistently.

Payment voucher

A payment entry generally represents money leaving the bank or cash account to settle an expense, supplier or other payable.

Receipt voucher

A receipt entry generally represents money received into the bank or cash account from a customer, income source or other receivable.

Contra voucher

A contra entry is used for transfers between cash and bank accounts or between bank accounts, depending on the accounting workflow.

What to verify

1. Confirm whether the amount is debit or credit from the statement.
2. Check the bank ledger and the other ledger.
3. Review narration and reference numbers.
4. Confirm the voucher type before importing XML.

For the complete process, read how to import bank statements into TallyPrime.