How to Pass Payment Entries in Tally

Let's take an example to learn about passing payment entries in Tally ERP9

Example

Suppose Rs 2000 paid to Airtel by Cheque of ICICI Bank on 1 July

Here

Entry will be

Airtel Dr 2000

       To ICICI Bank 2000

Airtel is a Sundry Creditor and ICICI Bank is a Bank Account

How to Pass Entry

Accounting Voucher -> Select Date -> Select Type of Entry -> Select Payment Voucher

There are 2 options

1. Pass in Single Entry Mode (which appears by default)

           Select Payment by…..Cash or Cheque

           Put payment to…………(Select Party Name,,to Create---Alt C)

2. Pass in Double Entry

        F12 Configure -> Put Single Entry No -> Put Debit Credit Yes -> Enter Enter or Ctrl A

SUMMARY

We know that Payment Entry is of form

Party Dr

      To Bank/Cash

Or

Expense Dr

     To Bank/Cash

Relevant Groups while Creating Ledger

• Bank is created under Group Bank Account,
• Party is normally under Sundry Creditor to whom we are making payment
• Expense is under Direct Expense or Indirect Expense
• Cash Account is already created in tally by default)