How To Bank Entry In Tally Prime

Recording Bank Transactions in Tally Prime: A Step-by-Step Guide

How To Bank Entry In Tally Prime: Tally Prime offers efficient tools for managing your bank accounts and recording various transactions. This guide will provide a comprehensive overview of how to enter different types of bank entries in Tally Prime.

Understanding Bank Ledgers

Before diving into transactions, ensure you have a bank ledger created in Tally Prime. This ledger acts as a dedicated account to track all your bank-related activities.

Types of Bank Entries in Tally Prime

1. Cash Deposit: This entry records depositing cash into your bank account.

Steps: 1

• Go to Gateway > Vouchers > Create Voucher (F5).
• Select Payment as the voucher type.
• Choose the bank ledger from the “Pay From” account.
• Select the “Cash” account from the “Pay To” account.
• Enter the amount deposited.
• Add a narration (optional) describing the deposit.
• Accept the voucher to save the entry.

2. Cheque Deposit: This entry records depositing a cheque received from a customer or other sources into your bank account.

Steps: 2

• Follow steps 1-3 from the cash deposit process.
• Select the “Party” account (the person or entity who issued the cheque) from the “Pay To” account instead of “Cash”.
• Enter the cheque number and cheque date in the respective fields.
• Accept the voucher to save the entry.

3. Cash Withdrawal: This entry records withdrawing cash from your bank account.

Steps: 3

• Follow steps 1-3 from the cash deposit process.
• Reverse the selection for “Pay From” and “Pay To” accounts. Choose the bank ledger as “Pay To” and “Cash” as “Pay From”.
• Enter the amount withdrawn.
• Accept the voucher to save the entry.

4. Cheque Payment: This entry records issuing a cheque from your bank account to a vendor or for other purposes.

Steps: 4

• Follow steps 1-3 from the cash deposit process.
• Reverse the selection for “Pay From” and “Pay To” accounts. Choose the bank ledger as “Pay From” and the “Party” account (the recipient of the cheque) as “Pay To”.
• Enter the cheque number and cheque date in the respective fields.
• Enter the amount of the cheque payment.
• Accept the voucher to save the entry.

5. Bank Transfer: This entry records transferring funds between your bank accounts or to another party’s account.

Steps: 5

• Follow steps 1-2 from the cash deposit process.
• Select the “bank ledger” for transferring funds from the “Pay From” account.
• Select the “bank ledger” for transferring funds to the “Pay To” account.
• Enter the amount transferred.
• Accept the voucher to save the entry.

Additional Tips

• You can use the Alt+F2 shortcut to directly access the specific voucher types (e.g., Payment, Receipt).
• Utilize the narration field to provide additional details about the transaction.
• Maintain proper cheque numbering and dates for accurate record-keeping.
• Regularly reconcile your bank statements with your Tally records to ensure accuracy.