Recording Transactions in TallyPrime

Concept

In Tally Prime, every business activity (buying, selling, receiving money, paying money, adjustments, etc.) is recorded through Vouchers.

A voucher is like a digital receipt or slip. Tally follows the Double Entry System — every transaction affects at least two accounts.

This is the most important practical part of Tally.

Use Case & Real Life Practice

• Use Case: Recording daily business activities so that you can generate accurate reports (Profit & Loss, Balance Sheet, Stock Summary, GST reports).
• Real Life Examples:
  • A shopkeeper records cash sales, credit purchases, payments to suppliers, and money received from customers.
  • A professional maintains records of fees received and expenses paid.

Key Principle: “Every Debit must have a corresponding Credit”.

Main Types of Vouchers (Quick Overview)

Step-by-Step General Process for Recording Any Voucher

1. Open your company in Tally Prime.
2. At Gateway of Tally, press the shortcut key of the voucher (e.g., F8 for Sales).
3. Enter Date (use F2 to change date).
4. Select proper Ledger accounts.
5. If inventory is involved, select Stock Items, Quantity, and Rate.
6. Enter Narration (explanation of transaction) — very important for understanding later.
7. Press Accept or Y to save.

Pro Tip: Always check the Balance shown at the bottom before accepting.

Practice Set (Overview)

• Create at least 2 transactions of each voucher type (we will cover in detail in upcoming topics).
• After recording 8–10 transactions, view:
  • Day Book (Display → Day Book)
  • Trial Balance
  • Profit & Loss Account
  • Balance Sheet

Connection to Next Topics

We will now study each voucher type in detail, starting with Receipt Voucher. Every voucher will use the Ledgers and Stock Items you created earlier.