Tally Erp9 Lesson 24 Creating A Journal Entry

 Module 24. Creating a Journal Entry in Tally ERP 9

Step 1: Open Tally ERP 9

Launch Tally ERP 9 and select your company to open.

From the main menu, go to Gateway of Tally.

Step 2: Access the Journal Voucher

In the Gateway of Tally, select Accounting Vouchers.

Press F7 or select Journal from the voucher types displayed at the top.

Step 3: Enter Journal Voucher Details

Date: Enter the date of the transaction. You can change the date by pressing F2.

Debit and Credit:

In the Particulars field, choose the account you want to debit. Type the amount in the Debit column.

Press Enter to move to the next line and choose the account you want to credit. Enter the same amount in the Credit column.

Note: The total debit amount must equal the total credit amount.

Narration: Add a brief description of the transaction for reference. This helps when reviewing entries later.

Save the Voucher: Press Ctrl + A to save the voucher.

Practical Example

Example 1: Recording an Expense Paid in Cash

Let's say you paid $500 in cash for office supplies. The entry would look like this:

Debit: Office Supplies Expense $500

Credit: Cash $500

Open Accounting Vouchers and select Journal.

Date: Enter the transaction date.

Under Particulars:

Select Office Supplies Expense (or the appropriate expense account) and enter $500 in the Debit column.

Select Cash and enter $500 in the Credit column.

Add a Narration: "Office supplies purchased with cash."

Press Ctrl + A to save the voucher.

Example 2: Recording a Loan Taken from a Bank

Assume your company borrowed $10,000 from a bank. Here’s how you would record this:

Debit: Bank Account $10,000

Credit: Loan Account $10,000

Open Accounting Vouchers and select Journal.

Date: Enter the date of the loan transaction.

Under Particulars:

Select Bank Account and enter $10,000 in the Debit column.

Select Loan Account and enter $10,000 in the Credit column.

Add a Narration: "Loan received from the bank."

Save the voucher by pressing Ctrl + A.

Tips for Journal Entries in Tally ERP 9

Check Account Balances: Before entering journal entries, verify account balances to ensure the accounts involved have adequate funds.

Use Proper Account Names: Tally requires specific account names. Make sure the accounts you’re using have been created in the Chart of Accounts.

Consistent Narrations: Use consistent and clear narrations to make it easy to review transactions later.

Shortcuts: Learn keyboard shortcuts in Tally for faster navigation, such as F2 for changing dates, Ctrl + A for saving, and F7 for Journal Vouchers.

By following these steps and practicing the examples, you can efficiently create journal entries in Tally ERP 9. Remember to double-check your entries to ensure they reflect accurate financial data.