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Transactions query

07 June 2022

what is mean by journal entry in Tally, what are the items I should have to enter in this journal typically journal entries what purpose?

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3 Replies

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 07 June 2022

You may get F7 option to pass journal entries.

Mainly used for adjustment entries like Tds and other finalization entries.

Few use the journal entries for operational transactions also

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prasad Nilugal ( GST Practitioner & Accounts ) (14606 Points)
Replied 07 June 2022

Journal entries in F7: Tally are other than , Contra entry , receipt entry, payment entry , wherein no involvement of Cash/ Bank .
For example Depreciation charged on Machinary at the end of the year, Can be entered in journal as follows.

Depreciation. A/c Dr

To Machinery A/c Cr
( Depreciation charged on Machine)

So in above entry no cash inflow or Outflow .

Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 07 June 2022

If tds on Sunday receivable is not accounted then

Tds A/c Dr

To Sundry Receivables

You can say Jv can be used for outside cash and bank transactions

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