Is it correct to do cash receipt entry in receipt voucher rather than using contra voucher?
While doing Income tax audit can this be raised as critical issue?
Please help out?
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Cash entry in receipt or payment voucher rather than contra?
Replies (10)
cash received entry always goes to receipt voucher not in contra ...
Cash received from any outside party is always RECEIPT voucher. Cash received from your Bank Accounts is always CONTRA voucher.
It may not be a critical issue, but you may tell them to rectify it
In case of transactions relating to cash receipt --- receipt voucher should be used
Agree with all... its receipt.. not contra... contra will be cash and bank transaction...
Transactions of cash deposit and cash withdrawal from bank are always conra entries.
Agreed
Entries of cash nd bank transaction are posted in contra
Other cash entries are passed from reciept voucher
It is not an critical issue
If u are using tally u cant do receipt enty in contra voucher.. Contra entry can be don e for cash deposit or withdraw only..in bank or od account
Hi,
Contra entries are cash deposit & withdrawal in/from bank accounts etc. Cash receipt entry should be done using cash receipt voucher.
Please Any one reply me:
Our customers directly deposit cash in to our Bank accounts, So we take entry into tally as 1) cash received in receipt voucher then 2) same amount cash deposit entry into bank by Contra voucher.
But
can it be done in short-cut way by only an received entry in to bank through receipt voucher ?
Please reply soon ...
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