I came across two different types of entries in Tally. While most were "Payment" entries, there were very few "Purchase" entries. What is the difference between the two variants?
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Difference between payment and purchase entries in tally
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In payment entries, cash or bank is credited and a party / debtor or expenses is debited.
In case of purchase, goods is debited and party or creditor is credited.
For example:
Goods purchased from Prashant on credit today.
>>Goods debited
>>Prashant credited.
Tomorrow payment made to Prashant.
>>Prashant debited
>>Bank credited
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