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?
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?
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
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
View Details
CAclubindia
