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Transactions query
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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Quick Summary
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
Mainly used for adjustment entries like Tds and other finalization entries.
Few use the journal entries for operational transactions also
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 .
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
Tds A/c Dr
To Sundry Receivables
You can say Jv can be used for outside cash and bank transactions
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