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  1. Home >
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  5. Contra Entry In Tally Prime

How to Pass Contra Entry in Tally Prime 2023? Double Entry

How to Pass a contra entry in tally prime? Contra entry is done when the transactions involve cash and a bank account. Record Transfer of Funds Within Accounts.

Emmy Jackson

Last Updated : September 18, 2023

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How to Pass Contra Entry in Tally Prime 2023?  Double Entry
Content in this Article

How to Pass a contra entry in tally prime? Contra entry in tally is done when the transactions involve cash and a bank account. In other words, any entry that includes both cash and bank accounts of an entity is called a contra entry. In Latin words, contra means the 'opposite'. Contra entry is popularly also known as contra voucher (F4).

To simplify it, any transactions involving a transfer of cash between one cash a/c to another or cash a/c to another bank a/c and one bank account to another is a contra entry. In this article, we will discuss details related to contra entry in tally and vouchers.

Given below is the list of contra transactions that comes under contra entry (f4):

  • Cash account to Bank account
  • Bank account to Cash account
  • Bank account to Bank account
  • Cash account to Cash account

Cash account to cash account means when the cash is transferred from the main cash account to the petty cash account—the small, petty expenses of the business. The contra entry does not involve a third party transaction.

Record Transfer of Funds Within Your Accounts

TallyPrime internally keeps a record of such deposits as transfers of money to the bank account. A user can also print these deposit slips if needed. To record a contra entry, follow the steps given belo9w:

  • Go to Gateway of Tally > Select Vouchers > then press F4 (Contra). Or you can press Alt+G(Go To) > Click Create Voucher > press F4 (Contra).

An accountant uses a single entry or double entry mode of data entry to record various contra vouchers. On the one hand, the Single entry mode helps faster data entry and allows multiple credits against a single debit. At the same time, the double-entry method gives the flexibility to create various debits and credits in a single transaction.

Example of Contra Entry in Tally

Entry in tallyIs it Contra Entry in tally?Reasoning
Transferred cash to petty cash 2,500 indo rupiahYesAffects both two accounts - a Cash account and Petty cash
Cash sales 1,750 Indo rupiahNoIt affects only one account - a cash account
Paid to Mr Yash by cheque 3750 Indo rupiahNoIt affects only one account - a cash account
Received a cheque from M/s Zain and Bros., 4,500 paid into the bankNoThe cheque received is equivalent to cash. It affects only one account – a Bank account.
Cash is withdrawn from bank for office use 2,500 Indo rupiah Yes It affects two accounts – Cash and Bank account
Deposited 10,000 Indo rupiahs to the bank account Yes It involves two accounts – Cash and bank account

Contra Entry in Tally- Single-Entry Mode

To create and record contra entry in tally in a single mode, follow the following steps:

For example, if you withdraw cash from your bank’s ATM, the Cash ledger will be debited, and the bank ledger will be credited.

  1. Go to the gateway of tally> Choose voucher> Press F4 (Contra). Then, select the ledger account in the account section that is going to be debited.
  2. From Particulars, select the account that you want to credit and enter the required amount. One can also deposit the money to a single account or destination from multiple accounts.
  3. Apart from these transactions, you can create the ledger on the go if not created already by pressing Alt+C. 

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Or you can press Alt+G (Go To) > Create Master> type or select Ledger> and press Enter. Now Specify the bank, cheque, or cash details as required.

4. To specify details related to For banks and cheques, go to the Bank Allocations screen.

  • While For cash, you can specify the denomination details in the Bank Allocations > Cash Denominations screen.

5. As the entry is created, Provide Narration at last, if any.

6. Accept the voucher at the end. Or you can use Ctrl+A to accept the screen, as always.

You can Press F12 (Configure) to change the options and F11 (Features) enable or disable features.

contra-entry-in-tally-prime

Contra Entry in Tally- Double-Entry Mode

To create and record contra entry in tally in a double-entry mode, follow the following steps:

For example, if you withdraw cash from your bank’s ATM, the Cash ledger will be debited, and the bank ledger will be credited.

  1. Go to the gateway of tally> Choose voucher> Press F4 (Contra). 
  2. Press Ctrl+H to change the mode to double entry.
  3. Then, select the ledger account in the account section that is going to be debited.
  4. From Particulars, select the account that you want to credit and enter the required amount. One can also deposit the money to a single account or destination from multiple accounts.
  5. Apart from these transactions, you can create the ledger on the go if not created already by pressing Alt+C. 

Or you can press Alt+G (Go To) > Create Master> type or select Ledger> and press Enter.

6. As the entry is created, Provide Narration at last, if any.

7. Accept the voucher at the end. Or you can use Ctrl+A to accept the screen, as always.

You can Press F12 (Configure) to change the options and F11 (Features) enable or disable features.

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