A journal voucher is a document used to record a financial transaction in a company’s general ledger. It typically includes information about the transaction, such as the date of the transaction, the accounts that were affected, and the amounts involved.
Journal vouchers are used to record transactions that cannot be recorded directly in the general ledger, such as adjusting entries or correcting errors. They are also used to record transactions that involve multiple accounts or that require more detailed explanations than can be provided in a general ledger account.
To create a journal voucher, a company first identifies the accounts that will be affected by the transaction. The company then enters the transaction details into the journal voucher, including the date of the transaction, the amounts involved, and any relevant notes or explanations. The journal voucher is then used to update the affected accounts in the general ledger.
Journal vouchers are an important tool for accurately recording and tracking financial transactions within a company. They help ensure the accuracy and completeness of a company’s financial records, and they can be used to identify and resolve any discrepancies or errors in the company’s financial statements.
How to create a journal voucher on Tally
To create a journal voucher in Tally, first go to the Gateway of Tally and select the “Journal” option under the “Voucher Type” menu. This will open a new voucher screen for journal entries.
Next, enter the date of the transaction and select the appropriate ledger accounts for the journal entry. In a journal voucher, you can record multiple debit and credit entries to adjust the balances of multiple ledger accounts at once.
Once you have entered the necessary information, you can save the journal voucher by pressing the “Save” button. This will add the journal voucher to your Tally ledger and update the account balances accordingly.
It’s important to note that journal vouchers are used to make adjusting entries or to transfer funds between accounts that cannot be done using other voucher types. For example, if you need to record a depreciation expense or allocate income between different accounts, you would use a journal voucher to do so.