What are the different voucher types in Tally and how are they used?

Tally, a popular accounting software, offers various voucher types to record different types of transactions effectively. Here are some common voucher types in Tally:

• Payment Voucher: Used to record payments made by the company.
• Receipt Voucher: Used to record the money received by the company.
• Contra Voucher: Used to record cash or bank deposit/withdrawal transactions.
• Sales Voucher: Used to record sales transactions.
• Purchase Voucher: Used to record purchase transactions.
• Journal Voucher: Used to record non-cash transactions like depreciation, provisions, etc.

Each voucher type serves a specific purpose in the accounting process and helps in maintaining accurate financial records. It is important to use the appropriate voucher type for each transaction to ensure proper bookkeeping and compliance with accounting standards.