For each accounting transaction, you have to enter an accounts voucher of any of the following types:
Cash Transactions Vouchers:
•Receipt Voucher: When money is received (in cash, or in cheque which is deposited into bank account or by direct credit into to bank account). At least one ledger account must be credited and cash / bank account must be debited. Cash Bank Debit balance increases (or bank credit balance decreases).
•Payment Voucher: When money is paid (in cash, or by cheque or by direct debit to bank account). At least one ledger account must be debited and cash / bank account must be credited. Cash Bank Debit balance decreases (or bank credit balance increases).
•Contra Voucher: When money is transferred from one cash or bank account to another (cash withdrawal, cash deposited, amount transfer from one bank account to another). Only Cash / Bank accounts can be transacted in such voucher. Balance of one or more cash bank account increases and balance of one or cash / bank account decreases with equal amount. No net effect on total of all cash and bank accounts.
Non - Cash Transactions Vouchers:
•Journal Vouchers: Adjustment between accounts. No cash or bank account is transacted n the voucher. So, no effect on any cash or bank account (e.g Deprecation provision, Liability provision, transfer to reserves etc).
•Credit Sales Voucher: Credit Sale to customer where payment is not received at the time of sale. Sale account is credited and customer account is debited.
•Credit Purchase Voucher: Credit purchase from suppliers where payment is not made at the time of purchase. Purchase account debited and supplier account is credited.
•Debit Note Voucher: Goods returned to supplier or any deduction from purchase bill. Purchase Account credited and supplier account debited.
•Credit Note Voucher: Goods returned by customers or any deduction from sales bill. Sales Account debited and Customer account credited.
