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Whenever any financial transaction takes place, you have to record the transaction through a voucher (popularly called Accounts Voucher)

As per nature of transaction, a voucher may be following types :

Contra : This voucher is used when you transfer fund from one cash or bank account to another cash or bank account (e.g withdrawal of cash from a bank account, deposit of cash into a bank account, transfer of balance from one bank account to another etc). This type of voucher involves only cash / bank account. No other ledger accounts can be entered in this type of voucher.
Receipt : This voucher involves receipt of money. So, a cash or bank account must get debited through this voucher. The credit ledger account is entered first
Payment : This voucher involves payment of money. So, a cash or bank account must get credited through this voucher. The debit ledger account is entered first
Journal : This voucher is entered for all other types of non cash transactions (e.g adjustment for Depreciation, Liabilities for expenses, pre paid expenses etc). No cash or bank account is transacted in this type of voucher.


       Key Information

Following entries autonomically reflects in the financial account reports.



Some of the transactions does not have direct accounting entry e.g. Stock Transfer and Physical Stock Voucher.