Using Voucher Classes for Invoice Round Off in TallyPrime: 3 Steps

1. Understanding Voucher Classes for Invoice Round Off in TallyPrime

Voucher classes are a powerful feature in TallyPrime that allows you to group similar transactions together.

By creating a specific voucher class for invoice round-off, you can streamline the process and ensure accurate accounting.

2. Steps to Use a Voucher Class for Invoice Round Off in TallyPrime:

1. Create a Voucher Class:

• Go to Gateway of Tally > Alt+F1 (Voucher Type).
• Press Alt+C (Create) to create a new voucher class.
• Name the class “Invoice Round Off”.
• Assign the default voucher type to “Journal”.

2. Set Default Entries:

• In the voucher class, set up the following default entries:
  • Debit: Sales Account
  • Credit: Sales Round Off Account (create this ledger if it doesn’t exist)

3. Use the Voucher Class:

• When you need to record a round-off amount, select the “Invoice Round Off” voucher class.
• The default entries will be pre-filled, and you only need to adjust the amounts.

3. Example of Using Voucher Classes for Invoice Round Off in TallyPrime:

Let’s say you have a sales invoice with a total amount of Rs. 99.50. You want to round it off to Rs. 100.

1. Create a Sales Invoice:

• Create a regular sales invoice for the product or service.
• The total amount will be Rs. 99.50.

2. Create a Round-Off Journal Entry:

• Select the “Invoice Round Off” voucher class.
• The default entries will be pre-filled:
  • Debit: Sales Account – Rs. 0.50
  • Credit: Sales Round Off Account – Rs. 0.50

3. Adjust the Amounts:

Adjust the amounts in the journal entry to reflect the actual round-off amount.

4. Benefits of Using Voucher Classes for Invoice Round Off in TallyPrime:

• Efficiency: Streamlines the process of recording round-off entries.
• Accuracy: Ensures that round-off amounts are accurately accounted for.
• Consistency: Maintains consistency in the accounting treatment of round-offs.
• Reporting: Provides a clear record of round-off amounts for reporting purposes.

By using voucher classes for invoice round-off in TallyPrime, you can simplify your accounting processes and ensure accurate financial records.