What is Transfer Journal in Tally

Journal is the primary book of accounts in which we basically record the transactions in chronological order. It is a book of basic entry as we first record a transaction in the journal from where we post it in the ledger. A ledger is a book or register that contains a permanent record of all transactions, in a summarized and classified form. It is the most important book of accounts as we derive trial balance from it.

• Opening entries
• Transfer entries
• Adjustment entries
• Closing entries

Transfer Journal entries

We can use Transfer Journal in two ways in Journal.

1- To transfer material from one warehouse to another
2- To transfer money from one account to another

Sometimes it is necessary to transfer the amount or balance of one account to another account. We do this through a transfer journal entry in Journal Proper.

We use transfer journal entries to allocate expenses or revenues from one account to another. It is used to transfer funds between object codes within an account or a sponsored project.

Tally.ERP 9 allows you to move materials from one warehouse to another. Transfer of material is done using Transfer Journal Voucher.

Record Transfer Journal Voucher

1- Go to Gateway of Tally.
2- Click on Inventory Vouchers or press Alt+F7
3- Select class.
4- Pass the Stock Transfer Entry.

Print Stock Transfer Voucher

Press Alt+P to print the Stock Transfer Journal Voucher.

While printing the stock transfer voucher, set the options Destination Godown on Top of Voucher and Print warehouse address at the top of the voucher to Yes.

Enabling Destination Godown on Top of Voucher will display the name of the destination warehouse at the top of the voucher instead of printing it as separate lines.

Enabling the Print Godown Address option will display the address of the warehouse.

In the above information, we have seen that how we will enter the tally if we want to move the goods from one warehouse to another, now if we want to transfer money from one account to another, then its journal entry will be the same as We do all the rest of the Journal Entry, some examples of Transfer Journal Entry are as follows!

1- Amount withdrawn from Capital

2- Amount withdrawn from the bank

3- Cash deposited at the bank

4- Amount received for petty cash

Note:-

Some of the information and pictures given in this article were taken from tallysolutions website.

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