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In Accounting "Contra Entry" Used to reverse between Cash and Bank only? If "No" then why itis in Tally only for Cash and Bank Transaction only.

Transaction Tally 9
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Question added by ilhak sheakh , Procurement Officer , White House Education Network
Date Posted: 2017/11/23
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Deleted user
by Deleted user

Yes, contra voucher is used only to post cash to bank and reverse entries.

Pranesh Shivaram
by Pranesh Shivaram , Accounts and Finance-Head , Maxi Enterprises-Trucking Division

Contra entries are used in accounts for Recording transactions of Bank and Cash. 

Example Cash deposited to Bank, Cash withdrawn from Bank, transfer of funds from one bank to another bank.

RAFI KUNNAMKADAVATH
by RAFI KUNNAMKADAVATH , ACCOUNTING MANAGER , LONDON LANDSCAPING & BUILDING MAINTENANCE

As per the Accounting Principles, a Contra entry is a transaction involving transfer of one cash/ bank account between another Cash/Bank AC. 

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