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A transaction type is an individual transaction which is reflected in the Tally’s financial statements. For example, if one company invests in another company, it would generate a capital transaction. Transactions types are dependent on the nature of the business, but they all need to be reflected in the financial statements. Here are some examples of transactions types: - Cash receipt - Payment to creditors - Grant received - Share issuance - Return of capital

Tally is a digital accounting application that can be used for recording transactions. When you are creating your Tally, you must consider the different types of transactions that are relevant to your business. There are different types of transactions in a Tally. It is important to have a clear understanding of the type of transaction you want to record in your Tally so that all parties involved can understand what they need to do. There are three main types of transactions in a Tally: Credit Card Transactions Cash Transactions Inventory Transactions

The contra entry is a type of entry in Tally. It is used when an item is either not sold or the transaction has been cancelled. Contras are created for both sales transactions and expenses. A contra can be created by clicking on the “Contra” tab in the inventory section of the system. Then you have to enter a sale or expense record, which you want to create a contra for. When you go to create a Contra, there are only two fields that need to be completed: “Sale/Exchange” and “Reason”. The Reason can be either “Missing Part/Part Not Shipped” or “Cancelled Transaction” depending on what you are creating the contra for.

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