What is the difference between a payment voucher and a receipt voucher in tally?

Tally software, a handy solution for many enterprise calculations, contains many in-built vouchers. A voucher is nothing but a document with financial transaction details. For every transaction, the voucher updates the transaction details of the particular company.

In the Tally software, Go to Gateway of Tally → Transactions → Voucher entry. In addition, Payroll vouchers and order vouchers can be accessed as it is available as separate options.

Among 18 different types of Tally vouchers, a payment voucher and the receipt voucher has been mostly used by a plethora of enterprises. What do both mean? What is the difference between these two vouchers? Here is the detailed description of both the voucher types.

As both the term explains the meaning itself, here the work is to explain it, in brief, relating the accounting terms and the software used.

Payment Voucher

A payment voucher in Tally ERP 9 software is a sort of proof of the monetary transaction done between two parties. In the business realm, the payment voucher brings in a variety of benefits. Sometimes, there are many cash transactions that take place between multiple business entities. Hence, having proof in the form of payment voucher is mandatory and advisable too. It also indicates the invoice that has been approved for the payment.

Receipt voucher

Receipt voucher in Tally ERP 9 software is an official acknowledges that stands as the proof of receiving the goods or services. It is either prepared by the vendor and given to the customer. The receipt voucher also shows down the ownership of the item. The receipt is also an indication of different operational activities.

In short, the key difference between the payment voucher and the receipt voucher has been enlisted below.

• Payment voucher is a request issued for the payment while the receipt is the confirmation of the payment.
• Payment voucher issued prior to the payment while on the contrary, the receipt voucher has been issued after the payment. As simple as that.