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This applies whether you buy cash or on credit -.e.
To enter payment transaction of a company tally has a separate voucher type called payment voucher.To access this payment voucher, read This : Cash Payment Voucher in Tally ERP.
Financial reports, you can also explore and analyze general ledger transactions by shedd aquarium groupon running financial reports.
Bank Payment: These are transactions that settle through bank or by way of issuing cheque.Normally big transactions are settling through cheque.