Contra

As per the accounting principles, a contra entry is a transaction involving transfer of cash between one cash A/c to another and one cash A/c to another bank A/c i.e., is a transaction indicating transfer of funds from:

• Cash account to bank account.
• Bank account to cash account.

Step 1 > Go to “Contra” under “accounting” tab.

Step 2 > Click on “add Contra”.

Step 3 > Select Contra under Contra type.   

Step 4 > Add a note for your reference.

Step 5 > Key in the amount.

Step 6 > Select the date.

Step 7 > Select the Bank/Cash in from, column.

Step 8 > Select the Bank/Cash into column.

Step 9 > Finally click on “Create.”