The Contra voucher can be recorded using Double Entry mode where we have the option to select multiple Debits and multiple Credits. To select multiple Debit and Credit ledgers in the Double entry mode, set Use Single Entry Mode for…

The Contra Voucher can be recorded using Single entry mode or Double Entry mode.  To toggle between Single Entry and Double Entry mode, we need to change the setting Use Single Entry mode for Pymt/Rcpt/Contra to Yes/No in F12: Configure.…

As per the Accounting Principles, a Contra entry is a transaction involving transfer of cash between one Cash A/c to another or one Cash A/c to another Bank A/c i.e., is a transaction indicating transfer of funds from: Cash account…