What is a contra entry in accounting?
+
A contra entry is a transaction that involves both debit and credit to the cash and bank accounts simultaneously, typically used for cash deposits or withdrawals.
How does this tool help with inter-company payments?
+
Our tool automatically generates standardized narrations for inter-company transactions, ensuring consistency and compliance across all your entities.
Does this work with Tally Prime's latest version?
+
Yes, the narrations generated are fully compatible with all versions of Tally, including Tally Prime's latest releases.
Can I customize the narration format?
+
Absolutely! You can modify the generated narration to match your company's specific formatting requirements before using it.
How many contra entries can I generate at once?
+
While you generate narrations one at a time, you can save unlimited entries and export them in batches for your accounting needs.
Is this tool suitable for Busy accounting software?
+
Yes, the narrations are optimized for Busy accounting software as well as Tally and other popular accounting platforms.
What's the difference between contra and inter-company entries?
+
Contra entries involve cash and bank accounts within the same entity, while inter-company entries involve transactions between different legal entities under common ownership.
Can I add GST details to the narrations?
+
Currently, the tool focuses on the core contra and inter-company payment details, but you can manually add GST information to the generated narration.
How accurate are the generated narrations?
+
Our narrations follow standard accounting formats with 100% accuracy in while using the tool?
+
Yes, IndoTools offers 24/7 customer support to assist you with any issues or questions you may have.
Can I export the generated narrations?
+
Yes, you can export the generated narrations in various formats, including Excel and PDF.
How secure is the data processed by IndoTools' Narration Generator?
+
IndoTools follows industry-standard encryption protocols to ensure the security of your data during processing.