Question { AXA, 100137 }

what do you mean by contra entry? and where it is used?

Answer

Contra entry refers to entry passed for the transaction
which affects both bank & cash Ledgers and the entry should
be posted to both cash and bank.

In Tally Contra Vouchers included only Ledgers related to
Cash and Bank, & allowed enties related to bank and cash
only eg: Transfer from 1 bank to another bank, Depositing
to bank, withdrawing from bank, & transfering of cash to
petty cash.