When you want to make voucher entries in tally, you must create you ledger first time new account record in tally because without making ledger you can not pass the voucher entries in tally So you have to learn how to make or create ledger. This is very simple. Two ledger automatically, other ledger you have to create. For this you will learn following list and under head of group.
( I) Automatic created ledger in tally
Cash and profit and loss account is two automatic ledger created in tally
Do not make them but if there is opening balance in cash account the
go to Account info → ledger and the click → alter → then put the opening balance in cash account and accept
(II) Ledger Creation by you
S.No. Name of Account Under head of Group
1. Capital Account → Capital Account
2. Name of your creditors → Sundry Creditors
3. Name of your Debtors → Sundry Debtors
4. Name of Expenses → Direct Expenses or Indirect Exp.
5. according to the nature of expenses
6. Name of Income → Indirect Income
7. Name of Bank → Bank Account
8. Name of Current Asset → Current Assets
i) stock in hand
ii) deposits
iii) show short term investment
9. Name of Fixed Asset → Fixed Asset
10. Name of Current Liabilities → Current Liabilities
11. Name of Fixed Liabilities → Fixed liabilities
12. Name of Loss → Direct Expenses or Indirect Exp.
13. Bad Debts → Indirect Exp.
14. Provision for Bad Debts → Current Liabilities
15. Outstanding Expenses → Current Liabilities
16. Advance Income → Current Liabilities
17. Outstanding Income → Current Assets
18. Sale Tax / VAT → Duties and Taxes
19. Excise Duty / CENVAT → Duties and Taxes
20. Drawing → Capital
21. Purchase → Purchase account
22. Sale → Sale Account
( I) Automatic created ledger in tally
Cash and profit and loss account is two automatic ledger created in tally
Do not make them but if there is opening balance in cash account the
go to Account info → ledger and the click → alter → then put the opening balance in cash account and accept
(II) Ledger Creation by you
S.No. Name of Account Under head of Group
1. Capital Account → Capital Account
2. Name of your creditors → Sundry Creditors
3. Name of your Debtors → Sundry Debtors
4. Name of Expenses → Direct Expenses or Indirect Exp.
5. according to the nature of expenses
6. Name of Income → Indirect Income
7. Name of Bank → Bank Account
8. Name of Current Asset → Current Assets
i) stock in hand
ii) deposits
iii) show short term investment
9. Name of Fixed Asset → Fixed Asset
10. Name of Current Liabilities → Current Liabilities
11. Name of Fixed Liabilities → Fixed liabilities
12. Name of Loss → Direct Expenses or Indirect Exp.
13. Bad Debts → Indirect Exp.
14. Provision for Bad Debts → Current Liabilities
15. Outstanding Expenses → Current Liabilities
16. Advance Income → Current Liabilities
17. Outstanding Income → Current Assets
18. Sale Tax / VAT → Duties and Taxes
19. Excise Duty / CENVAT → Duties and Taxes
20. Drawing → Capital
21. Purchase → Purchase account
22. Sale → Sale Account
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there is a problem.
ReplyDeleteyou are not displaying the no. of groops and there ledgers.
such as :
groop = fixed assets
ledgers: 1) machinery
2) furniture
3) building etc.
Dear , I will publish full detail of each group's ledger in next articles. So be patient.
ReplyDeleteThanks for giving comments
haii......
ReplyDeletethes tips are feally good.
can u tell me where will the bills payable appear under???
liability or creditor side???
Dear Vinod,
ReplyDeleteI am comfortable following your posts.
Please tell me if I could have multiple ledger accounts with same name? For example, can I cater to a scenario where a company ABC is both a creditor and a debtor?
This could be a rank stupid question but kindly bear with me.
Thanks,
AdeS
Yes !
ReplyDeleteABC company may both debtor and creditor of any other company . For this you create both creditor and debtor account of other company.
In final time of money receipt or payment
you can adjust with following entry .
suppose
We purchase 10000 from ram
and we sell to ram also another product of RS. 10000
you can adjust your money
Ram Account ( creditor ) Dr.10000
To Ram Account ( Debtor ) 10000
But befor this adjustment , you need acceptance with other party . If he has not accepted . Then you must follow , regular payment and receipt voucher for passing the entries.
Its Really helpful............Thanks a lot..
ReplyDeleteRegards,
Kanupriya Shrama
Dear Vinod sir,
ReplyDeleteI want to know how to change date in tally 7.2 at the earlier class you are said that one but in our tally 7.2 there is no changed date. so please tell me one easy and comfortable method.
thank you.
your student.
Kalpana, have you checked your tally 7.2's configuration , it may be yes on Skip date field so after this you can change your data or if yes . You may also go to display and then day book . This is alter mode of voucher entry , here you can change your voucher entry date . I think this will be helpful for you .
ReplyDeleteDear Vinod
ReplyDeleteplease let me know while making ledgers in tally which group is used for discount recieved/allowed and sales return/purchase return,
Dear P.Seegl,
ReplyDeletediscount recevieved account should make under indirect income.
Discount allowed account under indirect expenses
create sale return or purchase return account in ledger, just go to voucher type and then create sale return type under credit note and purchase return type under debit note and then create sale return account under sale account and purchase return account under purchase and pass the voucher entry of sale return in credit note and purchase return entry under debit note. Ok
hi sir ,
ReplyDeleteplease let me know while making ledgers in tally which group is used for drawing.
Dear Gagan,
ReplyDeletefor creating drawing ledger account, you can use capital account as the group and keep drawing account under capital account because drawing is the part of capital and if you use drawing it means decrease in capital
dear sir
ReplyDeleteyou have put drawing a/c under c. assets
but i think best perfect drawing a/c under (capital a/c dr. balance ) because drawing less capital a/c.
Thanks Jitendra, You are right and now drawing account has been under correct head that is capital.
ReplyDeletehow to create opeing stock and closing stock in tally7.2
ReplyDeleteNEHA
ReplyDeleteDear Vinod Sir,
please let me know that in tally 7.2 how to make vouher entry for captal account means where it comes in receipt or payment or in contra entry.
thank you
thankyou sir ji i wana ask u about salse return's group ??
ReplyDeleteVinod Jee,
ReplyDeletePlease help me to get understanding on entry of vouchers about sales return/purchase return with a example/demonstration if may possible.
Because I give a try to your answer like "pass the voucher entry of sale return in credit note and purchase return entry under debit note. Ok" but I didn't follow it. Please let it clear to understand.
Hi all,
ReplyDeleteis it possible to transfer all the ledger and its group to next year without opening balance in tally 9.0. please help me in this regard. i have somany stock ledger head.
Narayanan.S
Dear Sir,
ReplyDeleteVinod Ji,
plz tell me where the electricity bill, water bill, telephone bill and other home expenses comes under.
its a very help full page thank you sir
ReplyDeletesome times direct income & direct expenses are not show in groups at tally 9.
ReplyDeleteWhy Please solve the problem.
Hello please tell me various types of ledgers, and groups that comes under constructing companies ( i.e builders and developers ) and sum examples and adjustments...
ReplyDeleteWhen we create a ledger, a blue box for Total Op. Bal. appears on the screen in the right hand top corner (along with difference value). How can we reset the value in this blue box ?
ReplyDeleteHi sir
ReplyDeleteMay it be possible to send me all tutorials via email
If yes please please send me tally 7.2 guides at my mail=azohair61@gmail.com
Thanking you,
Regards,
Zuhair Ahmed
Varanasi