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Synopsis of Explain Ledgers in Tally

Tally's software uses ledgers to organize financial information. There are several types of ledgers in Tally including single, purchase/sales, party, expense/income, duties and taxes, and liability/asset ledgers. Ledgers are created in the Accounts Info section of Tally and are used to track cash, purchases, customers, suppliers, expenses, taxes, liabilities, and assets.

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177 views2 pages

Synopsis of Explain Ledgers in Tally

Tally's software uses ledgers to organize financial information. There are several types of ledgers in Tally including single, purchase/sales, party, expense/income, duties and taxes, and liability/asset ledgers. Ledgers are created in the Accounts Info section of Tally and are used to track cash, purchases, customers, suppliers, expenses, taxes, liabilities, and assets.

Uploaded by

saboorakhee
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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SYNOPSIS

NAME:NAVEEN SABOO STD:FYJC DIV:I ROLL NO:115 TOPIC:EXPLAIN LEDGERS IN TALLY


Tally Solutions Pvt Ltd is a Bangalore-based software company that currently sells into more than 100 countries beyond its native India, including the United Kingdom, Bangladesh and the Middle East. Tally's software is mainly used for vouchers, financial statements, and taxation in many industries, and has specialised packages for retail businesses. More advanced capabilities are found in its Enterprise resource planning package. SINGLE LEDGER By default, Tally.ERP 9 contains two Ledger accounts namely, Cash (Under Cash-inHand) and Profit and Loss Account (direct Primary Account). You need to create all other accounts heads. There are no restrictions in Ledger creation except that you cannot create another Profit & Loss A/c. Any number of Cash Accounts may be created in any other name for ex: Petty Cash. Go to Gateway of Tally > Accounts Info > Ledgers > Create PURCHASE/SALES LEDGER To create a Purchase ledger, Go to Gateway of Tally > Accounts Info > Ledger > Create/Alter 1. Enter the Name of the ledger, for e.g., Purchases @ 10% - ST10 2. In the Under field, select the Purchase Accounts from the List of Groups 3. By default Inventory values are affected will be set to Yes 4. Set Used In Sales Tax to Yes

Party Accounts should be opened under Sundry Debtors or Sundry Creditors group with whom your company is trading. Customers (Sundry Debtors) who buy goods or services for cash or on credit. Suppliers (Sundry Creditors) who supply goods and services for cash or on credit. PARTY LEDGER, Go to Gateway of Tally > Accounts Info > Ledgers > Create Expenses / Income ledger Expense ledgers must be created for each of the expense account separately. EXPENSE/INCOME LEDGER, Go to Gateway of Tally > Accounts Info > Ledgers > Create DUTIES and TAXES LEDGER Tax Ledgers should be created under Duties and Taxes group which contains all tax accounts like VAT, CENVAT, Excise, Sales and other trade taxes and total liability. To create a Tax Ledger, Go to Gateway of Tally > Accounts Info > Ledgers > Create LIABALITY/ASSET LEDGER Accounts like Outstanding Liabilities, Statutory Liabilities and other minor liabilities can be created directly under Current Liabilities and Assets can be classified as Current assets and Fixed assets. To create Fixed Assets ledger, Go to Gateway of Tally > Accounts Info > Ledgers > Create

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