Vocational Course Accounts (V999110)

Accounts & Tally

Unit 2
Tally – Company Creation, Ledger Creation and Voucher Entry
In Tally, a Company refers to the central entity for which you maintain financial records. It
could represent a business, an organization, or any institution that requires accounting
records. When you create a company in Tally, you're essentially creating a separate set of
books to manage the accounts, transactions, and reports related to that particular entity.
Once the company is created, you can begin recording transactions, creating ledgers, and
managing all aspects of the company's financial operations within Tally.
Steps to Create a Company in Tally:
1. Open Tally:
o Launch Tally and in the Gateway of Tally, select Create Company under the
Company Info menu or use ALT+F3.
2. Company Creation Screen:
o You will be taken to the Company Creation screen where you need to fill in
the company's basic details.
3. Enter Company Details:
o Directory: The path where the company data will be stored (default is usually
the Tally folder).
o Name: Enter the official name of the company.
o Mailing Name: Enter the name to be used in reports and documents.
o Address: Provide the full address of the company.
o Country: Choose the country from the list.
o State: Select the state where the company is located.
o Pincode: Enter the postal code.
o Contact Details: You can enter the phone number, mobile number, email, and
website.
4. Select Financial Year:
o Financial Year Begins From: Enter the starting date of the financial year (for
example, 1st April 2024).
 o Books Beginning From: This can be the same as the financial year start date,
or if you're entering past data, choose the date from which you have the
records.
5. Security Control:
o Tally Vault Password: If you want to encrypt company data, you can set a Tally
Vault password (optional).
o Use Security Control: Enable this if you want to create user roles and
passwords for restricted access (optional).
6. Base Currency Information:
o Base Currency Symbol: Enter the currency symbol (for example, ₹ for Indian
Rupee, Rs for USD).
o Formal Name: Name of the currency (e.g., Indian Rupees, US Dollars).
o Decimals: Enter the number of decimal places (usually 2 for currencies like ₹
and Rs).
7. Accept the Details:
o After filling in all the details, press Enter until you reach the Accept? (Yes/No)
prompt.
o Press Y or select Yes to save and create the company.
Once the company is created, you can begin recording transactions, creating ledgers, and
managing all aspects of the company's financial operations within Tally.

Groups
In Tally, Groups are used to categorize and organize ledgers or accounts with similar
characteristics. They help in systematically classifying various accounts to streamline
accounting and reporting processes. By grouping ledgers under specific categories, it
becomes easier to generate financial reports, monitor specific financial activities, and
maintain the overall structure of the accounting system. By using groups effectively,
businesses can maintain a well-structured and easy-to-manage accounting system within
Tally.
Why Groups are Used in Tally:
1. Organized Data: Groups help in logically organizing financial data. This makes it
easier to manage accounts and locate specific ledger entries when required.
 2. Simplified Reporting: Grouping ledgers allows Tally to generate more detailed and
meaningful financial reports like balance sheets, profit and loss statements, and cash
flow statements, making it easier to analyze financial performance.
3. Hierarchy: Tally allows the creation of a hierarchical structure for accounts, where
parent groups can have subgroups. This allows for better tracking of account heads
and their subcategories.
4. Efficiency in Data Entry: Using groups reduces redundancy during data entry by
allowing similar accounts to be grouped together, thus reducing errors and increasing
efficiency.
5. Financial Control: Grouping enables better financial control and monitoring by
tracking specific categories of transactions such as expenses, income, assets, or
liabilities.
6. Compliance: For statutory reporting and tax compliance, grouping helps to
categorize accounts in line with standard accounting principles, facilitating proper tax
calculations and audits.
Types of Groups in Tally:
• Primary Groups: These are predefined groups in Tally (like Capital Account, Loans,
Current Liabilities, Investments, etc.), which help in broad classifications.
• Sub-Groups: These are groups created under primary groups to further classify
ledgers in a more detailed manner.
In Tally, Groups help organize and classify ledgers into specific categories based on their
nature and accounting requirements. Tally comes with a set of predefined groups, but users
can also create custom groups as per their needs. The groups in Tally are classified into
Primary Groups and Sub-Groups.
List of Primary Groups in Tally:
There are 15 predefined Primary Groups in Tally. Out of these, 9 groups appear in the
Balance Sheet and 6 groups appear in the Profit & Loss Account. Each primary group can
have Sub-Groups to further classify accounts. Sub-groups are created to provide additional
layers of categorization for specific transactions or accounts.

Balance Sheet Groups:

1. Capital Account: For owner's equity and capital-related transactions.
o Reserves and Surplus
o Proprietor’s Capital A/c
 2. Loans (Liability): For all types of loans taken by the company.
o Secured Loans
o Unsecured Loans
3. Current Liabilities: For short-term liabilities or obligations.
o Sundry Creditors
o Duties and Taxes
o Outstanding Expenses
4. Fixed Assets: For long-term assets like property, machinery, etc.
o Land and Buildings
o Plant and Machinery
o Furniture and Fixtures
5. Investments: For investments made by the company.
o Government Securities
o Shares
o Bonds
6. Current Assets: For assets that are expected to be converted into cash within a year.
o Stock-in-Hand
o Sundry Debtors
o Cash-in-Hand
o Bank Accounts
7. Miscellaneous Expenses (Assets): For expenses not yet written off (e.g., preliminary
expenses).
8. Branch/Divisions: For tracking different branches or divisions of the company.
9. Suspense Account: For temporarily holding transactions when the account details
are unclear.
Profit & Loss Account Groups:
1. Sales Accounts: For recording income from sales of goods or services.
o Domestic Sales
o Export Sales
 2. Purchase Accounts: For recording purchase transactions.
o Domestic Purchases
o Import Purchases
3. Direct Incomes: Income directly related to the core business, other than sales.
4. Indirect Incomes: Income not directly related to the core business (e.g., interest
income, rent income).
5. Direct Expenses: Expenses directly related to manufacturing or production activities
(e.g., raw material costs, labor).
6. Indirect Expenses: Overhead expenses and other non-direct expenses (e.g., rent,
salaries, advertising).
Sub-Groups in Tally:
Custom Groups:
• Apart from the predefined groups, Tally allows users to create custom groups under
any of the primary groups. For example, under Current Assets, you might create sub-
groups like "Prepaid Expenses" or "Accrued Income."
How to View and Manage Groups in Tally:
1. Go to the Gateway of Tally.
2. Select Accounts Info.
3. Select Groups.
4. You can choose to create, display, or alter groups.
5. Tally also allows viewing a Group Summary from the reports section to analyze
transactions categorized by groups.
Ledger
In Tally, a Ledger is the primary accounting element where all financial transactions are
recorded. Every transaction that takes place in a business, such as sales, purchases,
payments, receipts, expenses, and incomes, is posted to a ledger account. Ledgers are
categorized under different Groups based on the nature of the account (e.g., assets, liabilities,
income, expenses). Ledgers are the foundation for generating financial reports like the
balance sheet, profit and loss statement, and cash flow statement.
Steps to Create a Ledger in Tally:
1. Open Tally:
o Start Tally and open the company for which you want to create the ledger.
2. Go to Accounts Info:
o From the Gateway of Tally, select Accounts Info.
3. Select Ledgers:
o Under Accounts Info, select Ledgers.
4. Choose Create:
o You will see the options: Single Ledger and Multiple Ledgers.
▪ Single Ledger: Use this option to create one ledger at a time.
▪ Multiple Ledgers: Use this option to create multiple ledgers at once.
5. Enter Ledger Details:
o After selecting Create Single Ledger, you will be taken to the Ledger
Creation Screen where you need to fill in the following details:
o Name: Enter the name of the ledger (e.g., Cash, Bank A/c, Rent Paid, Sales, etc.).
o Under: Select the appropriate Group under which the ledger will be classified.
Tally provides predefined groups like Current Assets, Sundry Debtors, Sales
Accounts, Direct Expenses, etc.
▪ For example:
▪ Cash ledger would be under Cash-in-Hand.
▪ Sales ledger would be under Sales Accounts.
▪ Rent Paid ledger would be under Indirect Expenses.
o Maintain balances bill-by-bill: For ledgers under Sundry Debtors or
Sundry Creditors, you can enable this option to maintain bill-wise details.
o Inventory values are affected: For sales or purchase-related ledgers, you can
enable this if the ledger involves inventory transactions.
o Provide bank details: For ledgers under Bank Accounts, you can input the
bank account details such as account number, branch, IFSC code, etc.
6. Enter Opening Balance (if applicable):
o If the ledger has an existing balance (for example, a bank account or creditor
account from a previous financial year), enter the opening balance. If this is a
new ledger with no previous transactions, leave it blank or enter 0.
 7. Accept and Save:
o After entering the details, press Enter until you reach the prompt Accept?
(Yes/No).
o Press Y or select Yes to save the ledger.
How to Create Multiple Ledgers:
• If you want to create multiple ledgers at once:
1. Go to Accounts Info > Ledgers > Create under Multiple Ledgers.
2. Select the appropriate group (e.g., Sundry Debtors, Sundry Creditors, etc.).
3. Enter the ledger names and groups, along with any opening balances, if
applicable.
4. Accept and save the changes.
Important Considerations:
• Grouping: Properly grouping ledgers ensures accurate financial reporting. For
example, expenses should be under Indirect Expenses, and assets under Current
Assets.
• Statutory Information: If you are creating GST-related ledgers (such as input tax
credit), you may need to specify GST details.
• Opening Balances: When creating ledgers in the middle of a financial year, opening
balances are essential for reconciliation purposes.
Voucher
In Tally, Voucher Types refer to various predefined forms or templates used to record
different kinds of financial transactions. Vouchers are essential because they allow users to
enter data for different transactions like sales, purchases, payments, receipts, and journal
entries. Tally comes with several standard voucher types, but it also allows users to
customize or create new voucher types based on specific business needs. By using voucher
types efficiently, businesses can streamline their accounting process and ensure accurate and
compliant financial records.
Significance of Vouchers in Tally:
• Accurate Record Keeping: Vouchers ensure that all financial transactions are
properly recorded and categorized, helping in maintaining accurate financial records.
• Audit Trail: Vouchers act as an audit trail for all business activities, making it easier
to trace the origin of transactions during auditing.
 • Customization: Tally allows users to create custom voucher types to suit their
specific business needs, enhancing flexibility.
• Financial Reports: Voucher entries form the basis for generating various financial
statements and reports like the balance sheet, profit & loss account, and cash flow
statement.
Types of Vouchers in Tally and Their Uses:
1. Accounting Vouchers
2. Contra Voucher (F4):
o Use: It is used for recording transactions involving internal fund transfers
within the business, such as between bank accounts or from bank to cash (and
vice versa).
o Example: Transferring money from a bank account to the cash account.
3. Payment Voucher (F5):
o Use: This voucher is used to record outflows of funds from the business. It
could be for paying expenses, creditors, or withdrawing cash.
o Example: Paying salaries, utility bills, rent, or any other expenses.
4. Receipt Voucher (F6):
o Use: It is used for recording inflows of funds into the business, such as
receiving payments from customers or other income.
o Example: Receiving payment from a customer for a sale or receiving interest
income from a bank.
5. Journal Voucher (F7):
o Use: Journal vouchers are used for adjustment entries, non-cash
transactions, or any other transactions that do not involve cash or bank. These
include depreciation, provisions, accruals, and adjusting entries.
o Example: Recording depreciation on assets, accrual of interest, adjusting bad
debts.
6. Sales Voucher (F8):
o Use: This voucher is used to record sales transactions of goods or services,
whether cash or credit.
o Example: Selling goods to a customer (both cash sales and credit sales).
 7. Purchase Voucher (F9):
o Use: It is used to record purchases of goods or services from suppliers,
whether cash or credit.
o Example: Purchasing raw materials or stock from a vendor (both cash
purchases and credit purchases).

8. Debit Note (Ctrl + F9):

o Use: Debit notes are used to record returns of goods to a supplier or when
you are reducing the amount payable to a creditor due to overcharging or other
issues.
o Example: Returning defective products to a supplier.
9. Credit Note (Ctrl + F8):
o Use: Credit notes are used to record sales returns or when reducing the
amount receivable from a customer due to errors, discounts, or returned
goods.
o Example: A customer returning goods due to damage or quality issues.
2. Inventory Vouchers
1. Stock Journal Voucher (Alt + F7):
o Use: This voucher is used for recording stock adjustments such as
transferring goods from one warehouse to another or recording stock
consumption and production entries in manufacturing processes.
o Example: Transferring stock from one godown to another, or recording the
manufacturing of finished goods from raw materials.
10. Delivery Note (Alt + F8):
o Use: Used to record the delivery of goods to a customer when the goods are
dispatched but the invoice is yet to be raised. This is used primarily in the
inventory module.
o Example: Recording goods sent to the customer from the warehouse.
11. Receipt Note (Alt + F9):
o Use: Used to record the receipt of goods from a supplier when the goods are
received, but the purchase invoice is yet to be accounted for. This is also used
in inventory.
 o Example: Recording goods received into the warehouse.
12. Rejection In and Rejection Out Vouchers:
o Rejection In: Used when returned goods are received from a customer (i.e.,
customer rejects the goods you sold them).
o Rejection Out: Used when returned goods are sent back to a supplier (i.e.,
you reject goods purchased from a supplier).
o Example: Customer returning faulty products, or you sending back defective
materials to a supplier.
13. Memo Voucher (Ctrl + F10):
o Use: Memo vouchers are used for temporary entries or provisional entries
that may not affect the accounts immediately. These can be converted to
regular vouchers later.
o Example: Recording uncertain transactions, such as pending expenses that
are not yet approved.
14. Reverse Journal (Alt + F10):
o Use: This voucher is used for reversing a journal entry that needs to be
nullified or canceled.
o Example: Reversing an incorrect adjustment or an accrued expense.
15. Optional Voucher:
o Use: Optional vouchers are used for transactions that are tentative or
hypothetical and do not affect accounts until they are converted to a regular
voucher. These are useful for scenarios like projections or budget estimates.
o Example: Creating sales or purchase entries that are pending approval.
Voucher Entry
Voucher entry in Tally refers to the process of recording financial transactions such as
payments, receipts, sales, purchases, and journal adjustments. A voucher is essentially a
document used to keep a record of these transactions. Each type of transaction in accounting
is recorded using a specific type of voucher. Tally provides different voucher types for
different kinds of transactions, allowing businesses to systematically track all their financial
activities.
Let’s understand Payment Voucher Entry in Tally, which is used for recording payments
made by the business. Here's a step-by-step guide for entering a Payment Voucher.
Example: Paying Rent using Cash
Steps to Enter Payment Voucher in Tally:
1. Open Tally and Select the Company:
o Start Tally, and from the Company Info screen, select the company in which
you want to record the payment.

2. Go to the Voucher Entry Screen:

o From the Gateway of Tally, navigate to Accounting Vouchers by selecting it
or pressing the corresponding shortcut key.
o This will take you to the accounting voucher entry screen where various types
of vouchers can be entered.
3. Select the Payment Voucher (F5):
o Press F5 or click on Payment to select the Payment Voucher type. The
voucher entry screen for payments will appear.
4. Enter the Date:
o By default, Tally shows the current date. If the payment was made on a
different date, press F2 to change the date of the transaction.
5. Select the Bank or Cash Account:
o In the Account field, you need to select the account from which the payment is
being made. In this case, we are paying rent using cash, so select the Cash
ledger account.
o If the payment is made via bank, you would select the respective Bank
Account from the ledger.
6. Enter the Details of Payment:
o In the Particulars field, you will enter the expense account related to the
payment.
o Select the Rent Paid ledger account (assuming this ledger has been created
under Indirect Expenses).
7. Enter the Amount:
o After selecting the Rent Paid ledger, you will enter the Amount being paid for
rent. For example, ₹10,000.
 o If there is any narration or note about the payment, you can enter it in the
Narration field (e.g., "Rent for October 2024").
8. Save the Voucher:
o After entering all the details, press Enter until Tally asks for Accept? (Yes/No).
o Press Y or click on Yes to save the voucher.
9. View Payment Voucher Entry:
o You can view the payment entry in the Daybook or under the Ledger of the
Rent Paid account to confirm the transaction has been properly recorded.
Let’s take a construction project business as an example to demonstrate how to use
accounting vouchers in Tally. This will include entries for purchases of materials, labor
payments, sales (contractor billing), and other related financial transactions. Here's how
you can manage this in Tally, step by step.
These entries demonstrate how accounting vouchers in Tally can be used in a
construction project to track purchases, payments, subcontractor costs, sales billing,
and general project-related expenses. By following these steps, you can efficiently
manage a project’s financial transactions using Tally’s voucher system.
Example: ABC Construction Pvt. Ltd. – Project: "Residential Building Construction"
Key Transactions:
1. Purchase of materials (Cement, Bricks, Steel, etc.).
2. Payment for labor and subcontractor services.
3. Billing to the client for project milestones.
4. General expenses (e.g., rent of machinery).
5. Payment of taxes.
Setting Up in Tally:
Before entering the vouchers, we need to create ledger accounts for parties and items
involved in the project.
1. Create Ledgers for Parties and Materials
• Go to Gateway of Tally > Accounts Info > Ledgers > Create.
• Create ledgers for:
o Suppliers: e.g., Sharma Cement Suppliers (Under Sundry Creditors).
o Customers: e.g., XYZ Developers (Under Sundry Debtors).
 o Project Expenses: e.g., Cement, Bricks, Steel (Under Purchases).
o Subcontractors: e.g., ABC Constructions (Under Direct Expenses).
o General Expenses: e.g., Machinery Rent, Fuel Costs (Under Indirect
Expenses).

Step-by-Step Entries Using Vouchers

1. Purchasing Materials (Cement, Bricks, Steel)
You purchase 100 bags of cement from Sharma Cement Suppliers for ₹50,000.
• Voucher Type: Purchase Voucher
• Steps:
1. Go to Gateway of Tally > Accounting Vouchers > F9 (Purchase).
2. Choose the Party's A/C Name: Sharma Cement Suppliers.
3. Under Purchase Ledger, select Cement Purchase.
4. Enter Inventory Details: 100 bags of cement.
5. Enter the Rate (₹500 per bag, totaling ₹50,000).
6. Accept and save the entry.
Entry Summary:
• Dr Cement Purchase A/C ₹50,000
• Cr Sharma Cement Suppliers A/C ₹50,000
2. Paying for Materials (Cement)
You make a payment of ₹50,000 via bank transfer to Sharma Cement Suppliers.
• Voucher Type: Payment Voucher
• Steps:
1. Go to Gateway of Tally > Accounting Vouchers > F5 (Payment).
2. Select Bank A/C (e.g., HDFC Bank).
3. Under Particulars, select Sharma Cement Suppliers.
4. Enter the Amount (₹50,000).
5. Accept and save the entry.
Entry Summary:
• Dr Sharma Cement Suppliers A/C ₹50,000
• Cr HDFC Bank A/C ₹50,000

3. Subcontractor Payment for Labor Work

You pay ABC Constructions ₹1,00,000 for labor services.
• Voucher Type: Payment Voucher
• Steps:
1. Go to Gateway of Tally > Accounting Vouchers > F5 (Payment).
2. Select Bank A/C (e.g., HDFC Bank).
3. Under Particulars, select ABC Constructions.
4. Enter the Amount (₹1,00,000).
5. Accept and save the entry.
Entry Summary:
• Dr ABC Constructions A/C ₹1,00,000
• Cr HDFC Bank A/C ₹1,00,000

4. Billing Client for Work Done (Sales)

You bill the client XYZ Developers ₹5,00,000 for completion of the first milestone (20% of
the project).
• Voucher Type: Sales Voucher
• Steps:
1. Go to Gateway of Tally > Accounting Vouchers > F8 (Sales).
2. Choose XYZ Developers as the Party's A/C Name.
3. Under Sales Ledger, select Contract Sales.
4. Enter the Amount (₹5,00,000).
5. Accept and save the entry.
Entry Summary:
• Dr XYZ Developers A/C ₹5,00,000
• Cr Contract Sales A/C ₹5,00,000

5. Receiving Payment from Client

You receive payment of ₹3,00,000 from XYZ Developers via bank transfer.
• Voucher Type: Receipt Voucher
• Steps:
1. Go to Gateway of Tally > Accounting Vouchers > F6 (Receipt).
2. Select XYZ Developers.
3. Enter the Amount (₹3,00,000).
4. Select the Bank A/C for the payment receipt.
5. Accept and save the entry.
Entry Summary:
• Dr HDFC Bank A/C ₹3,00,000
• Cr XYZ Developers A/C ₹3,00,000

6. General Expenses (Rent for Machinery)

You pay ₹20,000 for renting machinery for site work.
• Voucher Type: Payment Voucher
• Steps:
1. Go to Gateway of Tally > Accounting Vouchers > F5 (Payment).
2. Select Bank A/C.
3. Choose Machinery Rent under Particulars.
4. Enter the Amount (₹20,000).
5. Accept and save the entry.
Entry Summary:
• Dr Machinery Rent A/C ₹20,000
 • Cr HDFC Bank A/C ₹20,000

7. Payment of Taxes
You pay ₹25,000 as GST for the sales made.
• Voucher Type: Payment Voucher
• Steps:
1. Go to Gateway of Tally > Accounting Vouchers > F5 (Payment).
2. Select the Bank A/C.
3. Choose GST Payable A/C under Particulars.
4. Enter the Amount (₹25,000).
5. Accept and save the entry.
Entry Summary:
• Dr GST Payable A/C ₹25,000
• Cr HDFC Bank A/C ₹25,000
Various Reports Generation Based on the Project given Above
Based on the transactions of the construction project outlined earlier for ABC
Construction Pvt. Ltd., Tally provides a variety of reports to help analyze financial data,
track project progress, and ensure proper management. Using Tally’s reporting features, the
construction project business can generate a variety of reports, such as Profit & Loss
Account, Balance Sheet, Stock Summary, Outstanding Payables and Receivables, Cash/Bank
Book, Trial Balance, GST Reports, and Ledger Reports. These reports offer in-depth insights
into the financial health and progress of the project, helping in efficient management.
Below are the key reports that can be generated in Tally for the project:
1. Profit & Loss Account
This report helps you understand the profitability of the project by comparing income (sales)
with expenses (material purchases, subcontractor payments, etc.).
Steps to Generate:
• Go to Gateway of Tally > Display > Statements of Accounts > Profit & Loss A/c.
• Set the period from the start of the project until the current date.
Report Output:
ABC Construction Pvt. Ltd.
Profit & Loss Account (Period: 1-April-2024 to 30-Sep-2024)
Income:
Contract Sales ₹5,00,000
Expenses:
Cement Purchase ₹50,000
Subcontractor Payment ₹1,00,000
Machinery Rent ₹20,000
GST Payment ₹25,000
------------------------------
Total Expenses ₹1,95,000

Net Profit ₹3,05,000

2. Balance Sheet
The balance sheet provides a snapshot of the company's financial position at a specific date,
detailing assets (cash in hand, bank balances) and liabilities (creditor payments, outstanding
payments from clients).
Steps to Generate:
• Go to Gateway of Tally > Display > Balance Sheet.
• Set the period until the current date.
Report Output:
ABC Construction Pvt. Ltd.
Balance Sheet (As on 30-Sep-2024)
Liabilities:
Sundry Creditors:
Sharma Cement Suppliers ₹50,000
Capital Account:
Owner’s Capital ₹3,05,000
-----------------------------
Total Liabilities ₹3,55,000

Assets:
Sundry Debtors:
XYZ Developers ₹2,00,000
Bank Account:
HDFC Bank ₹1,55,000
-----------------------------
Total Assets ₹3,55,000
3. Stock Summary Report
The stock summary report helps track the material quantities and their values available for
the project.
Steps to Generate:
• Go to Gateway of Tally > Display > Inventory Books > Stock Summary.
• This will show the available stock of items like cement, bricks, etc.
Report Output:
ABC Construction Pvt. Ltd.
Stock Summary (As on 30-Sep-2024)
Item Opening Inwards Outwards Closing Value
-----------------------------------------------------------
Cement 0 100 Bags 50 Bags 50 Bags ₹25,000
Bricks 0 500 Nos 300 Nos 200 Nos ₹10,000
Steel 0 200 Kg 100 Kg 100 Kg ₹50,000
4. Outstanding Payables Report
This report shows amounts owed to suppliers and subcontractors, making it easier to
manage payments.
Steps to Generate:
• Go to Gateway of Tally > Display > Statements of Accounts > Outstandings >
Payables.
Report Output:
ABC Construction Pvt. Ltd.
Outstanding Payables (As on 30-Sep-2024)
Party Name Amount
------------------------------------
Sharma Cement Suppliers ₹50,000
ABC Constructions ₹0 (Paid)
------------------------------------
Total Outstanding Payables ₹50,000
5. Outstanding Receivables Report
This report helps track the outstanding amounts receivable from clients (e.g., billings that
haven't been fully paid yet).
Steps to Generate:
• Go to Gateway of Tally > Display > Statements of Accounts > Outstandings >
Receivables.
Report Output:
ABC Construction Pvt. Ltd.
Outstanding Receivables (As on 30-Sep-2024)

Party Name Amount

------------------------------------
XYZ Developers ₹2,00,000
------------------------------------
Total Outstanding Receivables ₹2,00,000
6. Cash/Bank Book
This report helps in understanding the cash and bank balances at any given point in the
project.
Steps to Generate:
• Go to Gateway of Tally > Display > Cash/Bank Books > Select the HDFC Bank
Account.
Report Output:
ABC Construction Pvt. Ltd.
HDFC Bank Account (1-Apr-2024 to 30-Sep-2024)
Date Particulars Debit Credit Balance
----------------------------------------------------------------------
01-Apr-24 Opening Balance ₹0
02-Apr-24 Sharma Cement Suppliers ₹50,000 ₹50,000
10-Apr-24 ABC Constructions ₹1,00,000 ₹1,50,000
20-Apr-24 XYZ Developers ₹3,00,000 ₹1,50,000
----------------------------------------------------------------------
Closing Balance ₹1,55,000
7. Trial Balance
The trial balance report provides a comprehensive list of all ledgers with debit and credit
balances. This helps in checking the accuracy of accounting entries.
Steps to Generate:
• Go to Gateway of Tally > Display > Trial Balance.
Report Output:
ABC Construction Pvt. Ltd.
Trial Balance (As on 30-Sep-2024)

Ledger Name Debit (₹) Credit (₹)

--------------------------------------------------
Cement Purchase 50,000
Subcontractor Payment 1,00,000
Machinery Rent 20,000
GST Payment 25,000
XYZ Developers 5,00,000
Sharma Cement Suppliers 50,000
HDFC Bank 1,55,000
--------------------------------------------------
Total 3,50,000 5,50,000
8. GST Reports
For businesses dealing with sales and purchases, GST reports are essential for tax filing. Tally
provides detailed reports on input tax (GST on purchases) and output tax (GST on sales).
Steps to Generate:
• Go to Gateway of Tally > Display > Statutory Reports > GST > GST Returns.
Report Output:
ABC Construction Pvt. Ltd.
GST Return Summary (Period: 1-Apr-2024 to 30-Sep-2024)
GST on Sales:
Contract Sales (₹5,00,000) GST: ₹90,000
GST on Purchases:
Cement Purchase (₹50,000) GST: ₹9,000
Total GST Payable: ₹81,000
9. Ledger Reports
For a detailed look into any ledger account, you can generate individual ledger reports, such
as the XYZ Developers account to track receivables.
Steps to Generate:
• Go to Gateway of Tally > Display > Account Books > Ledger > XYZ Developers.
Report Output:
ABC Construction Pvt. Ltd.
XYZ Developers Ledger (1-Apr-2024 to 30-Sep-2024)
Date Particulars Debit Credit Balance
----------------------------------------------------------------------
05-Apr-24 Contract Sales ₹5,00,000 ₹5,00,000
15-Apr-24 Payment Received ₹3,00,000 ₹2,00,000
----------------------------------------------------------------------
Closing Balance ₹2,00,000