Jan 16, 2009

Creation of a Ledger Account

The information required for creation of ledgers depends on the features opted by you. If the setting of the Accounting Features [F:11] of your company is No for all options, your ledger creation screen would need minimal information.

It should be noted that Tally automatically creates two ledger accounts, viz., Cash (under Cash-in-hand) and Profit & Loss Account (direct Primary account). It does not make any other presumptions. You must create all other account

heads. There are no restrictions in ledger creation except that you cannot create another Profit & Loss A/c (actually an account that behaves like one). You may create any number of Cash accounts (by another name like "Petty Cash" ).

You will, now, be guided to create a ledger account with minimal information. For discussions on additional features, please refer to 'Advanced Usage'.

Gateway of Tally > Accounts Info. > Ledgers > Single Create

Feel free to give the full name of the account. Tally fits it all in. Press to move to the next field. Tally does not allow duplicate names. The uniqueness check is made here itself instead of after you have entered all other information.

You will find that punctuation and other non-relevant information are ignored by Tally in its recognition of a name, Thus, CST, C.S.T. and C. S. T. are all considered identical.

You will now actually experience the small conveniences, which you would soon take for granted. You notice that Tally converts the first letter of all relevant words to upper case which helps you speed up your data entry. You need not bother about changing the case every time it is a different word.

All accounts must be classified in their appropriate groups. (You should go through the post on Groups now if you not already done so). You must specify which group the ledger falls under.

Note: You may always create a new group by pressing +.

A Group is not important by itself, but because it controls the usage of ledger accounts. A wrong classification would affect the treatment of the ledger account in final statements and during voucher entry. You can, of course, alter a ledger account to change its group classification at any time.

Note: alter a ledger or a group from any display by +.
If your group is sundry creditors/debitors than tally ask whether Maintain balance bill by bill, If it yes than it ask credit period in day, enter the details.
Enter the relevent details like address, state, pincode, phone/fax no, income tax no, sales tax / tin no, contact person etc.
then it ask accept yes or no, If you give yes ledger account is saved else it go for editing the details.

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