Jan 24, 2009

Ledgers under which group?

It is very important while creating ledgers where ledgers to be placed under which group, The following are the common ledgers under the specified groups

1 Sales accounts group Sale @ 4% vat, Sale @ 12.5 %, sale @ 1% etc
2 Purchase accounts group purchase @ 4% vat, sale @12.5%, Sale @ 1% etc
3 Duties & tax account group Input tax @ 4%, output tax @4%, Input/ouput tax @12.5%
4 Sundry debtors group All clients accounts like Abc industries, Industrial traders etc.
5 Sundry creditors group All supplier accounts like Xyz tools, Abc Enterprises Etc.
6 Expenses group Telephone, Petrol, Rent, transport Etc.
7 Bank accounts group SBI, ICICI Bank, Axis Bank, City bank Etc.

If you opted for Tally for accounts only than it is ok, If you opted for Tally Accounts & Inventry than you have create
1 Stock group
2 stock categories
3 Stock items
4 Unit of measure
and modify voucher type as per your requirements.

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