How to Use Groups in Tally
Introduction
Tally follows the modern way of managing accounts called 'Single Ledger' concept of accounting. This is in direct contrast to Subsidiary Ledger Accounting. All financial entries are made using ledgers or account heads. Ledger accounts are created to identify transactions.
Classification of Account Heads
Usually, grouping of accounts is done only when reports are needed. This may result in delay in preparing the reports. Tally allows you set up chart of accounts.
You can group the ledger accounts while creating them. This will enable your reports and statements to reflect the desired classification at any point. In Tally, you can also re-group the ledgers (with some minimal restrictions) if re-classification is necessary. Re-grouping becomes necessary whenever there is a change in the nature of information. However, re-grouping can be done only by users who have authorised rights.
At the highest level of grouping, accounts are classified into capital or revenue — specifically into assets, liabilities, income and expenditure. Based on mercantile accounting principles, Tally provides a set of reserved groups and allows you to modify their names or create sub-groups.
Sub-Groups
The Reserved Primary Groups and subgroups are:
Primary Groups of Capital Nature
a) Reserves and Surplus [Retained Earnings]
2. Current Assets
a) Bank Accounts
b) Cash-in hand
c) Deposits (Asset)
d) Loans & Advances (Asset)
e) Stock-in-hand
f) Sundry Debtors
3. Current Liabilities
a) Duties and Taxes
b) Provisions
c) Sundry Creditors
d) Fixed Assets
4. Investments
5. Loans (Liability)
• Bank OD Accounts [Bank OCC Accounts]
a) Secured Loans
b) Unsecured Loans
6. Suspense Account
7. Miscellaneous Expenses (Asset)
8. Branch/Divisions
9. Sales Account
10. Purchase Account
11. Direct Income [Income Direct]
12. Indirect Income [Income Indirect]
13. Direct Expenses [Expenses Direct]
14. Indirect Expenses [Expenses Indirect]
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Accept the screen and
Press Esc
Now Create Ledger (single)
Gateway of Tally - Accounts Info –Ledger (Enter)
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Create Legers Like Bellow :
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Press Ecs Goto Gateway of Tally and Select Voucher Enrty :
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