lets understand how to create ledger in tally
Create Ledger in tally
what is ledger in tally?
A ledger is the actual account head to identify your transactions and are used in all accounting vouchers. For example, purchase, sales,Payments, receipts,Journal and others accounts heads are ledger accounts. Without a ledger, you cannot save any transaction.
All ledgers have to be classified into groups . These groups and ledgers are classified into profit and loss or balance sheet.
There are only two pre-defined ledgers in Tally that’s the reason tally is difficult for whom which did belongs from commerce field
● Cash ledger
● Profit and loss account
Cash Ledger :
The cash ledger is grouped under cash-in-hand. You can enter the opening balance as on the day the books begin.This ledger can be altered and deleted.
Profit and loss account :
The profit and loss account ledger is grouped under primary.
The previous year’s profit or loss is entered as opening balance of the ledger. The balance entered is the opening profit/loss. It is shown in the balance sheet as opening of the profit and loss account in the liabilities.This ledger can not be deleted but it can be modified.This ledger is use for profit and lost adjustment ending on financial year.
Create Single Ledger in tally
- Go to Gateway of Tally > Accounts Info. > Ledgers > Create. The Ledger Creation screen appears as shown below:
- Enter the Name of the ledger account. Duplicate names are not allowed.
- Enter the alias of the ledger account, if required. You can access the ledgers using the original name or the alias name.
- Select a group category from the List of Groups.
- inventory values are affected is set default on No leave as it is.
- Enter name ,address,pan no,etc
Tip: To create a new group from this field, press Alt+C .
You can alter a ledger account to change its group classification at any time. See Importance of Grouping and Accounting Classifications for more details.
6. Enter the Opening Balance. The opening balance is applicable when the ledger is an asset or a liability, and also if it has a balance in the account as on the date of beginning of books.
You can alter any information of the ledger master with the except for the closing balance under the group stock-in-hand .
To display/alter ledger
● Go to Gateway of Tally > Accounts Info. > Ledgers > Display or Alter .
Modification of account ledgers is possible for single ledgers as well as multiple ledgers. However for multiple ledgers, all the fields are not available for alteration.
To delete a ledger
● Go to Gateway of Tally > Accounts Info > Ledgers > Alter > Press Alt+D .
Tip: You can delete the ledger if no vouchers have been created under it. If you want to delete a ledger for which vouchers have been created, you have to first delete all the vouchers from that ledger and then delete the ledger account.