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Synopsis of Explain Ledgers in Tally
Synopsis of Explain Ledgers in Tally
Party Accounts should be opened under Sundry Debtors or Sundry Creditors group with whom your company is trading. Customers (Sundry Debtors) who buy goods or services for cash or on credit. Suppliers (Sundry Creditors) who supply goods and services for cash or on credit. PARTY LEDGER, Go to Gateway of Tally > Accounts Info > Ledgers > Create Expenses / Income ledger Expense ledgers must be created for each of the expense account separately. EXPENSE/INCOME LEDGER, Go to Gateway of Tally > Accounts Info > Ledgers > Create DUTIES and TAXES LEDGER Tax Ledgers should be created under Duties and Taxes group which contains all tax accounts like VAT, CENVAT, Excise, Sales and other trade taxes and total liability. To create a Tax Ledger, Go to Gateway of Tally > Accounts Info > Ledgers > Create LIABALITY/ASSET LEDGER Accounts like Outstanding Liabilities, Statutory Liabilities and other minor liabilities can be created directly under Current Liabilities and Assets can be classified as Current assets and Fixed assets. To create Fixed Assets ledger, Go to Gateway of Tally > Accounts Info > Ledgers > Create