The user-defined account group needs to be created for Consignment/Branch Transfer inward and outward. This is to bifurcate the value of stock transfers and actual purchases/sales and capture the values in Profit & Loss Accounts.
Go to Gateway of Tally > Accounts Info. > Group > Create
Enter the Name for the Account Group
Select Primary in Under field
Select the Nature of Group as Expenses
Set Does it affect Gross Profit to Yes
Retain the settings of the other fields
Press Y or Enter to accept and save.
Go to Gateway of Tally > Accounts Info. > Ledgers > Create
Enter the Name of the ledger as Consignment/Branch Transfer Inward
In the Under field, select Stock Transfer - Inward from the List of Groups
Set the field Inventory values are affected to Yes
Set the field Used in VAT Returns to Yes
Select the VAT/Tax Class as Consignment/Branch Transfer Inward
Accept the purchase ledger.
Go to Gateway of Tally > Accounts Info. > Group > Create
Enter the Name for the Account Group
Select Primary in Under field
Select the Nature of Group as Income
Set Does it affect Gross Profit to Yes
Retain the settings of the other fields
Press Y or Enter to accept and save.
Go to Gateway of Tally > Accounts Info. > Ledgers > Create
Enter the Name of the ledger as Consignment/Branch Transfer Outward
In the Under field, select Stock Transfer - Outward from the List of Groups
Set the field Inventory values are affected to Yes
Set the field Used in VAT Returns to Yes
Select the VAT/Tax Class as Consignment/Branch Transfer Outward
Accept the sales ledger.
The grouping of ledgers under user-defined Account group will bifurcate the values of purchases / sales from stock transfers in Profit & Loss Account.
'Consignment/Branch Transfer Ledgers' has been shared with
