Groups are collection of ledgers of the same nature. Account groups are maintained to determine the hierarchy of Ledger Accounts, which is helpful in determining and presenting meaningful and compliant reports. Using this you can generate reports, which are meaningful as well as compliant with laws.
At the highest level, accounts are classified into Capital or Revenue – and more specifically into Assets , Liabilities , Income and Expenditure .
Tally.ERP 9 provides you with 28 pre-defined Groups . Of these 15 are Primary Groups and 13 are Sub-Groups . You can also create your own groups, either as Sub-groups or Primary groups . Groups can be sub-classified to an unlimited level to give a virtual accounting tree. The lowest level would be the Ledger Account. All Voucher entries are passed using ledgers. You can create the required chart of accounts. You can group the Ledger accounts under the required Groups at the time of creating the chart of accounts or you can alter them at any time.
Tally.ERP 9 has pre-defined ledgers for Cash (under Cash-in-hand group) and for the Profit & Loss A/c (under primary group).
● Create, Alter, Delete Account Groups
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