Expense ledgers must be created separately for expense accounts.
To create an expenses or income ledger
Go to Gateway of Tally > Accounts Info. > Ledgers > Create
The expense Ledger Creation screen appears as shown below:
Select Yes for the option Inventory values are affected? if your company maintains accounts with inventory.
Note: Tally.ERP 9 does not restrict you to particular accounts as you may require to link inventory with accounts like customs duty, or direct expenses related to purchases such as freight inwards.
To get the option Cost Centers are applicable? in the Ledger Creation screen, you have set Maintain Cost Centres to Yes in F11: Features:F1:Accounting Features.
Set the option Cost Centers are applicable? to Yes If any of the transactions need to be allocated to any particular cost center (which involves this ledger).
Set the option Activate Interest calculation to Yes to enable interest calculation automatically based on the interest rate and style of calculation specified.
Set the option Use advanced parameters to Yes to enable the advanced parameters for interest rates that change from time to time.
Enter Mailing Details. By default, the mailing details for grouped incomes/ expenses groups is skipped.
To enter mailing details for Income/Expense ledgers
Click F12: Configure.
The Ledger Configuration screen appears as shown below:
Set the option Use addresses for revenue accounts? to Yes to enter name, address, state, PIN code and PAN/IT No.
Set the option Use contact details to Yes to enter name of the contact person, telephone number, fax number, the e-mail IDs and website.
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