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
Enable Inventory values affected option if you maintain accounts with inventory. However, you can use this option for accounts like Customs Duty, direct expenses related to purchases such as Freight Inwards and so on.
Enable Cost Centres are applicable to allocate transactions to a particular Cost Center. You have to set Maintain Cost Centres to Yes in F11: Accounting Features, to get this option in the Ledger creation screen.
Set the option Activate Interest calculation to Yes to calculation of interest automatically based on the interest rate and style of calculation specified for this ledger account.
Set the option Use advanced parameters to Yes to use advanced parameters when interest rates change from time to time.
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