Purchase or sales ledgers are required for trading, repacking or in manufacturing products. Sales and purchase account groups are revenue accounts and are used in the profit and loss account.
1. Go to Gateway of Tally > Accounts Info. > Ledgers > Create .
2. Group it under Purchase Accounts for purchases or Sales Accounts for sales.
3. Select Yes for the option Inventory values are affected? if your company maintains accounts with inventory.
The Ledger Creation screen appears as shown below:
Note: You can link inventory with accounts like customs duty, or direct expenses related to purchases such as freight inwards.
To get the options for cost centre and interest calculation in the Ledger Creation screen, you have to enable the following options in set the option in F11: Features > Accounting Features :
● Set Maintain cost centres to Yes . In the ledger master, set the option Cost centers are applicable? to Yes i f any of the transactions need to be allocated to any particular cost center.
● Set Activate interest calculation to Yes to enable interest calculation automatically based on the interest rate and style of calculation specified.
● Set Use advanced parameters to Yes to enable the advanced parameters for interest rates that change from time to time.
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