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Chart of Accounts in TallyPrime

TallyPrime gives you great flexibility to set up your chart of accounts. It allows you to group your ledger accounts right at the time of the creation of your accounts’ chart. Your reports and statements reflect the desired classification at all times.

The list of accounts displays the existing chart of accounts that are listed as groups in alphabetical order.

View Chart of Accounts in TallyPrime

Press Alt+G (Go To) > type or select Chart of Accounts > select the type of master you want to see in Chart of Accounts and press Enter.
Alternatively, Gateway of Tally > Chart of Accounts > select the type of master you want to see in Chart of Accounts.
Alternatively, At the highest level, accounts are classified into Capital or Revenue – and more specifically into Assets, Liabilities, Income and Expenditure.
- Press Enter to drill down to a ledger name to alter its details.
- Press Shift+Enter to reduce the details, if needed.
- To record detailed transactions, you have to add more ledgers, groups and sub-groups of your choice, as applicable.
  The ledgers in the Books of Accounts affect assets, liabilities, incomes, or expenses.
  TallyPrime can generate a Profit & Loss A/c and Balance Sheet immediately after a transaction has been entered.
  It can also generate a range of comprehensive financial statements and reports.

Accounting Masters in Chart of Accounts

Accounting masters are the pre-defined masters for your accounting information system. For instance, a ledger is a pre-defined master in the report, and the groups are the pre-defined masters under which ledgers are classified. TallyPrime has several accounting masters for recording transactions.

Groups

Groups are a collection of ledgers of the same kind that are maintained to determine the hierarchy of ledger accounts. This helps in presenting reports that are meaningful and compliant with the government and department laws. Chart of Accounts displays all the ledgers.

Press Alt+G (Go To) > type or select Chart of Accounts and press Enter.
Alternatively, Gateway of Tally > Chart of Accounts.
Type or select Groups and press Enter.

To know more about Groups in TallyPrime, refer to the topic Groups in TallyPrime.

Ledgers

Ledgers are used to store bookkeeping entries and affect assets, liabilities, income, or expenses in the Balance Sheet. Cash, accounts receivable, investments, and expenses are some examples of ledgers. Ledgers help in maintaining all the transactions. Once you record a transaction with appropriate ledgers, you can view the impact on Balance Sheet and Profit & Loss A/c. The report displays all the ledgers.

Press Alt+G (Go To) > type or select Chart of Accounts and press Enter.
Alternatively, Gateway of Tally > Chart of Accounts.
Type or select Ledgers and press Enter.

To know more about Ledgers in TallyPrime, refer to the topic Ledgers in TallyPrime.

Voucher Types

TallyPrime has a total number of 24 pre-defined Voucher Types for recording accounting entries, inventory vouchers, payroll transactions, and sales & purchase orders. You have the flexibility to create more voucher types in TallyPrime under the pre-defined ones as per your requirement. You can view Voucher Types in the report.

Press Alt+G (Go To) > type or select Chart of Accounts and press Enter.
Alternatively, Gateway of Tally > Chart of Accounts.
Type or select Voucher Types and press Enter.

To know more about Voucher Types in TallyPrime, refer to the topic Voucher Types in TallyPrime.

Cost Categories

By default, all the cost centres created in TallyPrime are under Primary Cost Category. However, you can create a cost category to allocate the same incomes and expenses to parallel sets of cost centres or profit centres. Chart of Accounts displays all the Cost Categories created in TallyPrime.

Press Alt+G (Go To) > type or select Chart of Accounts and press Enter.
Alternatively, Gateway of Tally > Chart of Accounts.
Type or select Cost Categories and press Enter.

To know more about Cost Categories, refer to the Use Cost Category for Parallel Allocation section in the topic Cost Centre or Profit Centre Allocation.

Cost Centres

With cost centres in TallyPrime, you can maintain your incomes and expenses as per different business units, departments, projects, and so on. You can create one or more cost centres in TallyPrime and allocate the breakup of incomes and expenses to different cost centres or profit centres. Thereafter, you can view your incomes and expenses under the cost centres using various reports provided in TallyPrime. You can view cost centres in Chart of Accounts too.

Press Alt+G (Go To) > type or select Chart of Accounts and press Enter.
Alternatively, Gateway of Tally > Chart of Accounts.
Type or select Cost Centres and press Enter.

To know more about Cost Centres in TallyPrime, refer to the topic Cost Centre or Profit Centre Allocation.

Currencies

Your business may be having multi-currency transactions, especially when a foreign party (customer or supplier) is involved. You can record transactions either in the base currency or foreign currency based on your requirement. All the currencies created in TallyPrime are displayed in the report.

Press Alt+G (Go To) > type or select Chart of Accounts and press Enter.
Alternatively, Gateway of Tally > Chart of Accounts.
Type or select Currencies and press Enter.

To know more about Currency in TallyPrime, refer to the topic Create, Alter, and Delete Currencies in TallyPrime (Multi-Currency Accounting).

Budgets

In your business, you may be preparing a plan for the flow of funds containing financial guidelines for the future or a selected period. Budgeting helps you to use your funds effectively and also provides information for an evaluation of financial activities in your organization. You can prepare budgets in TallyPrime for specific purposes. You can view budgets in the report.

Press Alt+G (Go To) > type or select Chart of Accounts and press Enter.
Alternatively, Gateway of Tally > Chart of Accounts.
Type or select Budgets and press Enter.

To know more about Budgets in TallyPrime, refer to the topic Budgets in TallyPrime.

Scenarios

TallyPrime provides a management tool that you can use for projecting the accounts and inventory-related information. You can create, select, and include only certain types of vouchers without affecting the source data and create scenarios in TallyPrime. You can also use the management tool to forecast the expenses by recording provisional vouchers and including them in your reports. The report displays all the scenarios created in TallyPrime.

Press Alt+G (Go To) > type or select Chart of Accounts and press Enter.
Alternatively, Gateway of Tally > Chart of Accounts.
Type or select Scenarios and press Enter.

To know more about Scenarios in TallyPrime, refer to the topic Scenarios in TallyPrime.

Create Multiple Ledgers using Chart of Accounts | Multi-Ledger Creation

Press Alt+G (Go To) > Chart of Accounts > Ledgers > press Enter.
Press Alt+H (Multi-Masters) > Multi Create and press Enter.
In the Multi Ledger Creation screen, provide the required ledger details.
1. Under Group: Press Backspace to change the parent group, if needed. By default, the primary group for ledger creation is set as All Items. You can also press Alt+H (Change Parent Group) to alter the group.
2. Name of Ledger: Enter the ledger name.
3. Under: Select the parent group for that ledger from the List of Groups.
  Note: If you have selected a specific parent group in Under Group, the Under field gets prefilled in each row without you having to select the group again.
  Press Alt+C to create a parent group if needed.
4. Enter the Opening Balance.
To provide other details based on the ledger you have created, press Ctrl+I (More Details).
1. If you are creating a Bank ledger, under More Details, select Bank A/c Details or Bank Configurations.
2. If you are creating a Party Ledger, you can similarly select Mailing Details or Contact Details.
  The details will be added to the selected ledger.
Once you have provided the details for all the ledgers, as always, press Ctrl+A to save.

If you need to change details of multiple ledgers at any point, you can do so from Chart of Accounts. Say you want to change the Bank A/c Details for your bank ledger.

In Chart of Accounts, press Alt+H (Multi-Masters) > Multi Alter > press Enter.
Select the bank ledger, press Ctrl+I (More Details) > Bank A/c Details > alter the required details.
Similarly, you can alter other details quickly without having to open the ledgers individually.
You can also select a ledger name, press Ctrl+Enter to open the Ledger Alteration screen and make necessary alterations.

Change Parent Group

At any point, if you need to change the parent group of one or more ledgers, press Ctrl+H (Change Parent Group) and select the required group. This helps you to quickly change the group of a set of ledgers in one go.

Set Credit Limit

You might have some parties whom you transact with regularly. Considering your business practice or healthy relationship with your parties, you may want to set a credit limit when you make a sale to the parties.

Press Alt+H (Multi-Master) > Credit Limits > select the group.
You can set credit limits for ledgers created under Sundry Creditors, Sundry Debtors, and Branch / Divisions.
In the Credit Limits column against each party name, enter the desired amount. This means, you have allowed the party to purchase or sell items on credit up to the limit set here.
As always, press Ctrl+A to save.

Zero Opening Balance

In case you need to remove the opening balance from the ledgers under one or all groups

In Chart of Accounts > press Alt+H (Multi-Master) > Multi Alter.
Press Alt+B (Zero Opening Balance).

The opening balance against all the ledgers under that group is removed immediately.

Inventory Masters in Chart of Accounts

Your business may involve movement, sales, or purchase of a set of stock items. The inventory masters in TallyPrime enable you to manage your inventory and track the movement of stock items.

Stock Groups

Stock Groups help you in managing stock items and locating them, especially when a set of stock items share a common feature such as brand, product type, the material used, and others. In TallyPrime, you can get a consolidated view of total stock items available under a specific stock group and the report displays all the stock groups.

Press Alt+G (Go To) > type or select Chart of Accounts and press Enter.
Alternatively, Gateway of Tally > Chart of Accounts.
Type or select Stock Groups and press Enter.

To know more about Stock Groups in TallyPrime, refer to the section Classify Stocks Items | Stock Groups and Stock Categories in the topic Manage Your Stock Items.

Stock Items

You may be selling or purchasing a set of stock items in your business, because of which you need to manage your inventory. In TallyPrime, you can create stock items so that you can manage your inventory. Furthermore, you can view all the stock items in chart of accounts.

Press Alt+G (Go To) > type or select Chart of Accounts and press Enter.
Alternatively, Gateway of Tally > Chart of Accounts.
Type or select Stock Items and press Enter.

To know more abut Stock Items in TallyPrime, refer to the topic Manage Your Stock Items.

Stock Categories

There can be stock items under different groups with some common properties such as cost, material used, or brand. In such cases, you can create Stock Categories and assign the same to related stock items to manage your inventory. Chart of Accounts displays all the Stock Categories created in TallyPrime.

Press Alt+G (Go To) > type or select Chart of Accounts and press Enter.
Alternatively, Gateway of Tally > Chart of Accounts.
Type or select Stock Categories and press Enter.

To know more about Stock Categories in TallyPrime, refer to the section Classify Stocks Items | Stock Groups and Stock Categories in the topic Manage Your Stock Items.

Units

You may be selling or purchasing stock items measured as per specific units, depending on your business practice. In TallyPrime, you can create units and also alternate units to manage stock items and the report displays all the units created in the product.

Press Alt+G (Go To) > type or select Chart of Accounts and press Enter.
Alternatively, Gateway of Tally > Chart of Accounts.
Type or select Units and press Enter.

To know more about Units in TallyPrime, refer to the section Create Units for Stock Items in the topic Manage Your Stock Items.

Godowns

You may be storing stock items in warehouses or godowns. In TallyPrime, you can create godowns and manage the movement of the incoming or outgoing stock item as per the actual movement of items from the corresponding godowns. You can view Godowns in the report.

Press Alt+G (Go To) > type or select Chart of Accounts and press Enter.
Alternatively, Gateway of Tally > Chart of Accounts.
Type or select Godowns and press Enter.

To know more about Godowns in TallyPrime, refer to the topic Manage Inventory Storage Using Godowns/Locations in TallyPrime.

Payroll Masters in Chart of Accounts

Your business may be involving a number of employees to which you must be making payment on a particular date as per the salary cycle followed in your business. In TallyPrime, you can maintain payroll of employees using Payroll masters. This enables you to keep an account of sum transferred to your employees.

Employee

The Employee master in TallyPrime helps you record all the payments made to a particular employee in your organisation. Along with basic details, you can also enter the details of Payment, Statutory, and Contract details. Chart of Accounts displays all the Employees created in TallyPrime.

Press Alt+G (Go To) > type or select Chart of Accounts and press Enter.
Alternatively, Gateway of Tally > Chart of Accounts.
Type or select Employees and press Enter.

To know more about Employee master in TallyPrime, refer to the topic Create Employees in TallyPrime (Payroll).

Employee Groups

Employee Groups in TallyPrime help you classify employees based on their function or roles that they perform in your organisation. You can also define salary structures at the employee group level to apply a common salary structure to a set of employees in your organisation. You can view all the Employee Groups in the report.

Press Alt+G (Go To) > type or select Chart of Accounts and press Enter.
Alternatively, Gateway of Tally > Chart of Accounts.
Type or select Employee Groups and press Enter.

To know more about Employee Groups in TallyPrime, refer to the topic Create Employee Groups in TallyPrime (Payroll).

Employee Categories

Employee categories help you classify employees so that you can track salary paid to employees working on a particular project or region. This helps you analyse the cost of the project or a particular region/office. The report displays all the Employee Categories created in TallyPrime.

Press Alt+G (Go To) > type or select Chart of Accounts and press Enter.
Alternatively, Gateway of Tally > Chart of Accounts.
Type or select Employee Categories and press Enter.

To know more about Employee Categories in TallyPrime, refer to the topic Create Employee Categories in TallyPrime (Payroll).

Pay Heads

Basically, pay head is the salary components constituting an employee’s pay structure. You can define Pay Heads in TallyPrime, which you can use while processing payroll of employees. You can view all the Pay Heads in Chart of Accounts.

Press Alt+G (Go To) > type or select Chart of Accounts and press Enter.
Alternatively, Gateway of Tally > Chart of Accounts.
Type or select Pay Heads and press Enter.

To know more about Payheads in TallyPrime, refer to the topic Create Pay Heads and Define Income Tax Details in TallyPrime (Payroll).

Attendance/Production Types

Attendance/Production Type is the basic unit used to calculate the pay of employees. This helps you track productivity of employees. Attendance/Production Types depend on the Pay Heads that comprise of the employees’ pay structure. All the Attendance/Production Types created in TallyPrime can be viewed in the report.

Press Alt+G (Go To) > type or select Chart of Accounts and press Enter.
Alternatively, Gateway of Tally > Chart of Accounts.
Type or select Attendance/Production Types and press Enter.

To know more about Attendance/Production Types in TallyPrime, refer to the topic Create Attendance or Production Types in TallyPrime (Payroll).

Display Unused Masters in Chart of Accounts

There may be some unused masters in TallyPrime. For instance, you may have created a ledger that you have never used in any transaction.

Any unused masters in the list of accounts can be identified and removed in one shot.

Gateway of Tally > Chart of Accounts > Ledger and press Enter.
Alternatively, press Alt+G (Go To) > type or select Chart of Accounts > Ledger and press Enter.
View Exception Reports, if needed.
1. Press Ctrl+J (Exception Reports) to view the exceptions related to the data displayed in the current report by pressing.
2. Press Ctrl+J (Exception Reports) > type or select Show Unused > and press Enter.
Press Esc to view the default report.
The List of Ledgers (Unused) appears as shown below:

Similarly, unused groups, cost categories, cost centres, budgets and scenarios, currencies, units of measure, godowns, and so on can be filtered.

View Altered and Deleted Masters in Chart of Accounts

There may be a scenario that your auditor or you may want to view masters that are altered in TallyPrime. In Chart of Accounts, you can view Altered masters. For instance, you may want to view the altered ledgers in TallyPrime. In TallyPrime Edit Log and TallyPrime Release 2.1 with Edit Log enabled, you can view altered and deleted masters in Chart of Accounts.

Open Chart of Accounts.
1. Press Alt+G (Go To) and type or select Chart of Accounts and press Enter.
2. Type or select Ledger press Enter.
Press Ctrl+B (Basis of Values).
The Basis of Values sub-screen appears.
Configure Chart of Accounts to view Altered ledgers.
1. Select Show Report for and press Enter.
  
  The Report Details screen appears.
2. Press Enter on Altered Ledgers.
  Consequently, the option Include Deleted Ledgers will also be set to Yes. This will include the ledgers that you have deleted in TallyPrime with Edit Log enabled. Press Enter to set it as No, if you do not want to view the deleted ledgers.
  1. By default, the report will open for All Ledgers (Altered & Non-Altered).
  2. If you select Non-Altered Ledgers, then the report will open for ledgers that are never altered in TallyPrime.
    Consequently, the option Include Deleted Ledgers will be set to No. You cannot set it to Yes, if you are viewing the report for Non-Altered Ledgers, as deletion is also a form of alteration.
3. Press Ctrl+A.
  The List of Altered Ledgers appears as shown below.

Similarly, you can view Chart of Accounts for Altered and Deleted stock items and groups.

To view Edit Log for masters, refer to the following sections:

View Edit Log for Ledgers section in the Ledgers in TallyPrime topic.
View Edit Log for Stock Items section in the Manage Your Stock Items topic.
View Edit Log for Groups section in the Groups in TallyPrime topic.

Remove Opening Balance from All Ledgers and Stock Items

In your business, you might be opening a new branch or office at a specific location and therefore, want to maintain the transactions from the new branch separately. In this case, if you need to use the same set of ledgers and stock items that you are already using in the main branch, you can reuse them without any hassle. Simply export the existing company masters and import them to the new company for the new branch. Remove the opening balances from all the ledgers and stock items in one shot. Thereafter, enter the opening balances applicable to the new branch or office.

To remove Opening Balance from all ledgers, follow the steps given below.

Press Alt+G (Go To) > type or select Chart of Accounts > Ledgers and press Enter.
Alternatively, Gateway of Tally > Chart of Accounts > Ledgers and press Enter.
Press Alt+H (Multi-Masters) > Multi Alter > All Items or select the group from the List of Groups and press Enter.
The Multi Leger Alteration screen appears.
Press Alt+B (Zero Opening Balance).
Press Ctrl+A to save.

Once the Opening Balances for all ledgers are zero, you can enter the applicable Opening Balance for the new branch or office and continue working.

Similarly, you can remove Opening Quantity for Stock Items too.

Press Alt+G (Go To) > type or select Chart of Accounts > Stock Items and press Enter.
Alternatively, Gateway of Tally > Chart of Accounts > Stock Items and press Enter.
Press Alt+H (Multi-Masters) > Multi Alter > All Items or select the group from the List of Groups and press Enter.
The Multi Leger Alteration screen appears.
Press Alt+B (Zero Opening Balance).
Press Ctrl+A to save.

You can also watch the video How to Remove Opening Quantity from Multiple Stock Items in TallyPrime to learn the process.

Manage Multiple Stock Items – Multi Create & Multi Alter Using Chart of Accounts

You can create a single stock item or multiple stock items, and configure the details as per your requirement. You can also view, alter or delete these stock items.

In this section

Create Multiple Stock Items
Alter Multiple Stock Items
Delete a Stock Item

Create Multiple Stock Items | Multi Create

In TallyPrime, you can create or alter multiple stock items in one-go. You can also delete the stock items, if needed.

Gateway of Tally > Chart of Accounts > Stock Items and press Enter.
Alternatively, press Alt+G (Go To) > type or select Chart of Accounts > Stock Items and press Enter.
Press Alt+H (Multi-Masters) > select Multi Create.
Select the stock group in the field Under Group.
When the feature to maintain stock item in batches is enabled in F11 (Features), the field Maintain in batches appears. If you are maintaining your stock items in batches, set this option to Yes. Set the manufacturing and expiry date options as needed.
1. Select All Items – If you need to assign different stock groups for each stock item that you are creating.
2. Select an existing stock group – If you are creating multiple stock items under an existing stock group.
3. Select Create – If you need to create a new stock group under which you will be creating multiple stock items.
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Note: You can add any number of sub-groups to an already created or selected group. The sub-groups inherit the characteristics of the parent groups.
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Accept the Multi Stock Item Creation screen. As always, press Ctrl+A to save.

You can use these stock items while recording transactions.

Alter Multiple Stock Items | Multi Alter

You can alter multiple stock items from Chart of Accounts. However, you cannot change the unit of measurement defined for the stock items that are used in transactions.

Gateway of Tally > Chart of Accounts > Stock Items and press Enter.
Alternatively, press Alt+G (Go To) > type or select Chart of Accounts > Stock Items and press Enter.
Press Alt+H (Multi-Masters) > select Multi Alter.
- You can change the name of the item, stock group, opening quantity, and rate.
- If you want to group all the stock items under a specific stock group, press Alt+H (Change Parent Group) > select the stock group in the Under Group field. The selected group will appear in the Under column for all the stock items.
- To alter any specific information in one column by skipping the other columns, press F12 (Configure) and set the options as needed.
Change the details as required and press Ctrl+A to save changes.

These changes will be automatically updated in all the transactions recorded using these stock items.

Delete Stock Items Using Chart of Accounts

You can delete stock items from Stock Item Alteration screen. If you want to delete the unused stock items that you do not trade with anymore, you can delete the same from the report.

It is important to note that a stock item cannot be deleted if it is used in a transaction.

Delete Stock Items one-by-one

Gateway of Tally > Alter > type or select Stock Item and press Enter.
Alternatively, press Alt+G (Go To) > Alter Master > type or select Stock Item and press Enter.
Select the required stock item > press Alt+D > select Yes to confirm deletion.

You cannot delete stock items from the Multiple Stock Item Alteration screen.

Delete Unused Stock Items in one-go

Gateway of Tally > Chart of Accounts > type or select Stock Items and press Enter.
Alternatively, press Alt+G (Go To) > type or select List of Accounts > type or select Stock Items and press Enter.
Press Ctrl+J (Exception Reports) > Show Unused > and press Enter. The unused stock items appear.
Select the stock items to be deleted. To select multiple stock items, press Spacebar, and select the required stock items.
Press Alt+D > select Yes to confirm deletion.

The selected stock items will be deleted.

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