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Ledgers in TallyPrime

The ledgers in TallyPrime or in the Books of Accounts affect assets, liabilities, income 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.

Predefined Ledgers in TallyPrime

All ledgers have to be classified into groups. These groups and ledgers are classified into profit and loss or balance sheet.

There are two pre-defined ledgers in TallyPrime:

• Cash ledger
• Profit and loss account

Create Ledgers in TallyPrime

You can create ledgers in different ways such as from a master, transaction, or a report as per your preference. Ledgers can be created in specific groups depending on your business process. For example, you can create a Bank ledger under Bank Account, a Sales ledger under Sales Account, or a Tax ledger under Duties and Taxes. Similarly, you can create a Party ledger under Sundry Creditor or Sundry Debtor depending on your sales and purchase needs. 

Note: If you deal with the same party for sales and purchase needs, the Party ledger created as creditor or debtor appears in the List of Ledgers whether you are billing for sales or purchase.    

In this section

• Single Ledger Creation
• Ledger Creation from Transaction or reporting
• Current Liabilities and Current Assets Ledgers
• Tax Ledger
• Rounding Method
• Expenses and Income Ledgers

Create a single ledger

1. Press Alt+G (Go To) > Create Master > type or select Ledger and press Enter.
   Alternatively, Gateway of Tally > Create > type or select Ledger and press Enter.
   
2. Enter the Name of the ledger account.
   Duplicate names are not allowed.
3. Enter the alias of the ledger account, if required.
   You can access the ledgers using the original name or the alias name.
4. Select a group category from the List of Groups.
   

   Note: To create a new group from this field, press Alt+C.
   You can alter a ledger account to change its group classification at any time. 

5. Enter the Opening Balance.
   The opening balance is applicable when the ledger is an asset or a liability, and also if it has a balance in the account as on the books beginning date.
6. Press Ctrl+A to save, as always.
   

   Note: For an existing company, debit balances for assets and credit balances for liabilities are applicable. You can enter balances for accounts that have obverse balances such as revenue accounts. For example, you may have transferred your books to TallyPrime in the middle of the year and may not have closed them in your earlier system. Hence, you must specify debit or credit for the balance.

Create ledger from transaction

You can create ledger during voucher creation from all the voucher types available in TallyPrime.

1. From Voucher Creation/Alteration screen, press Alt+C from ledger field.
   The Ledger Creation screen appears.
2. Create the ledger.

Current Liabilities and Current Assets ledgers in TallyPrime

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:

1. Press Alt+G (Go To) > Create Master > type or select Ledger and press Enter.
   Alternatively, Gateway of Tally > Create > type or select Ledger and press Enter. 
   The Ledger Creation screen appears.
2. Name: In this field mention the Ledger name. For example, Furniture and Fixture
3. Under: In this field select the group under which the ledger to be grouped. For example, Current Liabilities, Current Assets or Fixed Assets.
4. Enable Inventory values are 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.
   • In the Ledger Creation, press F12 (Configure) > set Use Inventory Allocations for Ledgers to Yes.
   • If you do not see this option:
     • Set Show more configurations to Yes.
     • Set Show all configurations to Yes.
       A sample ledger under Fixed Assets appears as shown below.
       
5. Press Ctrl+A to save, as always.

Tax Ledgers in TallyPrime

Tax Ledgers in TallyPrime should be created under Duties & Taxes group which contains all tax accounts like GST, VAT, CENVAT, Excise, Sales and other trade taxes and total liability.

1. Press Alt+G (Go To) > Create Master > type or select Ledger and press Enter.
   Alternatively, Gateway of Tally > Create > type or select Ledger and press Enter.
   The Ledger Creation screen appears.
2. Name: Ledger name. For example, Central Tax
3. Under: Duties & Taxes.
4. Type of Duty/Tax: Select based on statutory compliance applicable to your Company.
   For Indian statutory, Others is displayed by default .
   Depending on features in F11 (Company Features Alteration), more options can be included in the Type of Duty/Tax.
5. Enable Inventory values are 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.
6. Specify tax calculation details.
   1. Select the Percentage of Calculation the rate of tax e.g. 5%, 10%, 12.5%, as applicable.
      You can use an automatic discount calculation facility by specifying a negative percentage in this field. The group Duties & Taxes is used for automatic tax calculation.
      Once you select Percentage of Calculation, the Method of Calculation field starts appearing.
   2. Select appropriate options to calculate the Tax/Duty.
      
7. Press Ctrl+A to save, as in other masters.

Rounding Method

This is used to round off the duty value. By default, Rounding method is set as blank. Once you select a Rounding method, the Rounding limit option is displayed.

For example:

For duty value 123.33 and rounding Limit is 1. In this case:

• Downward rounding will show as 123.
• Normal rounding will show as 123.
• Upward rounding will show as 124.

For Duty value 125.55 and rounding Limit is 1. In this case:

• Downward rounding will show as 125.
• Normal rounding will show as 126.
• Upward rounding will show as 126.

Expenses and Income Ledgers

You can select the income or expenses account group to create ledgers.

1. Press Alt+G (Go To) > Create Master > type or select Ledger and press Enter.
   Alternatively, Gateway of Tally > Create > type or select Ledger and press Enter.
2. Enter the Name of the ledger. 
3. Select Indirect Expenses from the List of Groups in the Under field.
   

   Note: Select Indirect Incomes from the List of Groups if you want to create an income ledger.

4. Set the option Inventory values are affected? to Yes if your company maintains accounts with inventory you also want to allocate the ledger value to stock items.
   
5. Set Cost centres are applicable to Yes, if the transactions have to be allocated to a particular cost centre.
   If you do not see this option, then press F12 (Configure) > set Apply Cost Centres for Ledgers to Yes.
   If you do not see this option, ensure that Enable Cost Centres is set to Yes in F11 (Company Features) for your company.
6. Press Ctrl+A to save, as always.

Alter and Delete Ledgers

Depending on your business needs, you may need to update certain information in your ledgers after you have created them. In such cases, TallyPrime allows you to alter the details in the ledgers and use them as needed. Modification of account ledgers is possible for single ledgers as well as multiple ledgers. However, for multiple ledgers, all the fields are not available for alteration.

You can also delete ledgers from your Company Data, if you are no longer using the ledgers or you have accidentally created any ledgers. However, there are certain situations where deleting a ledger will have the following dependencies. 

• You cannot delete a ledger that is already used in a voucher. Therefore, you will need to first delete all the vouchers related to the ledger and then delete that ledger.
• You cannot delete a ledger that is referenced in any voucher class, configurations or other masters. You will need to remove the references of the ledger from all such cases, before deleting that ledger.

Display/alter ledger

1. Press Alt+G (Go To) > Alter Master > type or select Ledger and press Enter.
   Alternatively, Gateway of Tally > Alter > type or select Ledger and press Enter.
   The Ledger Alteration screen appears.
2. Alter the details, as required, and save the ledger.
   You can alter any information provide in the ledger master with the exception for the closing balance under the group Stock-in-Hand.

Delete ledger

You can delete a ledger from the Ledger Alteration screen itself.    

1. Alternatively, press Alt+G (Go To) > Alter Master > type or select Ledger and press Enter.
   Alternatively, Gateway of Tally > Alter > type or select Ledger and press Enter.
2. Select the ledger from the List of Ledgers.
   The Ledger Alteration screen appears.
3. Press Alt+D to delete the ledger.

You can alter or delete the ledgers and other masters from the Chart of Accounts as well. Using Chart of Accounts, you can alter multiple masters in one go and delete masters from a single screen.

View Edit Log for Ledgers

You may be making changes in the ledgers as per your requirement. For instance, you may update GSTIN/UIN or the Mailing Details, based on the information you receive from your customer or vendor. Edit Log tracks all such changes made by you. 

1. Open the Group.
   1. Press Alt+G (Go To) > type or select Chart of Accounts and press Enter > select Group and press Enter. 
      Alternatively, press Alt+G (Go To) > Alter Master > Type or select Group and press Enter.
   2. Type or select the name of the Group and press Enter.
      The Group Alteration screen appears.
      If you drill-down on a deleted Group from Chart of Accounts, then the Edit Log report opens.
2. Press Alt+Q (Edit Log). 
   Alternatively, press Ctrl+O (Related Reports) > Edit Log and press Enter.
   The Edit Log report displays Version, Activity, Username, and Date & Time.
   
   Refer to Activities Tracked Under Edit Log to know more.
3. Select the version and press Enter. 
   The Differences Between Edit Log Versions screen appears.
   
   You can view the details of changes made in the selected version of the ledger as compared to its previous version.
   TallyPrime highlights the changes made in the ledger as compared to its previous version in red text.
   Similarly, you can drill down to any version and view the comparison between the version and its previous one.
   Note: you will not be able to drill down on the Resaved version as there are no data of changes between the versions. 
   To know more about the report, refer to Differences Between Edit Log Versions.
4. Configure the report to compare the versions, as needed.
   1. Press F12 (Configure) and: 
   2. Show altered values only: Yes. 
      Subsequently, only the values that you have changed in the ledger will be highlighted in red text.
      For instance, if you have changed the address of a party or its GSTIN, then you will be able to view that. 
      Set it as No, if you do not want to view those values. 
   3. Show configuration-based value (such as Yes/No, or change from blank to Not Applicable/Primary): Yes. 
      Subsequently, you will be able to view the difference in the configurations of both the versions.
      For instance, if you have set Maintain balances bill-by-bill to No in the newer version, then the report will display the same. 
      Set it as No, if you do not want to view the difference in the configurations of both the versions.
   4. Show internal fields updated by the application: No. 
      As a result of alteration, TallyPrime updates a few internal fields in the application.
      Set is as Yes, if you want to view such fields in the report.
      
      After configuring as shown above, a sample report appears as shown below.
      

View Contact Details for Ledger Accounts

From the Ledger Vouchers report, it is possible to view the contact details of the ledgers in TallyPrime for reference. This is useful for bank ledgers in TallyPrime. When more than one account number exists in the same bank, quick reference of the account details is possible.

1. Press Alt+G (Go To) > type or select Ledger Vouchers and press Enter.
   Alternatively, Gateway of Tally > Display More Reports > Accounts Books > Ledger and press Enter and select the ledger for which you want to see the contact details
2. Select the required Ledger from Select Item screen appears.
3. Press Alt+S: Contact.
   The Ledger Contact Details screen appears.
   
   The Mailing details and the account details are displayed in the screen.

Enter Mailing Details for ledger accounts

You can record address details against ledger accounts in TallyPrime.

1. Press Alt+G (Go To) > Create Master > type or select Ledger and press Enter.
   Alternatively, Gateway of Tally > Create > type or select Ledger and press Enter.
2. Enter Name of the ledger.
3. Select a group category from the List of Groups.
4. Enter Required details in Mailing Details.
   If you do find the option in the Ledger Creation screen, press F12 (Configure) > set Provide Mailing Details to Yes.
   
5. Press Ctrl+A to save, as always.

Now you can enter the mailing details during ledger creation or alteration.

Ledger Vouchers Report

You can view a ledger account with the corresponding voucher details. You can view this report in browser too.

1. Press Alt+G (Go To) > type or select Ledger Vouchers and press Enter.
   Alternatively, Gateway of Tally > Display More Reports > Accounts Books > Ledger and press Enter.
   Select the required Ledger.
2. Press F2 to change the period as required.
   A sample Ledger Vouchers report appears as shown below.
   
3. Press F8 (Columnar) to view details of vouchers in separate columns.
4. For purchase, payments, journals, debit notes and credit notes, you can view the voucher reference number and date.
   
   A sample Ledger Vouchers columnar report appears as shown below.
   

Cumulative balances or running balance for Ledger Voucher reports

1. In the Ledger Vouchers screen, press F12: Configure > set the option Show Running Balance to Yes to see the running balances for Ledger Voucher report.
   
   
2. Press Enter to save the changes.
   A sample Ledger Vouchers report with running balance column appears as shown below.
   

You can also access Ledger Vouchers reports by drilling down from different statements, such as Group Summary and Monthly Summary.

View, Print, Export Opening Balances of all the Ledgers

You can view the opening balances of all the ledgers in a single screen, and print or export the details.

In this section

• View opening balance of all ledgers
• Print opening balances of all ledgers
• Export opening balances of all ledgers

View Opening Balances of all ledgers in TallyPrime in a single screen

1. Press Alt+G (Go To) > type or select Chart of Accounts > Ledger > and press Enter.
   Alternatively, Gateway of Tally > Chart of Accounts > Ledger > and press Enter.
   
2. Press Alt+H (Multi-Masters) > select Multi Alter > and press Enter.
3. Select All Items from the List of Groups.
   

Print Opening Balances of all ledgers in TallyPrime from a single screen

1. Press Alt+G (Go To) > type or select Trial Balance > and press Enter.
   Alternatively, Gateway of Tally > Display More Reports > Trial Balance.
2. Press F5 (Ledger-wise) and press Crlt+P to print.
3. Press C: Configure to set options for printing
   
4. Enable the option Show Opening Balances by pressing Enter on it.
5. Disable the options Show transactions and Show Closing Balances by pressing Enter on it
6. Enable the option Show Accounts with Zero balance by pressing Enter on it.
7. Press Ctrl+A to accept the configuration screen
8. Press I:Preview to see the preview before print. Preview can be seen as shown below:
   
9. Press Ctrl+P (Print) to print the report.

Export Opening Balance of all ledgers in TallyPrime from a single screen

1. Press Alt+G (Go To) > type or select Trial Balance > and press Enter.
   Alternatively, Gateway of Tally > Display More Reports > Trial Balance
2. Press F5 (Ledger-wise) and press Alt+E.
   
3. Configure the Export.
   1. Press C: Configure to set Export Configuration.
   2. Press Enter on Show Opening Balances to enable it.
   3. Press Enter on Show transactions and Show Closing Balances to disable the options.
   4. Press Enter on Show Accounts with Zero balance to enable it.
4. Select file format as Excel (Spreadsheet) and other details as required under Export Settings.
   
5. Press Ctrl+A to accept the configuration screen
6. Pres E: Send to export.
   

Using ODBC, you can extract Ledger Opening balances and other details of Ledger masters.