When we Create Company, 2 ledgers are already created by default
- Cash Account
- Profit and Loss Account.
All other ledgers have to be manually created before we can begin work in Tally
How to Make Ledgers in Tally
Click on Accounts Info -> Ledger -> Create
Shortcut - Type ALC
We have to Put Ledger Name and Select Under which Group or heading
What are Groups or Heading?
It helps Tally to determine type of Ledger (Whether ledger is an income or expense or Asset or liability)
it is necessary to put ledger in correct head or group so that Tally can account it properly
Suppose we have to pass the entry
Telephone Expense Dr 2000
To Airtel 2000
In this case,we have to create 2 ledgers
- Telephone Expense
What Groups should be selected while making ledgers?
|Name of Ledger||Group|
|Telephone Expense||Indirect Expense|
For your ease, we have created a Ledger Group List which you can refer while making ledgers
You can download it from next page.