Sunday, October 9, 2011

Tally - Meaning of Ledger

LEDGER IN TALLY

Classification of similar transactions under a particular head is know as Ledger. Here in tally, ledger is an accounting head, which is used to enter a transaction and also to identify the same in the reports. Cash account and profit & loss account are the two predefined ledgers available in tally. The other required ledgers can be created by the user. All the ledger are classified under the various groups. The user has to identify the ledger and create it under the appropriate accounting group.

For example: Rent paid by cash, Rent account is debited and cash account is credited. In this transaction, there are two ledger account viz., Rent account and Cash account. In book keeping all the ledger accounts are primarily classified under four heads namely assets, liabilities, expenses and incomes.

 In tally, accounting ledgers can be created using accounts information menu which is available in Gateway of Tally. An accounting ledger can also be displayed or altered using accounts information menu. "create helps to create a new ledger, 'Display' to view a ledger which is existing already but need not be modified. 'Alter' helps to make changes in an existing ledger account.

Ledgers can be deleted in the alteration menu by using the short cut key 'ALT+D', but deletion of a ledger is not possible if transactions have been recorded in it. Every ledger should be unique in its nomenclature, else Tally gives duplication warning and also will not accept the ledger creation.

Example for Ledgers 
Ledger Account
Classification of Accounts (Groups)
Accounting Nature
ABC’s Capital Account
Capital Account
Liability
Salary Payable
Current Liabilities
Liability
City Bank Account
Bank Account
Assets
Computers
Fixed Assests
Assets
Rent
Indirect Expenses
Expenses
Wages
Direct Expenses
Expenses
Bank Interest (Received)
Indirect Income
Income

Regards 
G.Srinivas

2 comments:

  1. Dear Sir, My name is Jackline i liked your toturial. This lesson is used very much to me , so thank u so much, God bless u.

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  2. This comment has been removed by the author.

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