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
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