In this tutorial we will learn how to create ledger in Tally. Ledger is first thing in accounting to maintain accounts, after creating company, creating ledger will be the first thing you will need to make accounting entries.
There are several types of ledgers, I will post a separate tutorial about types of Ledgers. Ledgers are created under Groups, Groups helps us to understand and analyse the books in better way. Understanding Groups of Accounts is very important, I will post another post in detail about Groups.
There are only two ledgers in Tally, which are created automatically, Cash & Profit & Loss A/c, these two accounts are mandatory to complete accounting books, that’s why these are created automatically. Except these accounts, we have to create all ledgers according to our requirements.
In this tutorial, I will create a ledger under “Sundry Debtors”. Sundry Debtors is a Group, to whom we sell the products or provides the service.
Let’s start How to Create Ledger in Tally
1 Open Tally by entering the user name and password.
2. Go to “Accounts Info” under “Masters” (Shortcut key is “A”)
3. Go to “Ledgers”
4. Select “Create” under “Single Ledger”. (Shortcut key is “C”)
5. Type the Name of the Customer under “Name”.
6. You can write the first name of the customer under “Allias”. (Alias helps us in speed up our posting, while posting bank entries or sale/ purchase invoice, type only alias name (“Gupta”) and press enter, no need to type full name (Gupta Trading Co.).
7. Select “Sundry Debtors” at “Unders”.
8. If you receive payments from this customer bill by bill, you can select “Yes” at “Maintain balance bill-by-bill”, other select “No”.
9. Write the address of the customer under “Mailing Details” properly.
I hope, this tutorial has helped you in creating a ledger successfully.