In Tally Prime, ledgers are categorized

In Tally Prime, ledgers are categorized under various groups to organize financial transactions and generate accurate financial statements. Below is a comprehensive list of common ledger names with their respective groups. This list can be customized based on the specific needs of a business, but these examples cover most standard scenarios.

1. Assets

Current Assets

• Cash
  • Group: Cash-in-Hand
• Bank Accounts
  • Group: Bank Accounts
  • Examples:
    • HDFC Bank Account
    • ICICI Savings Account
• Accounts Receivable (Debtors)
  • Group: Sundry Debtors
  • Examples:
    • Customer XYZ
    • Customer ABC
• Inventory
  • Group: Stock-in-Hand
  • Examples:
    • Finished Goods
    • Raw Materials
• Prepaid Expenses
  • Group: Current Assets
  • Examples:
    • Prepaid Rent
    • Prepaid Insurance

Fixed Assets

• Land & Buildings
  • Group: Fixed Assets
• Machinery & Equipment
  • Group: Fixed Assets
  • Examples:
    • Office Furniture
    • Computers & Peripherals
• Vehicles
  • Group: Fixed Assets
  • Examples:
    • Delivery Van
    • Company Car
• Depreciation
  • Group: Indirect Expenses
  • Examples:
    • Depreciation on Equipment
    • Depreciation on Building

2. Liabilities

Current Liabilities

• Accounts Payable (Creditors)
  • Group: Sundry Creditors
  • Examples:
    • Supplier XYZ
    • Supplier ABC
• Bank Overdraft
  • Group: Bank Accounts
• Accrued Expenses
  • Group: Current Liabilities
  • Examples:
    • Accrued Salaries
    • Accrued Utilities

Long-term Liabilities

• Loans
  • Group: Secured Loans
  • Examples:
    • Term Loan from Bank
    • Vehicle Loan
• Deferred Tax Liabilities
  • Group: Liabilities

3. Capital and Equity

• Owner’s Capital
  • Group: Capital Account
  • Examples:
    • Owner’s Equity
    • Partner’s Capital
• Drawings
  • Group: Capital Account
  • Examples:
    • Owner’s Drawings
    • Partner’s Withdrawals
• Retained Earnings
  • Group: Reserves and Surplus

4. Income

• Sales
  • Group: Sales Accounts
  • Examples:
    • Domestic Sales
    • Export Sales
• Service Income
  • Group: Income
  • Examples:
    • Consulting Services
    • Maintenance Services
• Interest Income
  • Group: Income
  • Examples:
    • Interest on Investments
    • Bank Interest

5. Expenses

• Direct Expenses

  • Purchase of Goods
    • Group: Purchase Accounts
    • Examples:
      • Purchase of Raw Materials
      • Purchase of Finished Goods
  • Cost of Goods Sold
    • Group: Direct Expenses
    • Examples:
      • Manufacturing Costs
      • Freight Inwards

• Indirect Expenses

  • Rent
    • Group: Indirect Expenses
  • Utilities
    • Group: Indirect Expenses
    • Examples:
      • Electricity Bill
      • Water Bill
  • Salaries and Wages
    • Group: Indirect Expenses
  • Office Supplies
    • Group: Indirect Expenses
    • Examples:
      • Stationery
      • Printing Costs

6. Other Accounts

• Tax Payable

  • GST Payable
    • Group: Duties & Taxes
    • Examples:
      • GST Output Tax
      • GST Input Tax Credit
  • Income Tax Payable
    • Group: Duties & Taxes

• Miscellaneous Expenses

  • Group: Indirect Expenses
  • Examples:
    • Donations
    • Membership Fees

Detailed Ledger Name List with Group Under Tally Prime

Creating and Managing Ledgers in Tally Prime

Creating a New Ledger

1. Go to Gateway of Tally:

   • Navigate to Accounts Info > Ledgers > Create.

2. Enter Details:

   • Name: Name of the Ledger (e.g., Rent, Bank Overdraft).
   • Under Group: Choose the appropriate group (e.g., Direct Expenses, Bank Accounts).

3. Save the Ledger:

   • Press Enter to save the ledger.

Example Screenshots

Creating a Ledger for Rent:

• Name: Rent
• Under Group: Indirect Expenses
• Opening Balance: (Enter balance if applicable)
• Type of Account: Expense

Entering a Transaction in Tally Prime:

• Go to Gateway of Tally > Accounting Vouchers > F5: Payment.
• Fill in Transaction Details:
  • Date: Date of the transaction.
  • Voucher Type: Payment (or any other type as required).
  • Account: Select the appropriate ledger from the list.
  • Amount: Enter the amount of the transaction.
  • Narration: Provide a brief description of the transaction.

Benefits of Proper Ledger Management

1. Organized Financial Records: Keeps financial transactions organized for easy tracking and reporting.
2. Accurate Financial Reporting: Facilitates accurate and comprehensive financial statements.
3. Efficient Financial Management: Streamlines financial processes and helps manage cash flows.
4. Regulatory Compliance: Ensures compliance with accounting standards and regulatory requirements.
5. Informed Decision-Making: Provides detailed financial information for better business decisions.

By understanding and applying these ledger names and groups, you can set up and manage your accounting system in Tally Prime effectively.

Resources for Further Learning

• Tally Prime User Manual
• Tally Prime Tutorials
• Tally Prime Help Guide