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Ledgers can be created in single and multiple modes. In multiple mode you can create multiple ledgers at a time.
Creating a Single Ledger
The creation of Ledger depends on the features you opt for in the F11: Features of your company and F12: Configure. It is advisable to set F11: Features and configure the F12: Configure screen before creating any Ledgers. You may configure or set your Ledgers to enable or disable advanced mode.
Tally automatically creates two Ledger accounts namely, Cash (Under Cash-in- Hand) and Profit and Loss Account (direct Primary Account). You need to create all other accounts heads. There are no restrictions in Ledger creation except that you cannot create another Profit & Loss A/c. Any number of Cash Accounts may be created in any other name like Petty Cash.
Creating a Ledger Account with minimal information:
Go to Gateway of Tally> Accounts Info. > Ledgers> Create (under Single Ledger)
Enter the Name of the account. You can provide the full name of the account. Tally fits it all in. Press Enter to move to the next field. Tally does not allow entry of duplicate names. The uniqueness check is made here itself.
Note that punctuation and other non-relevant information are ignored by Tally in its recognition of a name. Thus, CST, C.S.T. and C. S. T. are all considered as same.
Tally converts the first letter of all relevant words to upper case, which helps you; speed up data entry. You need not bother about changing the case every time it is a different word.
Enter an alias name if required. You can access the Ledgers using the original name or the alias name.
All accounts must be classified under their appropriate Groups. Select the Group under which the Ledger is created from the List of Groups. To create a new Group from this field press [ATL + C]
A Group is not important by itself, but because it controls the usage of Ledger accounts. A wrong classification would affect the treatment of the Ledger account in final statements and during voucher entry.
You can, alter a Ledger account to change its group classification at any time. Refer Common and possible errors in Grouping and account classification for more details in Grouping.
If yours is an existing company whose books you are entering onto Tally, Opening Balance would be applicable in circumstances such as when the Ledger is an asset or a liability and if it has a balance in the account as on the date of beginning of books in Tally.
Tally recognises normal accounting principles of debit balances for Assets and credit balances for Liabilities. It accepts the reverse for obverse balances. Revenue accounts normally do not have balances. Tally, however, permits you to give balances even for such accounts - You may be transferring your books on to Tally in the middle of the year and may not have closed them in your earlier system. Hence, you may specify whether the balance is Debit or Credit. Simply D or C also would suffice.