Creation of Ledgers in Tallyprime

Create Ledgers in TallyPrime

You can create ledgers in different contexts such as from an account master, transaction, or report as per your preference. If you are aware of the ledgers to be created before recording the transaction, then you can create them in the account master. Similarly, you can create the ledgers while recording the transaction, if you come across any expense or party ledger which was not created earlier. You can create ledgers with basic details and later you can add the details as and when it is available. Ledgers are created under specific groups depending on your business process. For example, you can create a Bank ledger under Bank Account, a Sales ledger under Sales Account, or a Tax ledger under Duties and Taxes. Similarly, you can create a Party ledger under Sundry Creditor or Sundry Debtor depending on your sales and purchase needs.

Create a Ledger

Once the company is created, you can create ledgers to account for the expenses, incomes, assets and liabilities of your business. In TallyPrime, you can create ledgers one at a time or create ledgers in one go. 

1. Press Alt+G (Go To) > Create Master > type or select Ledger and press Enter.
   Alternatively, Gateway of Tally > Create > type or select Ledger and press Enter.
2. Name: Enter the name of the ledger account you want to create.
   You cannot create two ledger accounts with the same name.
3. Alias: Enter the alias of the ledger account, if required. You can access the ledgers using the original name or the alias name.
   Alias is the alternate name for the ledger accounts. You can create Alias at the time of creation or also can modify the respective ledger later.  
4. Under: Enter the group from the List of Groups under which the ledger is created.
   All the ledgers must be grouped correctly to record the transaction under the proper heads. For example: If you are creating a ledger for Office Expenses, then you need to create the ledger under the Indirect Expenses group.
   Note: To create a new group from this field, press Alt+C. You can alter a ledger account to change its group classification at any time.
5. Fill in the other necessary details such as Mailing Details, Banking Details and Tax Registration Details.
6. Opening Balance: Enter the carry forward balance from the previous year as the opening balance.
   Opening Balance is applicable when the ledger is an asset or a liability, and also if it has a closing balance in the account at the end of the period .
7. As always, press Ctrl+A to save.

Now that you have created ledgers one at a time, similarly, you can create any other ledgers by selecting the correct group under which the ledger is created.  

Create a Ledger from Transaction

While recording a voucher, you may come across certain expense or income heads or any other ledger which is not created earlier. Instead of going back to Gateway of Tally to create the ledgers, you can create those during voucher creation from all the voucher types available in TallyPrime. From the transaction, you can create ledgers for all the masters. Depending on the screen on which you are pressing Alt+C, TallyPrime understands which is the master you want to create and therefore it opens a corresponding creation screen. 

1. From Voucher Creation/Alteration screen, press Alt+C in the field where you want to create the ledger.
   The Ledger Creation (Secondary) screen appears.
2. Create the ledger.

Create a Ledger under Primary groups

Ledgers can be created under the 28 predefined groups but you may not want to create the ledgers under these 28 predefined groups. In such cases, the ledgers can be created under Groups created under the Primary group. While creating the group under Primary Group, you need to select the Nature of Group between Liabilities, Assets, Expenses and Income. As per your selection, your group and the ledgers mapped under that group get classified between Balance Sheet items and Profit & Loss account items.

Below is the procedure for creating a ledger under the group created for expenses.

1. In the Ledger Creation screen, in the field Under, select the group from the List of Groups created already or create a group under Primary group.
   Select Create from the List of Groups, to create a new Group.
   
2. In the Group Creation (Secondary) screen, create the group under Primary and select the Nature of Group as Expenses.
   
3. Press Ctrl+A to save the Group Creation (Secondary) screen.
4. Fill in the other necessary details and press Ctrl+A to save the ledger.

Similarly, you can create ledgers under groups created for Liabilities, Assets and Income.