You can create multiple Ledgers at a time in this mode. You can first create a Ledger under each group in single Ledger mode and then the rest of the Ledgers in multiple mode. Tally will set the settings of the Ledger created as default for other Ledger to be created in multiple mode.

Go to Gateway of Tally> Accounts Info > Ledgers > Create (under Multiple Ledgers)

The Multiple Ledger Creation screen is displayed. A brief description on each of the fields in the Multiple Ledger Creation screen follows:

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.

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A Ledger is the actual account head to which you identify a transaction. In Tally, you pass all accounting vouchers using Ledgers. However, all Ledgers have to be classified into Groups. Hence a thorough understanding of account classification is important for working with Ledgers. The creation and usage of  in Tally has been explained earlier. Now you will learn how Tally works with Ledgers.

Go to Gateway of Tally > Accounts Info. > Ledgers

Master information is the same for most group companies and it is certainly beneficial to maintain same group structure and ledgers. This becomes necessary if you have a parent company with subsidiaries or branches. This ensures uniformity of reports in all companies and proper consolidation of accounts. To avoid the tedious task of re-creating masters in other companies, Tally enables you to copy the groups created in one company to another.

The companies must be selected to allow switching of companies.

Gateway of Tally > Select Company A

You can display and alter the Groups in Single mode or Multiple mode.

Displaying a Single Group

Go to Gateway of Tally > Accounts Info. > Group > Display (under Single Group)

Select the name of the Group from the List of Items. You cannot make any changes in Display mode.

Altering a Single Group

Go to Gateway of Tally > Accounts Info. > Group > Alter (under Single Group)

Select the Group that you wish to alter from the List of Groups. Make the necessary changes and click Yes to save the changes.

This section assumes that you have configured all advanced features of the Accounts Master in F12: Configure and enabled advanced F11: Features. It deals with the additional fields that you would require while creating a Group.

Note: Use F12: Configure and F11: Feature to add/remove fields and configure the entire setup according to your preferences.

Go to Gateway of Tally > Accounts Info. > Group > Alter (under Single Group)

In multiple group creation, the sub-groups will automatically inherit the characteristics of their parent groups.

Go to Gateway of Tally > Accounts Info. > Groups > Create (under Multiple Groups)

Select the parent group under which you want the new groups to be created from the List of Groups. The group selected is displayed in the Under Group field.

Name of Group

Enter the name of the Group.

Go to Gateway of Tally > Accounts Info. >

Groups > Create (under Single Group)

The Group Creation screen displays

Name of Group

Enter the name of the Group to be created. For example, Administrative Expenses.

Alias

Enter an alias name to allow access to the group using the Alias in addition to its name or leave it blank. For example, for Administrative expenses, you can enter Office Expense or even an alphanumeric code, say E001, as an alias

Capital Account

This records the Capital and Reserves of the company. The ledgers that belong to Capital Accounts are Share Capital, Partners' Capital A/c, Proprietor's Capital Account and so on.

Reserves and Surplus [Retained Earnings]

This contains ledgers like Capital Reserve, General Reserve, Reserve for Depreciation and so on.

2.

Current Assets

Current Assets record the assets that do not belong to either Bank Accounts or Cash-in-Hand sub-groups.

Placing individual party accounts under Sales or Purchase Accounts groups

Accounts of parties with whom your company is trading should be opened under any of the following groups (or sub-groups under them):

• Sundry Debtors

• Sundry Creditors

• Branch/Divisions

Sales and Purchase account groups are meant for revenue accounts and are reflected in the Profit & Loss Account. If you open party accounts under these groups, it becomes difficult to pass sales or purchase voucher transactions.