Creating Party Ledger

Anand Mon, 11/01/2021 - 16:38

To create Party Ledgers for Sundry Debtors/ Sundry Creditors

  1. Go to Gateway of Tally > Accounts Info > Ledgers > Create

  2. In the Ledger Creation screen, enter the name of the Party/Supplier, who provides services to you.

  3. In the Under field, select Sundry Debtors/Sundry Creditors option from the List of Groups

  4. If required, set Maintain balances bill-by-bill? to Yes.

     

    Enter details in the Default Credit Period, if applicable. By default, the Inventory Values are affected? field is set to No.

  5. Set Yes for Is TDS Applicable? This will open the TDS Details sub-form.

     

 

  1. Select from the Deductee Type from the list.

  2. Set No in Is Lower/No Deduction Applicable? if lower or no deduction details is not applicable.

  3. Set Yes in

     

    Ignore Surcharge Exemption Limit? to ignore the exemption limit for surcharge and calculate surcharge on the amount specified. If Ignore Surcharge Exemption Limit? is set to No, then surcharge is calculated only if the amount is above the exemption limit.

  4. Enter the Mailing Details and Tax Information like Name, Address, Pin Code and select the State from the list, and enter the Income Tax and Sales Tax Number.

  5. Accept Yes to save

 

Similarly, you can create Ledgers that provide services to your company under Sundry Creditors/Sundry Debtors.