Ledger in Tally

What is a ledger and why is it defined as principle book of Accounts?
Ledger: -
journal is a memorandum book to record transactions date wise. On a particular date, what are total purchases, total sales, Debtors, Creditors , incomes , Expenses may not be known as journal and to get Information about the above , the entries passed in the journal are classified on the basis of their nature in another book which is known as ledger. An account represents a detailed record of changes that have occurred in a particular Assets, Liability, Expenses, Loss, Gain or Capital during the accounting period. All these separate accounts are kept in a loose leaf binder and the entire group of accounts is called a Ledger. Example: - Ram a/c, capital a/c, computer a/c, rent a/c its
How many ledger in tally
Ledger in tally: - Two ledger in pre- defined in tally
1. Cash
2. Profit and Loss
Note: - Know tally user requirement to ledger creation before Journal entries in tally software.
Utility of a ledger
* The ledger is a master record of all the accounts of a Business unit
* It is a principle book of “Double entry system of accounting “which provides all important information.
* Separate accounts are main tainted based on their nature, so all information relating to transactions may be obtained through ledger such as to whom what id Payable, from whom what is Receivable, what is position of assets and liabilities of the business.
* Ledger helps us preparing the Trail Balance to ensure the account and Balance sheet.
* Moreover ledger assists us in preparing trading, Profit and Loss account and Balance Sheet.

Creating Ledger’s in Tally ERP-9/ Tally Prime
There is a total of two major ways to create a ledge in tally
1. Single ledger: -
When we need to create one or two ledgers. We can create it with help of the single ledger
2. Multiple ledger:-
Option on the other hand .When we need to create more ledgers his groups of same. We came create it easily with the help of an option called multiple ledgers.
Path-> (ERP9).Go to tally main -> Gateway of tally -> Account Info. ->Ledger  Create -> single ledger or multiple ledger.
Path-> (Tally prime). Gateway of tally -> Master -> create-> Accounting master -> Ledger
• Make a company in tally -> select any one company (press ALT+f3 key)

Known fill Details
Name:- the first box is the name of the ledger enter here
Example – furniture a/c , party a/c , sale a/c , purchase a/c itc
Under – every ledger requires a group to operate in
Example- furniture a/c will be under Fixed Assets , party a/c Under Sundry debtors
Inventory values are affected- this needs to be set to if we heve stock to be maintained
Mailing details :- details like name, Address , state, country, Bank details for the ledger has to be filed [ Note- it is for the ledger a such as debtors and creditors wich require these kinds of details ]
Tax registration Details :- Pan / It no.-
Registration type .- Regular
GSTIN/UIN –
Set / alter GST details-
Opening Balance :- This is the opening balance of the ledger if any balance of the ledger which is be entered as the opening balance

Multiple ledger creation
Path-> (Tally prime). Gateway of tally -> Master ->chart of accounts-> Accounting master -> Ledger->Multi-Masters->Multi-create

Note: - This work well if create ledgers under only one group this type of ledger creation is also not useful for creating Sundry debtors ledger and Sundry creditors ledgers as we have to also fill up GST
details of individual creditors and debtors while creating ledger account for them
How to Alter Ledger in tally ERP9/ tally prime
Path-> (ERP9).Go to tally main -> Gateway of tally -> Account Info. ->Ledger  Alter -> single ledger or multiple ledger.
Path-> (Tally prime). Gateway of tally -> Master -> Alter-> Accounting master -> Ledger -> select Ledger
Note – Alt+G -> Alter Master-> Ledger-> select ledger

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