Creating Groups And Ledgers

1. Introduction

2. Main Functions Of Masters Menu

1. Introduction: Tally follow the modern way of managing accounts called 'Single Ledger' concept of accounting. This is a direct contrast to Subsidiary Ledger Accounting. All financial entries are made using ledgers or accounts heads. Ledger accounts are created to identify transactions.

The single Ledger concept avoids the need for sub-ledgers and corresponding control accounts in General Ledger. Tally allows you to group Ledger information to generate meaningful reports that are compliant with laws. Groups in Tally classify and identify account heads according to their nature. This helps in presenting summarized information.

Account Info. Menu lists the masters through whom you can provide Tally the details of your company's accounts.

Go to Gateway of Tally-> Accounts Info>

2. Main Functions In Master Menu: Accounts Information contains the masters. Each master has create, alter and display functions.

Single Group option is useful when you wish to work on the Group at a time. Multiple Group option is very useful when you are working on many sub-groups at a time and saves a lot of time.

Once a sub-group is created, it behaves exactly like a Group.

Gateway Of Tally-> Accounts Info-> Groups

A) Create: The Create option is used to create new masters. Any modification to the masters can be done only through Alter mode.

B) Display: The Display option is used to view the Master information. Master Information cannot be modified in Display mode.

C) Alter: The Alter option allows you to view and make the necessary changes to the masters can be done only through Alter mode.

Click On Link To Know That How To Create A Groups In Tally