So far we have created two types of ledger, the first one is sales /purchase ledger, then income/ expenses ledger. Today we are going to learn how to create a party ledger in tally. Here party means both Sundry debtor and sundry creditor. Know more about debtor and creditor click here.

Let’s create following party Ledger with the example given below. In this example we will be creating ledgers under sub groups (created sub groups)

Scenario

Create the following ledger of ABC LTD (Know how to create company)

Ledger Name Under ( Sub group) Under ( Main Group) Opening Balance
Ambuja Cements Debtor North Sundry Debtor 50000
Ashok Leyland Debtor South Sundry Debtor 25000
Essar Debtor East Sundry Debtor 15000
GAIL India Mumbai Creditors Sundry Creditors 25000
Bombay Dyeing Delhi Creditors Sundry creditors 75000
TVS Chennai Creditors Sundry creditors 10000

 

Before creating above party ledgers you must create sub group, like Debtor North, Mumbai creditors etc . If you don’t know how to create sub group go here.

Sundry Debtor Ledger or Account

After Creating sub group, we are going to create the first Ledger “Ambuja cements

Go to

Gateway of tally >> Accounts info>>Ledgers>>Create

Type the following details in the ledger creation screen

Name: Ambuja cements

Under:  Debtor North (This is a child group we have created under Sundry debtors)

Inventory values are affected: This will be visible only if you created a company in Accounts with inventory mode.

Mailing details:  Enter Name, address, State, Pin code of the party on the right hand side of the screen

Tax information:  Enter PAN, VAT NO, and CST NO of the party here.

Opening Balance: And finally at the bottom enter the given opening balance here it is Rs 50000.00. The debtor balance must be Debit (Dr), there may be some exceptions.

For more clarity see the picture

Now press enter and save the screen. So the first party ledger is created. Now it is your turn to create the second and third ledger which should be created in the same manner described above.

Sundry Creditor Ledger or account

This is similar to creating debtor ledger, the only difference is exists in group under which the ledger exists.

So we are going to create the fourth ledger “GAIL India”. Enter all the details as in the picture below.

Now Press enter and save the screen. Create fifth and sixth ledger yourself, for any doubts you can ask me using our comment section. I will be responding your queries within 48 hours