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)
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”
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