Purchase and sales ledgers are required for accounting activities of every business. Most of the readers know how to create purchase and sales ledger. This is nothing more than what we discussed earlier about ledger creation. However we are explaining this for freshers.
Purchase and sales are part of trading account; hence these are most important ledgers in overall accounting process.
Let’s create purchase ledger as a ledger creation practice for beginners.
Gateway of Tally >>Accounts info>>Ledgers>>Create
Or you can Use Hot keys
From the Gateway of tally >Press A then L Then C from the keyboard
Now we are In Ledger Creation Screen
Fill the following field
Name: Type the name of the ledger; here we are creating a Purchase 4% Ledger for entering all 4 % vat purchases
alias: here we can define an alternative name for purchase 4% ledger, or use number for coding of ledger.
Under: Select the group in which the ledger comes under, normally it is Purchase Accounts .But may vary if you have created any sub groups under Main Group.
Inventory Values are affected: This feature is applicable for companies which are maintaining accounts with inventory. If you have created a company with accounts only this option will not be visible.
Opening balance: Enter opening balance if any and press enter save the screen
In the same manner you can create sales ledger, just change the under field as Sales Accounts
The advance ledger creation options will be explained later