In this article we will be learning regarding creation of Ledger in tally.
We can do this by either creating a Single Ledger or creating it with Multiple Ledgers.
When can you use Single ledger Option? when you have to create 1 or 2 ledgers but if you are creating more than 2 ledgers at a time you can create it bu using Multiple ledger option.
Let dive deep into both the methods. Ready !!!
Single Ledger Method
Head on to the Gateway of Tally, and navigate to the Accounts Info.
now click on Ledgers.
Under Single Ledger, select the “Create”option.
A new window will pop up in which you have to enter certain details
Here is the snapshot for better understanding.
The first option will be the “Name” of the ledger. Enter any name you want of the ledger.
Second Option will be “Under” in this you have to put your ledger under certain group. Groups such as Fixed Asset , Current Assent etc.
Inventory values are affected – If your ledger has inventory i.e stock which is to be maintained, set this option to “Yes.”
For example, you are selling books, your ledger will be Books.
If you have something to sell i.e Quantity then select “Yes”
Mailing Details – In this you have to fill out your Name, Address, Bank details etc. for specific ledger.
Opening Balance – As justified by the Name itself, it is the opening balance of the ledger (if there’s any.)
After filling out all the details hit enter and its all done. You have successfully created a ledger under single ledger 😉
Multiple Ledger Method
Why yo go for Multiple Ledger method when you have Single Ledger Method?
It is because you can create many ledgers at a time.
Take a close look at the below mentioned steps:-
Go to the Account Info. and then to the Ledger now you will choose “Multiple Ledger Option”
Under that, you have to select Create.
Refer the snippet below.
Now, you will see a window pop up just like the one given below.
Have you noticed 1 thing here in this image ? That there are very few options available when compared to the Single Ledger Method.
Have a look here…
Here you will find “Under Group” which is similar to “Under Option” in the “Single Ledger Method” but it works differently here.
This method works really well if you want to create ledgers under only one group.
1. Creating Ledgers under Only One Group
If you want to create ledgers account under Fixed Assets only such as Furniture and Building then it will look like this:
As you can see, we have selected Fixed Assets as the group for the option “Under Group”.
Now enter the ledger name and it will automatically select the group as the “Fixed Asset”
If there is no opening balance, leave it blank otherwise enter the opening balance.
2. Creating Ledgers under Different Groups
It is Super duper easy to create ledgers in Tally if they are under different groups.
If you wants to create ledgers under different groups then select “All Items” under Group
If you notice in the snippet above, there are 2 more ledgers which are of salary and Investment.
But it is grouped under Direct Expenses as Salary is an expense. Right?
As there is no opening balance for the ledger salary so it will be Blank.
Investment ledger under “Investment group” is created because it is an Investment and has an opening balance.
Now enter 2 times and all your ledger will be created in Tally.
Congratulation We did It !!!