The term ‘Accounts Info’ refers to feeding information needed for maintaining books of accounts of a company. This has been broadly classified into two heads viz. Groups and Ledgers. Like opening Ledger Folios in Manual Accounting, user has to create all necessary Ledger Accounts before entering Vouchers. Every Ledger must get associated with a Group which consists of disclosure information such as Assets, Liabilities, Incomes and Expenditure etc.
Groups:
Group is a common head meant for disclosing total of like natured Ledger balances either in Balance Sheet or in Profit & Loss A/c. User must realize that Groups are purely meant for display and not for posting any Vouchers directly under them. By default, Tally has 28 pre-defined Groups based on GAAP (Generally Accepted Accounting Principles). Groups can be classified as under:
Primary and Sub Groups:
Tally has the facility to describe Groups as Primary and Sub. Control total of primary groups will be 4irectly disclosed whereas total of sub-groups will get clubbed with their primary groups. E.g.: ‘Sundry Debtors’ is a sub-group placed under a primary group ‘Current Assets’. Out of 28 groups, 15 are primary
Balance Sheet Groups:
Groups that will be disclosed or shown in Balance Sheet are called Balance Sheet Groups.
Out of 28 groups, 22 are of Assests / Liabilities nature. Out of 22 balance sheet groups, 9 are Primary Groups and 13 Secondary Groups.
Profit & Loss A/c Groups:
Groups that will be disclosed or shown in Profit & Loss A/c are called profit & loss a/c Groups. Out of 28 groups, 6 are of Incomes / Expenditure nature. All 6 Profit & Loss Account Groups are Primary Groups.
Ledgers:
The term ‘Ledger’ refers to allocation of certain folio / space for each homogeneous natured accounting item based on its behavior. For example, spending Rs.10 to buy a pen and same Rs.10 to buy a coffee will have different behavioral effects. And so these should be classified as ‘Printing & Stationery’ and ‘Refreshments’ respectively. Hence. Ledgers are meant hi classification, summarization and interpretation of accounts. This includes posting Voucher on the relevant side, balancing both sides and disclosing the balance in financial statements before during voucher entry, user has to create necessary ledger and associate them with appropriate groups.
Multi Masters:
It is an option to handle more masters at a time.This helps to create and alter more masters at a stretch.
Creation of multiple ledgers:
This is the fastest mode of creating ledgers.Under this made, only name,group and opening balance can be entered.Tally will store recommended values for other fields or leave as blank.Charts of accounts–>ledger–>H:Multi Masters–>Multi create–> select ‘Group’.
Chart(s) of inventory:
There are two charts of inventory which arrange stock items according to the Stock Groups and Stock Categories. These charts will build a vision to the user.
Display -> List of Accounts -> Ctrl + I will list Stock Items in the order of Stock Groups. When press Ctrl + K, Stock Items will be rearranged in Stock Categories order.
Incorporation of Opening Stock:
Opening Balance can be during creation. While entering Opening Stock, Tally will seek Godown, Quantity and Rate details. Quantities and Rates them with appropriate groups.
By default, Tally has 2 ledger accounts namely Cash and Profit & Loss A/c. Besides these two, user has to create each and every Ledger that is necessary to maintain books of Accounts.
Chart of Accounts:
Accounting structure must arrange Primary Groups, Sub Groups and Ledgers as one under other. In order to have such an idea, user has to select Gateway->Display-> List of Accounts. User can alter any Ledger / Group from the Chart of Accounts itself. To do so, he has to place the highlighted bar on the desired master and press Control + Enter keys. This will help to fine-tune the Chart of Accounts so as to make better presentation.
Incorporation of Opening Balances:
Opening Balances may to also he entered while creating Ledgers itself. Else, by altering Ledgers, a user can incorporate Opening Balances. When Opening Balance field is filled with some values, Tally will recommend Dr / Cr according to the nature of the group. However, this recommended value can be changed by user. Tally recommends ‘Dr’ as the nature of group is Fixed Assets. But it may not be so always. In some cases, User has to change this value.
While incorporating opening balances, Tally opens a monitor— on the right top corner- which tracks Totals of Debit and Credit side of opening balances. This alerts a User to enter Opening Balances properly. In other words, user must check whether total of both sides were as same of last period’s Trial Balance and there is no difference between both sides.