Tally grouping (Accounts)

This query is : Resolved

Student

( Author )
20 August 2010

Hello Expert,
While creating ledgers in Tally only trade creditors are to be created under Sundry Creditors? If security/AMC/audit fees is provided by X,Y,Z ltd. then XYZ is not a trade creditor....am I correct? so these ledgers (X,Y,Z) will come under the group CL?

If interest is recd. in advance, can the party paying interest be created under CL or in loans(liability)?

Prepaid expenses can be put the group - Loans & Advances?
Pls. confirm this.

thanks,
kirti.

Aditya Maheshwari

( Expert )
20 August 2010

1. Sundry creditors can be for expenses also. So group all of them under sundry creditors only.

2. Interest received in advance Current liability.

3. Prepaid expenses - Loans & Advances.

CMA Ramesh Krishnan

( Expert )
20 August 2010

You can create sub group like Creditor for- Trader, Creditors for- service, Creditors for- contracts under the main group Sundry Creditors

Interest need to credit under Other Income and debit to the party

Prepaid come under Current Asset

Student

( Author )
20 August 2010

thanks Aditya & Ramesh!!!!!!!!