Setting up tally for personal accounting

Vinu Menon (13 Points)

29 November 2015  

I'm in the process of moving my personal accounting from GnuCash to Tally ERP. So, please help me to set up the following accounts under correct ledger groups and the ways to post the transactions.

1) Bank SB accounts

2) Bank FD accounts

3) Cash account

4) Credit card

5) Loans taken from friends ( money borrowed)

6) Loans given to friends (money lended)

7) Expenses related to my new house construction ( purchase of materials, labor etc)

8) Purchases

9) Telephone/Internet bill payments

10) Expenses related to Car ( would like to get categorized like Fuel, Maintenance, Taxes etc.)

11)  Insurance (Mediclaim, Life, Automobile)