REQUEST FOR HELP IN TALLY THE BALANCE SHEET

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Nutan Mali

Nutan Mali (Querist)

21 July 2025

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)

12 August 2025 Got it! Let me guide you step-by-step to **prepare a new Balance Sheet in Tally Prime** — including creating ledger groups, making voucher entries, and viewing the Balance Sheet report.

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### Step 1: Create Ledger Groups

Ledger groups help you classify accounts under Assets, Liabilities, Income, or Expenses.

#### How to create Ledger Groups:

1. **Gateway of Tally > Create > Ledger Groups**
2. You’ll see predefined groups. Use these common groups for Balance Sheet:

| Group Name | Type | Use for |
| ------------------- | ------------------- | ------------------------- |
| Capital Account | Capital Account | Owner’s capital |
| Current Liabilities | Current Liabilities | Creditors, loans payable |
| Loans (Liability) | Loans (Liability) | Bank loans, borrowings |
| Fixed Assets | Fixed Assets | Machinery, building, land |
| Investments | Investments | Investments |
| Current Assets | Current Assets | Cash, bank, debtors |
| Sundry Debtors | Sundry Debtors | Receivables |
| Stock-in-Hand | Stock-in-Hand | Inventory |

3. To create a group:

* Select **Create**
* Enter Group Name (e.g., “Building”)
* Under: Select Parent Group (e.g., Fixed Assets)
* Save

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### Step 2: Create Ledgers

Create individual ledger accounts under the relevant groups.

#### How to create Ledger Accounts:

1. **Gateway of Tally > Create > Ledgers**
2. Enter Ledger Name (e.g., “Cash,” “Bank of India,” “Rent Expense”)
3. Under Group: Select appropriate group (e.g., Cash under Current Assets)
4. Enter opening balance (if any)
5. Save

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### Step 3: Enter Opening Balances

You can enter opening balances of assets, liabilities, and capital either:

* While creating ledger (in opening balance field), or
* Using **Opening Balance Voucher**.

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### Step 4: Record Transactions (Voucher Entries)

Make sure your daily transactions are entered properly:

* **Receipt Voucher:** For money received
* **Payment Voucher:** For money paid
* **Purchase Voucher:** For purchase of goods/services
* **Sales Voucher:** For sales made
* **Journal Voucher:** For adjustments like depreciation, provision, etc.

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### Step 5: View Balance Sheet Report

1. **Gateway of Tally > Display > Financial Statements > Balance Sheet**
2. The Balance Sheet will show:

* Assets on one side
* Liabilities and Capital on the other side
3. Press **Enter** on any group/ledger to drill down for details.

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### Tips:

* Always **save** before exiting each screen.
* Keep ledger names and groups consistent to avoid confusion.
* Use **Journal Voucher** for adjustments (like depreciation, accruals).

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If you want, I can help you create a sample set of ledger groups and entries for your business. Would you like that?

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