Setting up tally for personal accounting

A/c entries 4015 views 4 replies

Vinu Menon

13 Points Joined 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)

Replies (4)

Bank SB accounts - BANK 2) Bank FD accounts -Deposits 3) Cash account-CASH 4) Credit card- Current Liabilities 5) Loans taken from friends -Unsecured Loans( money borrowed) 6) Loans given to friends (money lended) - Loans & Advances7) Expenses related to my new house construction ( purchase of materials, labor etc)- Capital Group (it is not Personal Exps) 8) Purchases -Purchases ( Other than Consumables & Personal Use / Assets)9) Telephone/Internet bill payments- Indirect Expenses- Telephone,Mobile & Internet 10) Expenses related to Car ( would like to get categorized like Fuel, Maintenance, Taxes I vehcle Maintenance , Insurance Vehicle - under Separate Insurance Head etc.) 11) Insurance (Mediclaim, Life, Automobile) If it is Employees in P&L , If it is Personal Under Capital Account

Vinu Menon

13 Points Joined November 2015

Thanks Kaviraja.

Can you please explain more about "7) Expenses related to my new house construction ( purchase of materials, labor etc)" in capital group? I just want to get all expenses related to the ongoing house construction like Labor, Raw material purchase etc. grouped so as at any point of time I can get the total expenses and transactions involed in house construction in report format.