Tally
Jayakrishna (Student) (132 Points)
12 December 2015
In tally application, is it required to prepare groups along with ledgers??what is the use of it?
Karthik Venkatram
(Chartered Accountant)
(247 Points)
Replied 12 December 2015
Yes it is mandatory to Group Ledgers under seperate catogories.
Otherwise, P& L and B/S will not reflect the right figures.
Kushal Khator
( CA )
(562 Points)
Replied 12 December 2015
CA Prateek Garg
(CA in Practice)
(1447 Points)
Replied 14 December 2015
Yes, It is required to created a ledger under different group..
Group is nothing but specifying the nature of ledger you are creating..
Suppose you are to creating 2 ledgers.. 'Rent A/c' and 'Advance Rent A/c'...
Now How would tally know that if you are debiting something to 'Rent A/c' then is to be carried to P&L and if you are debiting something to 'Advance Rent A/c' then it is to be carried to Asset Side of Balance Sheet.
You have to tell the Tally that 'Rent A/c' is an Indirect Expenses and 'Advance Rent A/c' is a Current Asset. This is done by choosing the correct group of a ledger.
CAclubindia
