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Tally - grouping expenses related to house construction

21542 views 2 replies

Vinu Menon

13 Points Posted on 01 December 2015

I'm using tally for personal finance management. Now, I'm starting to a build new house and would like to use tally for grouping all expenses related to house construction seperately, So, please tell me which ledgers should be created and in which ledger groups.

I want to track the following category of expenses.

1) Labor

2) Material

3) Transportation

4) Electricity

5) Shops from which I purchase materials on credit.

6) Housing loan

Replies (2)

Quick Summary

Create a separate group like Construction Expenses. Record labor, material, transport, electricity under it. If treated as expense show under direct expenses, if capitalized for house construction record under capital account or fixed assets.

Ramanathan

Article

40 Points Posted on 18 December 2015

hey vinu,

Creat a seprate group named "Construction Exp - Own House" under the head "direct expenses". then open the required ledgers as you have mentioned above under this group. This method is for if you want to show the exp in p&l a/c

If you want to show the construction expenses in your personal account then change the group head ie. insted of direct expenses put it under capital account.

If you have any other questions pls let me know.

Thank & regards

Abdul Majeedh

2 Points Posted on 20 August 2018

Hi Ramanathan,

Even i have the same query as Vinu had, as we are constructing Madrasa/Masjid and we have the same expenses(cost of construction). can u pls tell me where to treat this under tally.

1.Direct Expenses

2.Capital

3.Fixed assets