Common And Possible Errors In Grouping And Account Classification - Tally Online Computer Course Notes and Tally Practical Questions

Common and Possible Errors in Grouping and Account Classification

Debtor/Creditor classification

Placing individual party accounts under Sales or Purchase Accounts groups

Accounts of parties with whom your company has trade relationship must be opened under any of the following groups (or sub-groups under them) only:

• Sundry Debtors
• Sundry Creditors
• Branch/Divisions

Sales and Purchase account groups are meant for revenue accounts and would be reflected in the Profit &Loss Account. If you open party accounts under these groups, you will find it difficult to pass sales or purchase voucher transactions. For example, in a sales voucher transaction entry, you must debit an account which is a sundry debtor, branch/division or even a sundry creditor (why a creditor? - it will be explained soon). Moreover, other facilities like bill-wise allocation and tracking would not become available unless the accounts belong to one of these groups

Gateway of Tally > Accounts Info > Groups

Display or Alter a Group

Gateway of Tally > Accounts Info > Groups > Single Display/Alter > select name from List of Groups

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