Manage And Operate Ledgers - Tally Online Computer Course Notes and Tally Practical Questions

Submitted By Stellar Computer Education Center, Kodakara, Thrissur, Kerala on 22 August 2020

How to Manage and Operate Ledgers?

Gateway of Tally > Accounts Info. > Ledgers

It should be noted that Tally automatically creates two ledger accounts, viz., Cash (under Cash-in-hand) and Profit & Loss Account (direct Primary account). It does not make any other presumptions. You must create all other account

Allocate to Cost-Centers (Yes/No)

If you have activated Cost Centers in the Company Features [F11], you will be asked this information. Tally presumes that you would want Cost Centres for Revenue Accounts but not for non-revenue accounts like Assets and Liabilities. Hence, in this case you will find it set to No. If you want cost centre allocation to this account during voucher entry, give Yes. The cost centre concept is discussed separately.

Inventory values affected?

This is applicable only in case your accounts are integrated with inventory. Accounts like sales and purchases would normally affect inventory values in which case set this field to Yes. For other accounts, set it to No. Tally does not restrict you to particular accounts as you may have the need to affect inventory with accounts like Customs Duty, and perhaps, direct expenses related to purchases such as Freight Inwards.

Examples of cost centers:

Departments of an organisation, e.g., Finance, Manufacturing, Marketing, etc.
Products of a company, e.g., Tally dss 4.5, Tally eis 5.4,Tally ees 6.3, Tally ies 7.2 etc.
Even individuals like, Salesman X, Salesman Y, etc.

Create a Cost Centre

Gateway of Tally > Accounts Info. > Cost Centre > Single Create