By default, two ledgers are in Tally Prime.1. Cash2. Profit and Loss account. Cash ledger is under the Cash -in – hand group. This ledger can be altered and deleted. Profit & Loss account ledger is under the Primary group. This ledger can be altered but not deleted. The profit or loss of the financialRead More »
11. DIRECT INCOMES : Ledgers for direct incomes from the organization can be given to this group. For Example, the income generated and sold by a jute factory in a jute factory is called direct income. Because the main business of jute factory is selling jute. A part from that, If the company selling aRead More »
28 pre-defined groups are there in tally prime, when company has been created. Similarly, two ledgers are automatically created. They are1. Cash2. Profit and loss account We will have to avoid these two ledgers and create all other ledgers as per the transactions. However, in this article we will find out which of the 28Read More »
Whatever the level of company, that means a small company or big company, transactions are gong on in that company. Transactions means that the company can make payments for the dues its owes. Or the amount due to that company may come. The company can buy any assets or goods. The company can sell theRead More »
Financial transactions are performed using ledgers. The other term for the ledgers is Account Head. We can say as Head of Account. Financial transactions are identified by ledgers. So, there is no financial transaction without ledger identification. Ledgers are further grouped by the nature of behavior. For example, Building account, Plant and Machinery Account, FurnitureRead More »