Page 298 - DMGT104_FINANCIAL_ACCOUNTING

Financial Accounting

Notes

Notes Tally has two security types already set up. One is Owner and other is Data Entry.
Owner has full access and rights to all parts of Tally but Data Entry has restricted rights.

To reach to the security level first creates company and then use the following command:
Gateway of Tally > [ALT] + F3 > Security Control

Maintain Ledger A/C

Tally maintains details of all ledgers that are defined by the user. You can define your chart of
accounts that is maintain groups, ledger etc. Ledger reports can be used for scrutiny of accounts.
Most accounting systems across the globe follow the concept of separate Personal and Nominal
accounts. Tally follows the concept of single ledger systems, which includes both Personal and
Nominal accounts.
After the creation of necessary masters, you should proceed with the ledger creation. Ledger
account heads are the actual account heads to which we identify the transactions, that is passing
of all vouchers using ledger. Hence, a thorough understanding of account classification is
important for working with ledgers. Tally creates the following two ledgers on its own and the
other ledgers should be created by you. (i) Cash under Cash-in-hand group, (ii) Profit & Loss.

Account under Primary Ledger. When you create a new company where Books beginning from
and Financial Year From date are the same, you should create all the ledgers appearing in the
Balance Sheet as at the previous date with opening balance. Also create ledgers appearing in
Profit & Loss Account but with zero (0) opening balances unless Books Beginning From date is
different than Financial Year Form.

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