Page 301 - DMGT104_FINANCIAL_ACCOUNTING

Unit 14: Introduction to Tally

The result will be as follows: Notes

1. Name: Here, enter the name of the ledger. Tally will not accept same names. We also create
the alias name for the ledger, to conveniently retrieve later.
2. Under: Under this option, you should select the group from the list of groups that will be
displayed along with the ledger creation screen.
3. Inventory values are affected: This option should be given ‘Yes’ for those ledgers which
will affect the inventory position of the company. For example, Purchase, Purchase Returns,
Sales, Sales Returns, etc.
4. Maintain balances Bill-by-Bill: To get this option give ‘Yes’ to Maintain Bill-wise details
in Company Features-F11. This option is useful only for Sundry Debtors and Creditors. It
can also be used where some tracking is needed like Project-wise Expenses or income,
installments due, installment-wise outstanding details. Enter due date of the bill or credit
days under the option default credit period.

LOVELY PROFESSIONAL UNIVERSITY 295