Accounts like Outstanding Liabilities, Statutory Liabilities and other minor liabilities can be created directly under Current Liabilities and Assets can be classified as Current assets and Fixed assets. A ledger is the actual account head to identify your transactions and are used in all accounting vouchers.
Bank ledgers contain relevant information about a bank that you use to make or receive payments. You can provide information such as Bank name, Account no., IFS code, and address while creating bank ledgers.
A ledger is the actual account head to identify your transactions and are used in all accounting vouchers. For example, purchase, payments, sales, receipts, and others accounts heads are ledger accounts. Without a ledger, you cannot record any transaction.
Creating a Ledger without GST Compliance on which No GST will be calculated during invoicing.
Tax Ledgers should be created under Duties and Taxes group which contains all tax accounts like GST, and other trade taxes and total liability.
A business deals with customers, wholesalers, retailers, Suppliers and many such business parties on a day-to-day basis. You need to create party ledgers to record transactions that you make, which may involve Sales , Purchase, Receipts or Payments, or Sales or Purchase from these parties.
You can create a Ledger ‘Rounded off (+/-)’ to round-off the invoice value automatically.
If you sell items with multiple tax rates, you can still maintain a single Sales Ledger for both within and outside State Sales, and record all GST details at the stock item or stock group level. You can create a single Purchase Ledger both for within as well as outside State Purchase.
In case of Service oriented Business like…Chartered Accountant, Lawyer, Advertising Agency, Consultant, Architectures etc.. they provide Service to the customer and provide Bill / Invoice with GST Compliance. So in this case, TallyPrime provides Accounting Invoice with auto GST Calculations, provided all Service Ledgers has to be created with GST Rate ( as applicable).
© 2021 : www.tallyerp9book.com