by What is Ledger’s Group in Tally Prime?
Account Groups in Tally Prime are collection of ledgers of the similar nature. Account groups are helpful in maintaining and determining the hierarchy of Ledger Accounts. Groups are particularly helpful in creating compliant reports. Tally Prime has already set 28 pre-defined Groups in Tally. Got > Alter > Groups
There are 28 predefined groups in Tally
1. Bank Accounts
Bank ledgers contain relevant information about a bank that you use to make or receive payments.
2. Bank OCC A/c
Bank OCC Full-Form refers to Open Cash Credit. OCC is a type of a bank account that serves enterprises of medium and small sizes
3. Bank OD A/c
Bank OD account is a current account with bank. When a customer draw over and above his available balance it becomes over draft account.
4. Branch / Divisions
Permits Sales and Purchase transactions to take place with accounts opened here
5. Capital Account
Capital Account: It indicates the initial amount the owner or owners of the business contributed
6. Cash-in-Hand
a payment made directly in cash, rather than through a bank. businesses that pay suppliers cash in hand for a cheaper service.
7. Current Assets
Current assets can be defined as an asset which is either cash or cash equivalent or anything which can be converted into cash quickly, usually 1 year .
8. Current Liabilities
Current liabilities are the short-term debts or obligation which a company needs to pay within a year. salaries due to be paid, amount payable to suppliers, etc
9. Deposits (Asset)
Deposits (Asset) : Deposits contain Fixed Deposits, Security Deposits or any deposit made by the company
10 Direct Expenses
Direct Expenses are expense which are directly involved in the production process in case of manufacturing or selling process in case of a trading business.
11 Direct Incomes / Expenses (Indirect)
Direct Incomes OR Income(Direct) Any Income from main service like. Freight Charges Income. Delivery Charges Income. Transporation Charges Income.
12 Duties & Taxes
Tax Ledgers should be created under Duties and Taxes group which contains all tax accounts like SGST, CGST, TDS, TCS etc.
13. Expenses (Direct)
Direct Expenses are expense which are directly involved in the production process in case of manufacturing or selling process in case of a trading business.
14. Fixed Assets
Fixed assets are the assets, which are responsible to generate revenue for business.
15. Income (Direct)
Direct Incomes OR Income(Direct) Any Income from main service like. Freight Charges Income. Delivery Charges Income. Transportation Charges Income
16. Income (Indirect)
One that is gained from non-business activities is indirect income. Sales of old newspapers, sales of cardboard boxes for instance, etc.
17. Indirect Incomes
One that is gained from non-business activities is indirect income. Sales of old newspapers, sales of cardboard boxes for instance, etc.
18 Investments
Investment are those assets of businessman by which he earn dividend , interest , rent or.
19 Loans & Advances (Asset)
Loans & Advances (Asset) : This records all loans given by the company and advances of a non-trading nature (example: advance against salaries) or even for purchase of Fixed Assets.
20 Loans (Liability)
Loans (Liability) Loans that a company has borrowed, typically long-terms loans. … Bank OD Accounts [Bank OCC Accounts] :
21 Provisions
Provision is the year ended expenditure or liability which will be payable to next year e.g. Salary Payable (for March), Bonus Payable, Leave Encashment Payable or all other expenses which will be paid in next year but period of expenses is current year
22. Purchase Accounts
The purchases account is a general ledger account in which is recorded the inventory purchases of a business
23. Reserves & Surplus
Reserves are the funds earmarked for a specific purpose, which the company intends to use in future. The surplus is where the profits of the company reside.
24. Retained Earnings
Definition: Retained earnings is the cumulative profits and losses of a corporation less its dividends paid to shareholders.
25. Secured Loans
A secured loan is a loan given out by a financial institution wherein an asset is used as collateral or security for the loan. For example, you can use your house, gold, etc.
26. Stock-in-Hand
27. Sundry Creditors
Who are sundry creditors? Any individual who is responsible for the supplies of the goods or services to another business firm on credit basis,
28. Sundry Debtors
A person who receives goods or services from a business in credit or does not make the payment immediately and is liable to pay the business in the future is called a Sundry Debtor.
29. Suspense A/c
The Suspense Account is a Balance Sheet item. Any expense account even if it has ‘suspense’ in its name, it should be opened under Revenue group like Indirect Expenses and not under Suspense Account group.
30. Unsecured Loans
Unsecured loan is that loan which is given without any security. Suppose, you need $10,000, you show you income and employment verification and other reference
