Creating Party Ledgers (Sundry Debtor / Sundry Creditor)
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.
To create a Party Ledger:
- Gateway of Tally > Create > type or select Ledger and press Enter.
Alternatively, press Alt+G (Go To) > Create Master > type or select Ledger and press Enter.
- Enter the Name of the Party ledger
- Select Sundry Creditors / Sundry Creditors from the List of Groups in the Under field.
- Set the option Inventory values are affected? to No,.
- In Mailing details, the State is your default local State. You can change name of State from the State List if your Suppliers belongs to Outside State.
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- Enable the option Set/Alter GST Details? to open the GST Details screen.
o Select the relevant Registration Type from the List of registration Types.
o Enter the 15-digit GSTIN or UIN issued by the tax authority.
o If the supplier is an e-commerce operator, then enable the option Behave as e-Commerce Operator?
The GST Details screen appears as shown below:
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o Press Ctrl+A to accept.
The Ledger Creation screen displays as shown below:
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Important Points:
- GST involves within State (Local) and Outside State (Outside).
- GST within State transactions are classified into CGST & SGST & Outside State transaction is IGST.
- TallyPrime will select CGST , SGST (with state transaction) or IGST (outside State transaction) on the basis of Party Ledger Address i.e. State & Party Registration type i.e. Composition or Consumer or Regular or Unregistered/Consumer. If Party is Registered either under Composition or Regular, then GSTIN / UIN No. has to be mentioned. TallyPrime will validate the GSTIN / UIN No. on the basis of State selection under Mailing details.
- So the most important part at the time creation of Party Ledger is its selection of State in Mailing Address and type of Registration under Tax Registration Details as per screen below:
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- TallyPrime will calculate GST automatically on the basis of GST Rate given in Items & Goods in case of Accounts with Inventory and in case of Accounts only GST Rate given in Sales or Purchase Ledger:
[Practical Assignment]
Create the following Sundry Debtor and Sundry Creditor Party Ledgers (without Bill-by-Bill, Credit Period & Cost Center ) with all information given:
Note :
Maintain Bill by Bill, Credit Period, Cost Centre options should be NO… [ under F11-Features]
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List of Sundry Debtors
| Name of Party | Address with State | Registration Type | GSTIN / UIN No. | Opening Balance |
| Local Customer: | ||||
| Fashion Zone | Odisha | Regular | 21AAACC1206D2ZR | 55,000 |
| City Life | Odisha | Regular | 21AAACC1206D2ZR | 30,000 |
| Balasore Bazar | Odisha | Regular | 21AAACC1206D2ZR | 22,000 |
| Oripol Indistries | Odisha | Regular | 21AAACC1206D2ZR | 15,000 |
| Hari Plast Pvt; Ltd. | Odisha | Regular | 21AAACC1206D2ZR | 20,000 |
| Your’s Honda | Odisha | Regular | 21AAACC1206D2ZR | 10,000 |
| Neelam Motors | Odisha | Regular | 21AAACC1206D2ZR | 7,500 |
| Excel IT Care | Odisha | Regular | 21AAACC1206D2ZR | 5,000 |
| Jagannath Furnishing | Odisha | Regular | 21AAACC1206D2ZR | 4,000 |
| Outside Customer (IGST): | ||||
| Reliance Mart (West Bengal) | West Bengal | Regular | 19AAACC1206D2ZC | 40,000 |
Sundry Creditor
| Name of Party | Address with State | Registration Type | GSTIN / UIN No. | Opening Balance |
| Outsider (IGST) Creditor: | ||||
| Hindustan Lever Ltd.(Delhi) | DELHI(UT) | Regular | 07AAACC1206D1ZI | 75,000 |
| Modicare Ltd. (Rajasthan) | RAJASTHAN | Regular | 08AABCM9425F1ZG | 80,000 |
| ITC Ltd. ( Maharashtra) | MAHARASHTRA | Regular | 27AAACC1206D1ZG | 50,000 |
| Patanjali Ayurved Ltd.(Tamilnadu) | TAMIL NADU | Regular | 33AAACC1206D1ZN | 45,000 |
| Amazon India Ltd. ( Assam) | ASSAM | Regular | 18AAACC1206D1ZF | 1,00,000 |
| Local Creditors: | ||||
| Swayam Sales (Local) | Odisha | Regular | 21AAACC1206D2ZR | 7000 |
| Shree Enterprises | Odisha | Regular | 21AAACC1206D2ZR | 2000 |
| Other Creditor: | ||||
| N. Jatania & Co. | Odisha | Regular | 21AAACC1206D2ZR | 3000 |
| PD Advertising | Odisha | Regular | 21AAACC1206D2ZR | 1000 |
| NESCO | Odisha | Regular | 21AAACC1206D2ZR | 1500 |
| BSNL | Odisha | Regular | 21AAACC1206D2ZR | 500 |