5-Practical Assignment-TallyPrime-Creating Party Ledgers


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:

  1. 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.

  1. Enter the Name of the Party ledger
  2. Select Sundry Creditors / Sundry Creditors from the List of Groups in the Under field.
  3. Set the option Inventory values are affected? to No,.
  4. 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.

[20-Practical Assignment-TallyPrime]

  1. 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:

[21-Practical Assignment-TallyPrime]

o     Press Ctrl+A to accept.

The Ledger Creation screen displays as shown below:

[22-Practical Assignment-TallyPrime]

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:
See also  TallyPrime Assignment-1 [COMPANY CREATION]

[23-Practical Assignment-TallyPrime]

  • 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]

[24-Practical Assignment-TallyPrime]

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
See also  TallyPrime Assignment-16 [Purchase Return / Debit Note Voucher]


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