8-Practical Assignment-TallyPrime-Creating Income and Expenses Ledger

TallyPrime Assignment-8 [CREATING INCOME & EXPENSES LEDGER]

Creating Expenses and Income Ledgers without GST Compliance

You can select the income or expenses account group to create ledgers.

To create an Expense 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 ledger in the Name field.
  2. Select Indirect Expenses from the List of Groups in the Under field.

Note: Select Indirect Income from the List of Groups if you want to create an income ledger.

  1. Set the option Inventory values are affected? to No . (Default is No)

The expense Ledger Creation screen appears as shown below:

[35-Practical Assignment-TallyPrime]

  1. Regarding Statutory Information, GST should be Not Applicable , as well as the Option ‘Include in assessable value calculation for’ should be Not Applicable as white marked above.
  2. Press Ctrl+A to accept.

[Practical Assignment]

Create the following Incomes and Expenses Ledgers as per given Groups… (without Opening Bal. & Cost Center)

EXPENSES INCOME
PURCHASE ACCOUNT      
       Purchase – GST/IGST      
       
DIRECT EXPENSES      
       
  TRADING EXPENSES    
    Purchases – Trading    
    Packaging Material    
    Packaging Expenses    
         
  PURCHASE OVERHEADS
    Commission / Brokerage on Purchases
    Freight on Purchases  
    Handling Expense on Purchases
           
INDIRECT EXPENSES
 
  SALARIES AND STAFF EXPENSES
    Salaries and Bonus    
    Staff Welfare    
    Staff Festival Benefits  
    Incentives to Staff    
           
  ADMINISTRATIVE EXPENSES  
    Printing & Stationery    
    Travelling Expense    
    Conveyance    
    Telephone / Telex / Fax Charges
    Courier / Postage Charges  
    Repairs and Maintenance  
    Rent Paid      
    Electricity Bills    
    License Fees, Municipal Taxes etc.
    Subscription & Membership Fees
    Fuel and Maintenance of Vehicle-1
    Warehousing Expenses  
    Hire Charges    
    Insurance Premiums    
    Legal Expenses    
    Professional Fees    
    Computer Expenses    
    Charity and Donations  
    Depreciation
    Discount on Sales  
    Miscellaneous Expenses  
    Pre-incorporation Expenses  
    Rounded Off (+/-)  – See below Creation of this Ledger
     
  MARKETING EXPENSES    
    Advertisement Expenses  
    Sales Promotion Expenses  
    Entertainment Expenses  
    Conference Expenses  
    Exhibition Expenses    
     Freight on Sales
     
  FINANCIAL EXPENSES    
    Interest on Loans    
    Interest charged by Supplier  
    Bank Charges    
    Commission / Brokerage on Finance
     
EXPENSES WITH GST COMPLIANCE
     
SALE ACCOUNT  
    Sale – GST/IGST
 
INDIRECT INCOMES  
  OTHER INCOME    
       
    Discount on Purchases  
    Commission / Brokerage Received
    Share Dividend Income  
    Miscellaneous Receipts
    Delivery Charges
    Packing on Sale  
       
  INTEREST EARNINGS
    Interest from Securities
    Interest on Bank Deposits
    Interest on Loans Given
    Interest on Debentures
    Interest charged to Customers
See also  TallyPrime Assignment-10 [CREATING UNIT OF MEASUREMENT]

Creating Service Ledger with GST Compliance

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).

For Example:

Create a Ledger – Audit Fee with GST 18%

Setup:

Create a Ledger, ‘Audit Fee’ under Direct Income with GST Applicable and the GST details will be applied seamlessly, with Type of Supply – Service as per screen below:

[36-Practical Assignment-TallyPrime]

  1. Press Alt+G(Go To) > Create/Alter Master > Ledger (under Accounting Master).
    Alternatively, go to Gateway of Tally > Create/Alter Ledger.
  2. Select the required service ledgerfrom the List of Ledgers, or create a new one, as needed.
  3. Fill in the relevant details for HSN/SAC and GST.
    1. HSN/SAC Details: You have three options to choose from.
      1. Specify Details Here: Once you select this option, you will be able to enter the details right here in the service ledger.

[37-Practical Assignment-TallyPrime]

ii.  Use GST Classification: This option allows you to select a previously created GST Classification, or create one on the spot. The details will be applied accordingly.

iii.  Specify in Voucher: If you are not aware of the details at the moment, and if you want to add the details directly in the transaction, then you can select this option.

b.  GST Rate Details: Like in the previous field (HSN/SAC Details), you have the same three options to choose from.

See also  TallyPrime Assignment-5 [CREATING PARTY LEDGERS – SUNDRY CREDITOR / SUNDRY DEBTOR]

[38-Practical Assignment-TallyPrime]

[Select Sales Exempt , if the type of supply is exempted from tax under GST, or select Sales Nil Rated , if the tax rate applicable to the type of supply is 0% under GST.]

  1. Type of supply – Services .

[39-Practical Assignment-TallyPrime]

  1. Press Ctrl + A to save.

[Practical Assignment]

Create the following Service Ledger under Direct Income with GST Compliance :

Direct Income GST Rate
Service Charges (12%) 12%
Installation Charges (5%) 5%
AMC Charges (15%) 18%

Creation of Ledger ‘Rounded off (+/-)’ for rounding the Invoice Value automatically.

You can create a Ledger ‘Rounded off (+/-)’ to round-off the invoice value automatically.

  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.

Note : If you already created the given Ledger Rounded Off (+/-), you can alter as below

[40-Practical Assignment-TallyPrime]

  1. Set Type of Ledger? as Invoice Rounding .
  2. Select the Rounding method as Normal Rounding and enter the Rounding limit to 1 .
  3. Under Statutory Information, all options should be set to Not Applicable .
Shopping Cart
error: Content is protected !!
Scroll to Top