Module 2: Masters and Transactions in Tally Prime

2.1 Chart of Accounts

Types of Accounts

1. Asset Accounts: Accounts that represent the company's assets (e.g., Cash, Accounts Receivable).

2. Liability Accounts: Accounts that represent the company's liabilities (e.g., Accounts Payable, Loans
Payable).

3. Equity Accounts: Accounts that represent the company's equity (e.g., Share Capital, Retained Earnings).

4. Revenue Accounts: Accounts that represent the company's revenues (e.g., Sales, Service Income).

5. Expense Accounts: Accounts that represent the company's expenses (e.g., Salaries, Rent)

Creating a Chart of Accounts

1. Go to Gateway of Tally: Click on Gateway of Tally.

2. Select Accounts Info: Click on Accounts Info.

3. Select Chart of Accounts: Click on Chart of Accounts.

4. Create a New Account: Click on Create to create a new account.

Components of a Chart of Accounts

1. Account Type: Select the account type (e.g., Asset, Liability, Equity, Revenue, Expense).

2. Account Name: Enter the account name.

3. Account Number: Enter the account number.

4. Group: Select the group under which the account will be classified.

5. Sub-group: Select the sub-group under which the account will be classified.

Best Practices

1. Use a Consistent Naming Convention: Use a consistent naming convention for accounts.

2. Use Account Numbers: Use account numbers to easily identify and organize accounts.

3. Group Similar Accounts Together: Group similar accounts together for easy reporting and analysis.

4. Regularly Review and Update the Chart of Accountsto ensure it remains relevant and accurate.

2.2 Ledger Creation

Types of Ledgers
1. Asset Ledgers: Ledgers that represent the company's assets (e.g., Cash, Accounts Receivable).

2. Liability Ledgers: Ledgers that represent the company's liabilities (e.g., Accounts Payable, Loans Payable).

3. Equity Ledgers: Ledgers that represent the company's equity (e.g., Share Capital, Retained Earnings).

4. Revenue Ledgers: Ledgers that represent the company's revenues (e.g., Sales, Service Income).

5. Expense Ledgers: Ledgers that represent the company's expenses (e.g., Salaries, Rent)

Creating a Ledger

1. Go to Gateway of Tally: Click on Gateway of Tally.

2. Select Accounts Info: Click on Accounts Info.

3. Select Ledgers: Click on Ledgers.

4. Create a New Ledger: Click on Create to create a new ledger.

Components of a Ledger

1. Name: Enter the name of the ledger.

2. Alias: Enter an alias for the ledger (optional).

3. Under: Select the group under which the ledger will be classified.

4. Default Debit/Credit: Select the default debit or credit behavior for the ledger.

5. Mailing Details: Enter the mailing details for the ledger (optional).

Best Practices

1. Use a Consistent Naming Convention: Use a consistent naming convention for ledgers.

2. Use Aliases: Use aliases to provide additional information about the ledger.

3. Classify Ledgers Correctly: Classify ledgers correctly under the relevant group.

4. Regularly Review and Update Ledgers: Regularly review and update ledgers to ensure they remain relevant
and accurate.

2.3 Group Creation

Types of Groups

1. Asset Groups: Groups that represent the company's assets (e.g., Current Assets, Fixed Assets).

2. Liability Groups: Groups that represent the company's liabilities (e.g., Current Liabilities, Long-term
Liabilities).

3. Equity Groups: Groups that represent the company's equity (e.g., Share Capital, Retained Earnings).
4. Revenue Groups: Groups that represent the company's revenues (e.g., Sales, Service Income).

5. Expense Groups: Groups that represent the company's expenses (e.g., Salaries, Rent).

Creating a Group

1. Go to Gateway of Tally: Click on Gateway of Tally.

2. Select Accounts Info: Click on Accounts Info.

3. Select Groups: Click on Groups.

4. Create a New Group: Click on Create to create a new group.

Components of a Group

1. Name: Enter the name of the group.

2. Alias: Enter an alias for the group (optional).

3. Group Under: Select the parent group under which the new group will be classified.

4. Method of Valuation: Select the method of valuation for the group (e.g., FIFO, Weighted Average).

5. Inventory Valuation: Select the inventory valuation method for the group (e.g., Cost Price, Market Value).

2.4 Deletion of Ledgers and Group

Deleting a Ledger

1. Go to Gateway of Tally: Click on Gateway of Tally.

2. Select Accounts Info: Click on Accounts Info.

3. Select Ledasts: Click on Ledasts.

4. Select the Ledger to Delete: Select the ledger you want to delete.

5. Press Alt+D: Press Alt+D to delete the ledger.

6. Confirm Deletion: Confirm the deletion by clicking Yes.

Deleting a Group

1. Go to Gateway of Tally: Click on Gateway of Tally.

2. Select Accounts Info: Click on Accounts Info.

3. Select Groups: Click on Groups.

4. Select the Group to Delete: Select the group you want to delete.

5. Press Alt+D: Press Alt+D to delete the group.

6. Confirm Deletion: Confirm the deletion by clicking Yes.

Precautions Before Deletion

1. Backup Your Data: Ensure you have a backup of your data before deleting any ledgers or groups.

2. Verify the Ledger/Group: Verify that the ledger or group is not in use or linked to any other transactions.

3. Check for Dependencies: Check for any dependencies or relationships with other ledgers or groups.

Consequences of Deletion

1. Data Loss: Deleting a ledger or group may result in data loss.

2. Transaction Errors: Deleting a ledger or group may cause transaction errors or inconsistencies.

3. Reporting Issues: Deleting a ledger or group may affect reporting and analysis.

2.4 Creating Inventory Masters

Types of Inventory Masters

1. Stock Item: Create stock item masters to manage inventory levels, track stock movements, and calculate
stock values.

2. Stock Category: Create stock category masters to group similar stock items together for easier reporting and
analysis.

3. Unit of Measure: Create unit of measure masters to define the units in which stock items are measured (e.g.,
kg, liters, pieces).

4. Godown: Create godown masters to manage multiple storage locations for inventory.

5. Batch: Create batch masters to track inventory batches with specific characteristics (e.g., expiration dates,
serial numbers).

Steps to Create Inventory Masters

1. Go to Gateway of Tally: Click on Gateway of Tally.

2. Select Inventory Info: Click on Inventory Info.

3. Select the Type of Inventory Master: Select the type of inventory master you want to create (e.g., Stock Item,
Stock Category).

4. Enter Master Details: Enter the required details for the inventory master, such as name, description, and unit
of measure.

5. Save the Master: Click Save to create the inventory master.

Best Practices
1. Use Consistent Naming Conventions: Use consistent naming conventions for inventory masters to ensure
easy identification and reporting.

2. Define Units of Measure: Define units of measure for each stock item to ensure accurate inventory tracking
and valuation.

3. Create Stock Categories: Create stock categories to group similar stock items together for easier reporting
and analysis.

4. Regularly Review and Update Inventory Masters: Regularly review and update inventory masters to ensure
they remain relevant and accurate.

2.5 Creation of Stock Group

Types of Stock Groups

1. Primary Stock Group: Create primary stock groups to classify stock items into broad categories.

2. Sub-stock Group: Create sub-stock groups to further classify stock items within a primary stock group.

Components of Stock Group

1. Name: Enter the name of the stock group.

2. Description: Enter a brief description of the stock group.

3. Classification: Select the classification of the stock group (e.g., Raw Materials, Finished Goods).

4. Sub-group: Select the sub-group under which the stock group will be classified.

Steps to Create Stock Group

1. Go to Gateway of Tally: Click on Gateway of Tally.

2. Select Inventory Info: Click on Inventory Info.

3. Select Stock Group: Click on Stock Group.

4. Create Stock Group: Click on Create to create a new stock group.

5. Enter Stock Group Details: Enter the required details for the stock group, such as name, description, and
classification.

6. Save the Stock Group: Click Save to create the stock group.

2.6 Creation of Units of Measure

Types of Units of Measure

1. Simple Unit: Create simple units of measure (e.g., Kilogram, Liter).

2. Compound Unit: Create compound units of measure (e.g., Kilogram per Liter).
3. Derived Unit: Create derived units of measure (e.g., Square Meter, Cubic Meter).

Components of Units of Measure

1. Unit Name: Enter the name of the unit of measure (e.g., Kilogram, Liter).

2. Unit Symbol: Enter the symbol for the unit of measure (e.g., kg, L).

3. Conversion Factor: Enter the conversion factor for the unit of measure (e.g., 1 kg = 1000 grams).

4. Decimal Places: Specify the number of decimal places for the unit of measure.

Steps to Create Units of Measure

1. Go to Gateway of Tally: Click on Gateway of Tally.

2. Select Inventory Info: Click on Inventory Info.

3. Select Units of Measure: Click on Units of Measure.

4. Create Unit of Measure: Click on Create to create a new unit of measure.

5. Enter Unit of Measure Details: Enter the required details for the unit of measure, such as unit name, symbol,
and conversion factor.

6. Save the Unit of Measure: Click Save to create the unit of measure.

2.7 Creation of Stock Item

Types of Stock Items

1. Inventory Item: Create inventory items that are stocked and sold.

2. Non-Inventory Item: Create non-inventory items that are not stocked or sold.

3. Service Item: Create service items that represent services provided

Components of Stock Item

1. Name: Enter the name of the stock item.

2. Description: Enter a brief description of the stock item.

3. Unit of Measure: Select the unit of measure for the stock item (e.g., Kilogram, Liter).

4. Rate: Enter the rate of the stock item.

5. Stock Group: Select the stock group under which the stock item will be classified.

6. Barcode: Enter the barcode for the stock item (if applicable)

Steps to Create Stock Item

1. Go to Gateway of Tally: Click on Gateway of Tally.

2. Select Inventory Info: Click on Inventory Info.

3. Select Stock Item: Click on Stock Item.

4. Create Stock Item: Click on Create to create a new stock item.

5. Enter Stock Item Details: Enter the required details for the stock item, such as name, description, unit of
measure, and rate.

6. Save the Stock Item: Click Save to create the stock item.

2.8 Creation of Godown

Types of Godowns

1. Centralized Godown: Create a centralized godown to manage inventory for multiple locations.

2. Decentralized Godown: Create decentralized godowns to manage inventory for specific locations.

3. Virtual Godown: Create virtual godowns to manage inventory for online sales or drop shipping.

Components of Godown

1. Name: Enter the name of the godown.

2. Address: Enter the address of the godown.

3. Location: Enter the location of the godown.

4. Godown Type: Select the type of godown (e.g., Warehouse, Store).

5. Storage Capacity: Enter the storage capacity of the godown.

Steps to Create Godown

1. Go to Gateway of Tally: Click on Gateway of Tally.

2. Select Inventory Info: Click on Inventory Info.

3. Select Godown: Click on Godown.

4. Create Godown: Click on Create to create a new godown.

5. Enter Godown Details: Enter the required details for the godown, such as name, address, and location.

6. Save the Godown: Click Save to create the godown.

2.9 Stock Category

Types of Stock Categories

1. Primary Stock Category: Create primary stock categories to classify stock items into broad categories.

2. Sub-stock Category: Create sub-stock categories to further classify stock items within a primary stock
category.

Components of Stock Category

1. Name: Enter the name of the stock category.

2. Description: Enter a brief description of the stock category.

3. Classification: Select the classification of the stock category (e.g., Raw Materials, Finished Goods).

4. Sub-category: Select the sub-category under which the stock category will be classified.

Creating Stock Category

1. Go to Gateway of Tally: Click on Gateway of Tally.

2. Select Inventory Info: Click on Inventory Info.

3. Select Stock Category: Click on Stock Category.

4. Create Stock Category: Click on Create to create a new stock category.

5. Enter Stock Category Details: Enter the required details for the stock category, such as name, description, and
classification.

6. Save the Stock Category: Click Save to create the stock category.

2.10 Introduction to Vouchers in Tally Prime

A voucher is a document or electronic record that represents a transaction or a payment. It is a written or digital
authorization for a specific amount of money to be paid or received.

In general, a voucher can be:

1. A receipt for a payment made

2. A bill or invoice for a payment to be made

3. A document authorizing a payment or transaction

4. A record of a transaction, such as a sale or purchase

Vouchers can be in various forms, including:

1. Paper vouchers

2. Electronic vouchers (e-vouchers)

3. Digital vouchers4. Online vouchers

In Tally Prime, vouchers are used to record and manage transactions, such as sales, purchases, receipts,
and payments.

Types of Vouchers

1. Contra Voucher: Used for transactions that affect cash or bank accounts, such as cash deposits or
withdrawals.

2. Journal Voucher: Used for transactions that affect assets, liabilities, or equity accounts, such as depreciation
or provision for taxes.

3. Sales Voucher: Used for sales transactions, including invoicing and credit notes.

4. Purchase Voucher: Used for purchase transactions, including invoicing and debit notes.

5. Receipt Voucher: Used for transactions that involve receiving money, such as cash sales or receipt of
payments from debtors.

6. Payment Voucher: Used for transactions that involve making payments, such as cash purchases or payment to
creditors.

Steps to Create a Voucher

1. Go to Gateway of Tally: Click on Gateway of Tally.

2. Select Voucher: Click on Voucher.

3. Select Voucher Type: Select the type of voucher you want to create.

4. Enter Voucher Details: Enter the required details for the voucher.

5. Save the Voucher: Click Save to create the voucher.

2.11 Components of Voucher Entry Screen

Components of a Voucher

1. Voucher Date: The date on which the transaction occurred.

2. Voucher Number: A unique number assigned to each voucher.

3. Voucher Type: The type of voucher, such as sales or purchase.

4. Account: The account affected by the transaction.

5. Debit/Credit: The debit or credit amount of the transaction.

6. Narration: A brief description of the transaction.

2.12 Accounting Voucher

Components of Accounting Voucher

1. Voucher Date: The date on which the transaction occurred.

2. Voucher Number: A unique number assigned to each voucher.

3. Voucher Type: The type of voucher (e.g., sales, purchase).

4. Account: The account affected by the transaction.

5. Debit/Credit: The debit or credit amount of the transaction.

6. Narration: A brief description of the transaction.

Steps to Create Accounting Voucher

1. Go to Gateway of Tally: Click on Gateway of Tally.

2. Select Accounting Voucher: Click on Accounting Voucher.

3. Select Voucher Type: Select the type of voucher you want to create.

4. Enter Voucher Details: Enter the required details for the voucher.

5. Save the Voucher: Click Save to create the voucher.

2.13 Basic Vouchers: Receipt, Payment, Contra, Sales, Purchase

Components of Basic Vouchers

1. Voucher Date: The date on which the transaction occurred.

2. Voucher Number: A unique number assigned to each voucher.

3. Voucher Type: The type of voucher (e.g., sales, purchase).

4. Account: The account affected by the transaction.

5. Debit/Credit: The debit or credit amount of the transaction.

6. Narration: A brief description of the transaction.

Steps to Create Basic Vouchers

1. Go to Gateway of Tally: Click on Gateway of Tally.

2. Select Basic Vouchers: Click on Basic Vouchers.

3. Select Voucher Type: Select the type of voucher you want to create.

4. Enter Voucher Details: Enter the required details for the voucher.

5. Save the Voucher: Click Save to create the voucher.

2.14 Journal, - Credit Note, & Debit Note

Here's an overview of Journal, Credit Note, and Debit Note in Tally Prime:

Journal

1. Definition: A journal is a type of voucher that is used to record transactions that affect assets, liabilities, or
equity accounts.

2. Purpose: Journals are used to record adjustments, corrections, and other transactions that are not related to
sales or purchases.

3. Example: Recording depreciation, provision for taxes, or adjustment of accounts.

Credit Note

1. Definition: A credit note is a type of voucher that is used to record a reduction in sales or a refund to a
customer.

2. Purpose: Credit notes are used to correct errors in sales invoices or to refund customers for returned goods.

3. Example: Issuing a credit note to a customer for a returned product.

Debit Note

1. Definition: A debit note is a type of voucher that is used to record an increase in purchases or a charge to a
supplier.

2. Purpose: Debit notes are used to correct errors in purchase invoices or to charge suppliers for damages or
shortages.

3. Example: Issuing a debit note to a supplier for damaged goods received.

Creation Of Vouchers

1. Go to Gateway of Tally

2. Select Accounting Vouchers

3. Select the type of voucher you want to create (Journal, Credit Note, or Debit Note)

4. Enter the required details for the voucher

5. Save the voucher

2.15 Voucher Alteration & Deletion

Voucher Alteration

1. Go to Gateway of Tally: Click on Gateway of Tally.

2. Select Accounting Vouchers: Click on Accounting Vouchers.

3. Select the Voucher to Alter: Select the voucher you want to alter.
4. Click on Alter: Click on Alter to modify the voucher.

5. Make Changes: Make the necessary changes to the voucher.

6. Save the Changes: Click Save to save the changes.

Voucher Deletion

1. Go to Gateway of Tally: Click on Gateway of Tally.

2. Select Accounting Vouchers: Click on Accounting Vouchers.

3. Select the Voucher to Delete: Select the voucher you want to delete.

4. Press Alt+D: Press Alt+D to delete the voucher.

5. Confirm Deletion: Confirm the deletion by clicking Yes.

2.16 Non-Accounting Vouchers -

Types of Non-Accounting Vouchers

1. Material Receipt Note: Used to record receipt of materials or goods.

2. Material Issue Note: Used to record issue of materials or goods.

3. Delivery Note: Used to record delivery of goods to customers.

4. Receipt Note: Used to record receipt of goods from suppliers.

5. Stock Journal: Used to record stock movements, such as transfer of stock from one godown to another.

Components of Non-Accounting Vouchers

1. Voucher Date: The date on which the transaction occurred.

2. Voucher Number: A unique number assigned to each voucher.

3. Voucher Type: The type of voucher (e.g., Material Receipt Note).

4. Item Details: Details of the items involved in the transaction.

5. Quantity: The quantity of items involved in the transaction.

Steps to Create Non-Accounting Vouchers

1. Go to Gateway of Tally: Click on Gateway of Tally.

2. Select Inventory Vouchers: Click on Inventory Vouchers.

3. Select the Type of Voucher: Select the type of voucher you want to create.

4. Enter Voucher Details: Enter the required details for the voucher.
5. Save the Voucher: Click Save to create the voucher.

2.17 Voucher Type - Double & Single Mode Voucher Entry

Double Mode Voucher Entry

1. Definition: In double mode voucher entry, both the debit and credit aspects of a transaction are recorded
simultaneously.

2. Example: Recording a sales transaction where cash is received from a customer.

3. Steps to Create Double Mode Voucher:

 Go to Gateway of Tally.
 Select Accounting Vouchers.
 Select the voucher type (e.g., Sales, Purchase).
 Enter the debit and credit details.
 Save the voucher.

Single Mode Voucher Entry

1. Definition: In single mode voucher entry, only one aspect of a transaction is recorded at a time.

2. Example: Recording a receipt of cash from a customer without simultaneously recording the sales
transaction.

3. Steps to Create Single Mode Voucher:

1. Go to Gateway of Tally.

2. Select Accounting Vouchers.

3. Select the voucher type (e.g., Receipt, Payment).

4. Enter the single-sided voucher details.

5. Save the voucher.

2.18 Inventory Vouchers

Types of Inventory Vouchers

1. Material Receipt Note: Used to record receipt of materials or goods.

2. Material Issue Note: Used to record issue of materials or goods.

3. Delivery Note: Used to record delivery of goods to customers.

4. Receipt Note: Used to record receipt of goods from suppliers.

5. Stock Journal: Used to record stock movements, such as transfer of stock from one godown to another.
6. Rejection In Note: Used to record rejection of goods received from suppliers.

7. Rejection Out Note: Used to record rejection of goods delivered to customers.

Components of Inventory Vouchers

1. Voucher Date: The date on which the transaction occurred.

2. Voucher Number: A unique number assigned to each voucher.

3. Voucher Type: The type of voucher (e.g., Material Receipt Note).

4. Item Details: Details of the items involved in the transaction.

5. Quantity: The quantity of items involved in the transaction.

Steps to Create Inventory Vouchers

1. Go to Gateway of Tally: Click on Gateway of Tally.

2. Select Inventory Vouchers: Click on Inventory Vouchers.

3. Select the Type of Voucher: Select the type of voucher you want to create.

4. Enter Voucher Details: Enter the required details for the voucher.

5. Save the Voucher: Click Save to create the voucher.

2.19 Basic Voucher: Stock Transfer, Manufacturing, Physical Stock

Stock Transfer Voucher

1. Definition: A stock transfer voucher is used to record the transfer of stock from one godown to another.

2. Components:

 Voucher date
 Voucher number
 From godown
 To godown
 Item details
 Quantity

3. Steps to Create:

1. Go to Gateway of Tally

2. Select Inventory Vouchers

3. Select Stock Transfer

4. Enter voucher details

 5. Save the voucher

Manufacturing Voucher

1. Definition: A manufacturing voucher is used to record the production of finished goods.

2. Components:

 Voucher date
 Voucher number
 Production details
 Item details
 Quantity

3. Steps to Create:

1. Go to Gateway of Tally

2. Select Inventory Vouchers

3. Select Manufacturing

4. Enter voucher details

5. Save the voucher

Physical Stock Voucher

1. Definition: A physical stock voucher is used to record the physical stock count of items.

2. Components:

 Voucher date
 Voucher number
 Item details
 Quantity
 Godown details

3. Steps to Create:

1. Go to Gateway of Tally

2. Select Inventory Vouchers

3. Select Physical Stock

4. Enter voucher details

5. Save the voucher

2.20 Voucher - Accounts

Types of Vouchers in Accounts

1. Contra Voucher: Used for transactions that affect cash or bank accounts.

2. Journal Voucher: Used for transactions that affect assets, liabilities, or equity accounts.

3. Sales Voucher: Used for sales transactions, including invoicing and credit notes.

4. Purchase Voucher: Used for purchase transactions, including invoicing and debit notes.

5. Receipt Voucher: Used for transactions that involve receiving money.

6. Payment Voucher: Used for transactions that involve making payments.

Components of a Voucher in Accounts

1. Voucher Date: The date on which the transaction occurred.

2. Voucher Number: A unique number assigned to each voucher.

3. Voucher Type: The type of voucher (e.g., sales, purchase).

4. Account: The account affected by the transaction.

5. Debit/Credit: The debit or credit amount of the transaction.

6. Narration: A brief description of the transaction.

Steps to Create a Voucher in Accounts

1. Go to Gateway of Tally: Click on Gateway of Tally.

2. Select Accounting Vouchers: Click on Accounting Vouchers.

3. Select the Type of Voucher: Select the type of voucher you want to create.

4. Enter Voucher Details: Enter the required details for the voucher.

5. Save the Voucher: Click Save to create the voucher.

2.21 Voucher with Inventory Transactions

Types of Vouchers with Inventory Transactions

1. Purchase Voucher: Used to record purchase of goods or materials, affecting inventory levels.

2. Sales Voucher: Used to record sales of goods or materials, affecting inventory levels.

3. Stock Transfer Voucher: Used to record transfer of stock from one godown to another.

4. Material Receipt Note: Used to record receipt of materials or goods.

5. Material Issue Note: Used to record issue of materials or goods.

6. Delivery Note: Used to record delivery of goods to customers.

7. Receipt Note: Used to record receipt of goods from suppliers.

Components of a Voucher with Inventory Transactions

1. Voucher Date: The date on which the transaction occurred.

2. Voucher Number: A unique number assigned to each voucher.

3. Voucher Type: The type of voucher (e.g., purchase, sales).

4. Item Details: Details of the items involved in the transaction.

5. Quantity: The quantity of items involved in the transaction.

6. Rate: The rate at which the items are purchased or sold.

7. Amount: The total amount of the transaction.

Steps to Create a Voucher with Inventory Transactions

1. Go to Gateway of Tally: Click on Gateway of Tally.

2. Select Inventory Vouchers: Click on Inventory Vouchers.

3. Select the Type of Voucher: Select the type of voucher you want to create.

4. Enter Voucher Details: Enter the required details for the voucher.

5. Save the Voucher: Click Save to create the voucher.

2.22 Invoice & Voucher Entry Mode

Invoice Entry Mode

1. Definition: Invoice entry mode is used to record sales and purchase transactions with detailed invoice
information.

2. Components:

 Invoice number
 Invoice date
 Party details
 Item details
 Quantity
 Rate
 Amount

3. Steps to Create Invoice:

1. Go to Gateway of Tally
 2. Select Accounting Vouchers

3. Select Sales or Purchase voucher

4. Enable Invoice mode

5. Enter invoice details

6. Save the voucher

Voucher Entry Mode

1. Definition: Voucher entry mode is used to record transactions without detailed invoice information.

2. Components:

 Voucher date
 Voucher number
 Account details
 Debit/Credit amount
 Narration

3. Steps to Create Voucher:

1. Go to Gateway of Tally

2. Select Accounting Vouchers

3. Select the type of voucher

4. Enter voucher details

5. Save the voucher

Key Differences

1. Invoice Details: Invoice entry mode requires detailed invoice information, while voucher entry mode does
not.

2. Transaction Type: Invoice entry mode is used for sales and purchase transactions, while voucher entry mode
is used for various types of transactions.

3. Level of Detail: Invoice entry mode provides more detailed information about transactions, while voucher
entry mode provides a more general overview.

2.23 Inventory Linked Accounts Ledger

Definition: An inventory linked accounts ledger is a ledger account that is linked to an inventory item, allowing
for automatic updating of inventory quantities and values.

Types of Inventory Linked Accounts Ledgers:

1. Stock-in-Hand Ledger: Tracks the quantity and value of inventory items in stock.

2. Purchase Ledger: Tracks the purchase of inventory items.

3. Sales Ledger: Tracks the sales of inventory items.

4. Inventory Adjustment Ledger: Tracks adjustments made to inventory quantities.

Components of Inventory Linked Accounts Ledger:

1. Ledger Name: Name of the ledger account.

2. Inventory Item: Inventory item linked to the ledger account.

3. Quantity: Quantity of the inventory item.

4. Value: Value of the inventory item.

Steps to Create Inventory Linked Accounts Ledger:

1. Go to Gateway of Tally

2. Select Accounts Info

3. Select Ledger

4. Create a new ledger account

5. Link the ledger account to an inventory item

6. Save the ledger account

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