A Stock Category in TallyPrime helps to classify items across different Stock Groups based on common features. Stock categories is the categorization of the stock items of similar features belonging to different stock groups. Eg: If the company is dealing with Smartphones. The company’s inventory might consist of Smartphones of different brands like Samsung, […]
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A Stock Group in TallyPrime is used to classify similar stock items under a common category. Just like Ledger Groups for accounts, Stock Groups are for inventory items. Example: Let’s say you run a computer accessories store. You can group stock items like this: Stock Group: Keyboards Stock Items: Dell Keyboard, Logitech Keyboard
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Deleting a ledger in Tally Prime is a simple process, but it should be done with caution as deleting a ledger will also delete all the transactions associated with it. 1. Open Tally Prime and go to the Gateway of Tally. 2. Click “Alter” and then select “Ledgers.” 3. Select the ledger that you want
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Alter a Ledger” in TallyPrime means editing, correcting, or updating any existing ledger after it has been created. You can: Change the name of the ledger Correct the group under which it was created Add or edit the opening balance Update the GST number, PAN, or bank details Add a mobile number, address, or
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A Ledger is the most basic accounting unit where all transactions are recorded. Every debit or credit entry you pass in your business goes to a ledger. In simple words, a Ledger in TallyPrime is a master record where all accounting transactions related to a specific account are recorded. Whether you’re recording sales, purchases, cash
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What is a Group in TallyPrime? A Group is a classification of ledgers that share a similar nature. It can be: Assets Liabilities Income Expenses For example: Cash-in-Hand, Bank A/c, Sundry Debtors are part of Assets. Sales Account, Commission Received go under Income. Steps to Create a Group in TallyPrime Here’s a step-by-step
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When you create a company in TallyPrime, it automatically comes with 28 predefined groups. These groups help you organize all your accounting data like ledgers, stock items, and transactions in a structured way. Understanding these groups is very important for beginners, accountants, and business owners using Tally for financial management. What is a Group in
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Accounting is often called the “language of business” — and just like any language, it has rules and concepts that help everyone understand financial information clearly. Whether you’re a student, entrepreneur, or professional, knowing the basic concepts of accounting will help you make better financial decisions. Accounting concepts are the basic rules and
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If you’re starting your journey in accounting, one of the first things you’ll hear about is the Journal Entry. It’s the foundation of the accounting process and the first step in recording business transactions. A journal entry is the first formal record of a financial transaction in the books of accounts. It tells the
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A business transaction refers to any activity that involves the financial exchange of money or goods between two or more parties. It can involve the exchange of goods, services, or money. A business transaction is “The movement of money and money’s worth form one party to another”. Or exchange of values between two parties is
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