How to Create New Ledger in TallyPrime Software

In simple words, a Ledger in TallyPrime is a master record where all accounting transactions related to a specific account are recorded.

• Think of a ledger as a notebook where you write down all financial movements related to a particular customer, supplier, income, expense, asset, or liability.
• Tally Prime a ledger is used for identify business transactions and in all accounting vouchers. For example, purchase, payments, sales, receipts, and others account heads are ledger accounts.

👉 Example:

• If you sell goods to “ABC Traders”, all sale entries related to them will be recorded in their Ledger.

• If you pay “Rent”, the payment will be recorded under the Rent Expenses Ledger.

In TallyPrime, each ledger belongs to a Group (like Sales, Purchase, Expenses, Bank Accounts, etc.) which helps in proper classification.

Why is Ledger Important in TallyPrime?

A ledger is the foundation of financial reporting in Tally. Here’s why ledgers are crucial:

• Systematic Recording: Every debit and credit is neatly organized under the right ledger.
• Trial Balance Preparation: Ledgers directly impact the generation of Trial Balance — the basis for further financial statements.
• Tracking & Control: You can easily track dues, expenses, incomes, and investments ledger-wise.
• Legal Compliance: Proper ledgers are critical for preparing GST returns, income tax filings, audits, etc.
• Business Decisions: Analysing ledger balances gives key insights like outstanding debtors, monthly expenses, cash in hand, etc.

 

Types of Ledgers You Need to Create in TallyPrime

In TallyPrime, you can create different types of ledgers based on your business activities, such as:

• Assets Ledgers (e.g., Cash, Bank, Buildings, Vehicles)
• Liabilities Ledgers (e.g., Loans, Creditors)
• Income Ledgers (e.g., Sales, Interest Received)
• Expense Ledgers (e.g., Rent, Electricity, Salary)
• GST Ledgers (e.g., Output CGST, Input IGST)

Tip: Each ledger must be linked to a correct Group (TallyPrime has 28 predefined groups).

How to Create a Ledger in TallyPrime (Step-by-Step)

1. Gateway of Tally → Create → Ledger
2. Enter the Name of the Ledger.
3. Select the appropriate Group.
4. Fill in details like GST applicability, Opening Balance, etc. (if required).
5. Save the ledger.

✏️ Shortcut: Press Alt + C while entering any voucher to create a new ledger instantly.

Step 1- Click on Create

 

Step 2- Click on Ledger

 

Step 3- After click you will see like something as shown below image, here you need to fill the account information –

 

Step 4- Ledger Creation –

• Ledger Name – Account Name
• Under – Choose Right Group for you ledger
• Other – Related Info

 

Step 5- Ledger Creation –

• Ledger Name / Account Name – Customer’s Name
• Under – Sundry Debtor
• Maintain bill by bill – Yes

 

Step 6- Ledger Creation –

• Ledger Name / Account Name – Sales A/c
• Under – Sales Accounts

Step 7- Ledger Creation –

• Ledger Name / Account Name – Supplier’s Name
• Under – Sundry Creditors
• Maintain bill by bill – Yes

 

Step 8- Ledger Creation –

• Ledger Name / Account Name – Purchase A/c
• Under – Purchase Accounts

Result – here you can created ledger

 

Assignment

📚 500 Popular Ledger Names in TallyPrime

(With Group, Type of Account, and Accounting Classification)