Pre Defined Group In Tally

Pre-Defined Groups in Tally

Tally provides a set of 28 predefined groups. Of these, 15 are Primary Groups and 13 are Sub-groups or children. When you create the company by default the 2 ledger accounts are opened, they are Cash and Profit & Loss A/c so no need to create the ledger again.

Branch & Division

This is a primary group which is used to keep the name of all companies which may be branches, division, sister concerns, subsidiaries of the existing company.

Capital Account

This is a Primary group. You can open ledger accounts like Partners Capital A/c. Proprietors Capital A/c, Share capital A/c.

Reserves and Surplus

This is a subgroup. You can open ledger accounts like Investment Allowance Reserve, General Ledger & Other such reserve accounts.

Current Assets

This is a primary group. All the Assets of the company can be placed under this head. This group has 6 subgroups under it. You can place all your Assets under these sub-groups.

Bank Accounts

This sub-group comes under current asset & you can open saving/current accounts and all other accounts of banks.

Cash-in-hand

This sub-group comes under current Asset & you can open ledger account of cash. Tally by default opens one Cash a/c under this group. When you can create the new company.

       Deposits (Assets)

This sub-group comes under current Asset & you can open ledger accounts like security deposits, fixed Deposits, rental deposits and all other such deposits made by the company.

    Loans and Advances

This sub-group comes under current Asset & you can open ledger accounts like loans & advances of non-trading nature. Ex. Advances against salaries, work contracts etc.

Ø  Stock-in-hand

This subgroup comes under current asset and you can open ledger accounts like raw materials, finished goods and work in progress.

Ø  Sundry Debtors

This subgroup comes under current asset and you can open ledger accounts such as goods sold on credit (Customer a/c).

Ø  Current liabilities

This is a primary group % you can open ledger accounts which are outstanding & liabilities of the company. For ex. PF, TDS etc.

Ø  Duties & Taxes

You can open ledger accounts like Excise, local sales tax, central sales Tax, VAT, MODVAT etc.

Ø  Provision

You can open ledger accounts that is used to hold other tax provisions like income tax, Audit fees, Legal fees etc.

Ø  Sundry Creditors

You can open ledger accounts of trade creditors of the company ex. Supplier (goods purchased on credit).

Ø  Direct Income

You can open ledger accounts of non-trade income accounts that effects gross profit, for e.g. Suppose your business is of computer hardware, then all your sales of computer would go under sales account but the account of annual maintenance charges that follows sales of computer would fall under this group.

Ø  Direct Expenses (Expenses Indirect)

You can open ledger account of those expenses that are done on purchase of goods of company & that directly affects its gross profit. For e.g. Hamali, transportation, goods Inward charges, octroi etc.

Ø  Fixed Assets

This is a primary group, you can open ledger account such as furniture, Vehicle, building, machinery of the company.

Ø  Indirect Income (Income Indirect)

You can open ledger accounts such as Income from rent, interest, commissions received etc.

Ø  Indirect Expenses (Expenses Indirect)

You can open ledger account of those expenses that are done on sales of goods & that directly affects its Profit & Loss A/c for e.g. salary shop rent, advertisement, postage, printing & stationary, electric bill, telephone bill etc.

Ø  Investments

This is a primary group & can open ledger accounts such as shares, LIC, bonds, and other securities and investments made by the company.

Ø  Loans (liability

This is primary group & can open ledger account such as loan taken by the company. This group is divided into 3 sub-group which are as follows.

Ø  Bank OCC A/c

You can open ledger account under this group are all overdraft accounts with banks like, hypothecation account, C.C A/c etc.

Ø  Secured Loans

You can open ledger accounts such as long/medium term loans taken by the company from financial corporations, banks etc. against its fixed assets.

Ø  Unsecured Loans

You can open ledger account where the company has taken loans unconditionally. For ex. Loan taken from friends, relatives, directors, other securities and investments made by the company.

Ø  Purchase Account

This is a primary group & open ledger accounts of all purchase account of the company.

Ø  Misc. Expenses (Asset)

It is rarely used. This is primary group. The loss of company which has not been written-off but carried forward to the next year, however treats it as a negative profit and carries it to profit and loss account.

Ø  Sales Account

This is a primary group & open ledger accounts of all Goods sales account of the Company.

Ø  Suspense Account

A Suspense ledger a/c opened which keeps track of money received or paid by the company, whose nature of transaction is not yet known for Ex. Money paid as traveling advance, the details of which will only be known after the submission of TA bill