List of Ledger Accounts & Groups in Tally with Examples

List of Ledger Accounts & Groups

1) Bank Accounts - contains ledgers of bank accounts including current as well as savings accounts.

List of Bank Accounts in Tally

  • State Bank of India
  • HDFC Bank
  • Bank of Baroda and so on.

2) Bank OCC A/c - It is a Bank Open Cash Credit Account which is normally used for getting cash credit against stock and receivables in your business.

This is kind of a short term loan for your business.

List of Bank OCC A/c in Tally

  • OCC A/c from State Bank of India
  • OCC A/c from HDFC Bank
  • OCC A/c from Bank of Baroda

3) Bank OD A/c - It is a Bank Overdraft Account which is used when a bank gives you an overdraft facility. It means that you can issue cheques from your account even if you have less funds.

For example, you have Rs.1,08,000 in your bank account but you want to issue a cheque of Rs.1,24,0000. The bank will issue the cheque by adding the remaining Rs.16,000 of its own.

Rs.16,000 is called overdraft amount and you have to pay an interest on that amount.

This is also kind of short term loan but it is against your assets and deposits unlike Bank OCC A/c which is against cash credit and receivables.

4) Branch / Divisions - The ledger under this group in Tally is for your branch or a division situated at a different place other than your main area of operation.

For example, SBI has main office in Mumbai, Maharashtra while branches all over India, there will be one probably in your area too.

List of Branch / Divisions in Tally

Main Headquarters in Mumbai, Maharashtra

  • Branch in Gujarat
  • Branch in Madhya Pradesh
  • Branch in Rajasthan and so on

5) Capital Account - This is one of the most important ledgers in Tally because without capital account in Tally, it is impossible to generate full accounts.

Capital Account for an individual can be in his or her name and for a company in a company’s name.

List of Capital Accounts in Tally

  • Rishit Shah’s Capital Account
  • TallySchool’s Capital Account
  • Drawing or Withdrawal Account
  • House Rent
  • Income Tax
  • LIC Premium - Debit
  • LIC Refund - Credit
  • Mediclaim Insurance Premium - Debit
  • Mediclaim Insurance Premium - Credit
  • Personal Expenses

6) Cash-in-Hand - This is one of the two accounting groups under which a ledger is already created in Tally by the name of Cash.

Any kind of Cash Account or ledger for Cash in Tally will be under this accounting group.

List of Cash-in-Hand Accounts in Tally

  • Cash Account
  • Petty Cash Account - generally used for daily expenses.

7) Current Assets - The assets that can be easily converted into cash in one year or a single accounting cycle which is again, generally one year are called Current Assets.

It also includes the ledger in Tally for Cash.

Assets nature is always debit

List of Current Assets in Tally

  • Cash Account
  • Petty Cash Account
  • Cash Equivalent Accounts such as:
    • Short Term Government Securities
    • Short Term Government Bonds
  • Short Term Investments
  • Sundry Debtors or Account Receivables
  • Bills Receivables Account
  • Income Tax Refunds
  • Cash in Advance to Employees
  • Insurance Claim Receivable
  • GST Refunds
  • VAT Refunds
  • Excise Refunds
  • Customs Refunds
  • Closing Stock or Stock-in-Trade including:
    • Work-in-Progress
    • Finished Goods
    • Manufacturing Materials
    • Packaging Materials
  • Office Supplies such as pens, pencils, staplers, tape and so on.
  • Advance Payments for any Purchases
  • Interest Receivable
  • Accrued Income
  • Advance Deposits - Deposits paid in advance for purchasing goods and services.
  • Dividends Receivable - If you are holding a share of a company and that company declared dividends but the payment is pending then it is your current asset.

8) Current Liabilities - It is the exact opposite of Current Assets. Your debts or obligations which are due within one year or single accounting cycle which is again, generally a year, are called as Current Liabilities.

Liabilities nature is always credit

List of Current Liabilities in Tally

  • Sundry Creditors or Accounts Payables
  • Income Tax Payable
  • GST Payable
  • VAT Payable
  • Excise Payable
  • Customs Payable
  • Interest Payable
  • Bank Account Overdrafts
  • Bank Account Open Cash Credit
  • Accrued Expenses like salaries payable.
  • Customer Deposits. These deposits are made by customers for purchasing goods and services in advance.
  • Dividends Payable. If you are a Company and have declared dividends but payment is pending, then it is a current liability
  • Short Term Loans

9) Deposits (Assets) - This includes any kind of deposits which are refundable and which you have given to anyone, hence they are your assets - current assets to be specific.

List of Deposits (Assets) in Tally

  • Telephone Deposit
  • Credit Card Deposit
  • Refundable Deposits in colleges, schools, libraries, trusts etc.
  • Advance Deposit for purchasing goods or services
  • VAT Deposit
  • Excise Deposit
  • Customs Deposit

10) Direct Expenses - These are the expenses which are directly related to your business or are major part of expenses of your business.

These expenses form part of Trading Account and not the Profit and Loss Account.

List of Direct Expenses in Tally

  • Purchases Account
  • Discount given on Sales
  • Cash Discount given on Sales
  • Direct Materials
  • Freight Charges
  • Labour Charges or Wages
  • Payroll Taxes like Professional Taxes
  • Salaries
  • Manufacturing Expenses
  • Electricity Expenses relating to factory
  • Loading & Unloading Expenses
  • Warehousing Expenses
  • Customs Clearing Expenses

11) Direct Incomes - Incomes which form a major part of your business or are directly related to your business are called direct incomes.

These incomes form part of Trading Account only.

List of Direct Incomes in Tally

  • Sales Accounts
  • Discount received on Purchases
  • Cash Discount received on Purchases

12) Duties & Taxes - This group in Tally includes all the ledgers related to taxation.

List of Duties & Taxes in Tally

  • Input CGST
  • Input SGST
  • Input IGST
  • Input GST Cess

  • Output CGST
  • Output SGST
  • Output IGST
  • Output GST Cess

  • Input VAT
  • Output VAT

  • Input Excise Duty
  • Output Excise Duty

  • Customs Duty

  • Income Tax Payable
  • Income Tax Refundable

  • Professional Tax Payable
  • Professional Tax Refundable

13) Expenses (Direct) - Exactly same as Direct Expenses which you just read above in this post.

Exactly same as Direct Expenses

14) Expenses (Indirect) - Exactly same as Direct Expenses which is later in this post.

Exactly same as Direct Expenses

15) Fixed Assets - The assets which are core to your business and generally have a life span of more than one year or one accounting cycle.

Today they are classified into two groups. Tangible and Intangible.

a) Tangible Fixed Assets - Fixed Assets which you can touch like a computer are tangible fixed assets.

b) Intangible Fixed Assets - Fixed Assets which you cannot touch like a copyright are intangible fixed assets.

List of Fixed Assets in Tally

List of Tangible Fixed Assets in Tally

  • Buildings
  • Factories
  • Offices
  • Furniture
  • Computers
  • Mobiles used for business
  • Equipments
  • Machinery
  • Vehicles used for business

List of Intangible Fixed Assets in Tally

  • Copyrights
  • Trademarks
  • Software
  • Patents
  • Computer Programmes
  • Goodwill
  • Licenses
  • Brand Names
  • Broadcast rights
  • Internet Domain Names

16) Income (Direct) - Exactly same as Direct Incomes which you read above in this post.

Exactly same as Direct Incomes

17)Income (Indirect) - Exactly same as Indirect Incomes which you can read later in this post.

Exactly same as Indirect Incomes

18) Indirect Expenses - These are the expenses which are not directly related to your business but you need to incur them in order to run the business.

List of Indirect Expenses in Tally

  • Advertisement Expenses
  • Auditing Fees
  • Bad Debts
  • Bank Charges
  • Bank Commission
  • Vehicle Expenses such as Car Expenses or Truck Repair
  • Carriage Outwards i.e. on sales
  • Commission on Sales or any other commission
  • Depreciation on Fixed Assets
  • Donation of any kind
  • Insurance including Fire Insurance & Marine Insurance
  • Forex loss due to change in exchange rates
  • General Expenses
  • Factory Rent
  • Warehouse Rent
  • Godown Rent
  • Interest Expense including Interest on Loan
  • Interest on Capital for Personal Accounts
  • Legal Expenses
  • Loss due to damage
  • Loss due to fire
  • Loss in Transit
  • Loss on Assets
  • Loss on Joint Venture
  • Repairs for Machinery
  • Commission to Manager
  • Miscellaneous Expenses
  • Office Expenses
  • Packing Expenses
  • Fuel Expenses
  • Postage, Courier, Fax, Telegram and Mail Expenses
  • Printing, Stationery and Advertisement Expenses
  • Provision for Bad & Doubtful Debts
  • Provision for Discount on Debtors
  • Refreshment Expenses such as tea, coffee, biscuits etc.
  • General Repairs and Renovation Expenses
  • Shop Expenses
  • Shop Rent
  • Showroom Repair
  • Trade Expenses
  • Travelling Expenses

Any other kind of unexpected expenses which is not related primarily to your business.

19) Indirect Incomes - These are the incomes which are not directly related to the but you earn them as a result of doing your main business.

List of Indirect Incomes in Tally

  • Dividend Income
  • Sale of Scrap
  • Bad Debts Received
  • Commission Received
  • Discount Received
  • Insurance Claim Received
  • Interest on Drawings for personal accounts
  • Interest Received
  • Miscellaneous Income
  • Provision for Discount on Creditors
  • Profit on Sale of an Asset
  • Profit on Sale of an Investment

Any other kind of unexpected incomes which is not related primarily to your business.

20) Investments - These are the ledgers or a group of ledger which you consider as an investment in your company or in your personal accounts.

List of Investments in Tally

  • Shares
  • Mutual Funds
  • Bonds
  • National Savings Certificates
  • Post Office Savings Deposits
  • Investment in Gold
  • Investment in Silver
  • Gold, Silver and other precious ornaments

21) Loans & Advances (Assets) - When you give a loan or kind of advance to anyone, it becomes your asset.

List of Loans & Advances (Assets) in Tally

  • Loan given to an Employee
  • Loan given to a Partner
  • Loan given to a Director
  • Income Tax Refund Not Received
  • GST Refund Not Received
  • Customs Refund Not Received
  • Excise Refund Not Received
  • VAT Refund Not Received

22) Loans (Liability) - This is a liability and hence it includes all the loans that you have taken from people, banks, financial institutions and so on.

List of Loans (Liability) in Tally

  • Loans taken from Banks
  • Loans taken from Financial Institutions such as NBFC (Non-Banking Financial Companies)
  • Loan taken from Government
  • Loan taken from Director
  • Loan taken from Partner
  • Loan taken from an Employee

23) Miscellaneous Expenses (ASSET) - This group of ledger is generally not used. This is only used when small expenses are clubbed together into one ledger.

Now, how an expense is an asset?

Say, for example, you paid ₹1,000 for repair charges of a machinery. After one day of repair, the machine broke down again and you called the repair person.He said, he cannot come now and he will refund the money in 15 days. Therefore, for that 15 days, repair charges which is a miscellaneous expense will be your asset as now the repair person owes you ₹1,000.

24) Provisions - When you set aside an estimated amount for an expense such as depreciation on fixed assets or bad debts, it called a provision.

List of Provisions in Tally

  • Provision for Bad and Doubtful Debts
  • Provision for Discount on Debtors
  • Provision for Discount to Creditors
  • Provision for Depreciation
  • Provision for Inventory Obsolescence
  • Provision for Payment of Retirement Benefits such as Pension, EPF etc.
  • Provision for Reorganization Costs
  • Provision for Severance Payments i.e. payment when an employee is terminated

25) Purchase Accounts - This is is the most basic account or ledger or a group of ledgers used in Tally or in accounting. It includes all the Purchases Ledgers.

List of Purchase Accounts in Tally

  • Purchase of Raw Materials
  • Purchase of Services
  • Purchase of Finished Goods
  • Purchase Returns

GST Purchase Ledgers according to different rates:

  • Purchase @ 0%
  • Purchase @ 5%
  • Purchase @ 12%
  • Purchase @ 18%
  • Purchase @ 28%

GST Purchase Ledgers according to area or geography:

  • Branch Transfer Inward

  • Imports Exempt
  • Imports Nil Rated
  • Imports Taxable

  • Interstate Purchase Exempt
  • Interstate Purchase from Unregistered Dealer - Services
  • Interstate Purchase Nil Rated
  • Interstate Purchase Taxable

  • Purchase Deemed Exports - Exempt
  • Purchase Deemed Exports - Nil Rated
  • Purchase Deemed Exports - Taxable

  • Purchase Exempt
  • Purchase from Composition Dealer

  • Purchase from SEZ (Special Economic Zone) - Exempt
  • Purchase from SEZ - LUT/Bond
  • Purchase from SEZ - Nil Rated
  • Purchase from SEZ - Taxable
  • Purchase from SEZ (Without Bill of Entry) - Exempt
  • Purchase from SEZ (Without Bill of Entry) - Nil Rated
  • Purchase from SEZ (Without Bill of Entry) - Taxable

  • Purchase from Unregistered Dealer - Exempt
  • Purchase from Unregistered Dealer - Nil Rated
  • Purchase from Unregistered Dealer - Taxable

  • Purchase Nil Rated
  • Purchase Taxable

26) Reserves & Surplus - Reserve is simply an appropriation of profits for a specific purpose. In simple words, we set aside a specific amount for a specific purpose and that is called reserve.

While Surplus is the amount which is simply extra amount which we have in our business. For example, extra profits.

List of Reserves & Surplus in Tally

I have created two separate lists. One for Reserves and one for Surplus.

List of Reserves in Tally

  • Capital Reserve
  • Bad Debt Reserve
  • Capital Redemption Reserve
  • Dividend Redemption Reserve
  • Preference Redemption Reserve
  • Debenture Redemption Reserve
  • Bond Redemption Reserve

List of Surpluses in Tally

  • Profit Surplus
  • Other Income Surplus

27) Retained Earnings - Retained Earnings are the earnings which the company retains and doesn’t pay out in the form of dividends or in any other way.

List of Retained Earnings in Tally

  • Retained Profit of any kind.

28) Sales Accounts - This is one of the most important and basic accounts in the list of Ledger Accounts in Tally or in general accounting as well.

List of Sales Accounts in Tally

GST Sales Ledgers according to different rates:

  • Sales @ 0%
  • Sales @ 5%
  • Sales @ 12%
  • Sales @ 18%
  • Sales @ 28%

GST Sales Ledgers according to area or geography:

  • Branch Transfer Outward

  • Deemed Exports Exempt
  • Deemed Exports Nil Rated
  • Deemed Exports Taxable

  • Exports Exempt
  • Exports LUT/Bond
  • Exports Nil Rated
  • Exports Taxable

  • Interstate Sales Exempt
  • Interstate Sales Nil Rated
  • Interstate Sales Taxable
  • Sales Exempt
  • Sales Nil Rated
  • Sales Taxable

  • Sales to Consumer - Exempt
  • Sales to Consumer Nil Rated
  • Sales to Consumer - Taxable

  • Sales to SEZ - Exempt
  • Sales to SEZ - LUT/Bond
  • Sales to SEZ - Nil Rated
  • Sales to SEZ - Taxable

29) Secured Loans - These are the loans that you take from banks, financial institutions and other non-banking financial institutions but after giving suitable security to them.

Secured Loans are almost same as the list of above Loans (Liability) but with security.

List of Secured Loans in Tally

Almost the same list as the above Loans (Liability) and other than that,

  • Mortgage Loan
  • Term Loan
  • Car Loan
  • Cash Credit
  • Secured Overdraft

30) Stock-in-Hand - This is the closing stock in your business or the current stock that you have.

List of Stock-in-Hand in Tally

  • Raw Materials
  • Work in Progress
  • Finished Goods

31) Sundry Creditors - The people whom you owe money when you purchase something from them on credit in the normal course of the business are called Sundry Creditors.

OR

Sundry creditor means to whom we will pay money (payable) for any goods / service sold or provide to us by them.

OR

Creditors are the person from goods and other services are purchased on credit and payment are not made therefore it’s our responsibility to make them payment with in a year, therefore, its our liability and it is categories as a current liability.

List of Sundry Creditors in Tally

Well, there is no list. Because it will contain the individual names as per your business.

32) Sundry Debtors - When you sell to anyone on credit, they become your Sundry Debtors.

OR

Sundry debtor means from those we will get money (receivable) for any goods / service sold or provide by us.

OR

Debtors are the persons to whom goods and other service are sold on credit, therefore, we know that money can be received from them in very short time generally some days or month, therefore, they are treated current asset because money can we recover in short span of time.

List of Sundry Debtors in Tally

As this will also contain the individual names like Sundry Creditors above, there will be no list here.

33) Suspense A/c - This account is used when you don’t know or don’t remember the name or account which you have to use.

For example, you purchased a pencil from someone, but you forgot the name of the person, then you can use the Suspense Account instead.

Then, when you recollect the name, you change the entry in Tally and the remove the Suspense Account.

List of Suspense A/c in Tally

The list here will contain all the entries, the accounts of which you don’t remember correctly.

34) Unsecured Loans - These are the loans that you have taken without any kind of security and hence they are called Unsecured Loans.

List of Unsecured Loans in Tally

  • Education Loan
  • Personal Loan
  • Overdraft - without deposit as a security
  • Credit Card - without deposit as a security

This was the whole list of ledger accounts in Tally classified Under the particular Groups in Tally.

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