Pre-defined group in Tally

 PRE DEFINED GROUP

There are 28 predefined groups in Tally 15 groups are Primary Groups and the remaining 13 groups are Sub-Group

BANK ACCOUNT

A bank account is a financial account maintained by a bank or other financial institution in which the financial transactions between the bank and a customer are recorded. Ex:- bank saving account , bank current account

BANK OCC ACCOUNT

An OCC account refers to an "Open Cash Credit" account. As we all know, a person can use a bank account to deposit money into a bank. Business owners can use an "open cash credit" account to access cash credit from their bank account without filing a loan application.

BANK OD ACCOUNT

OD account stands for Overdraft account. It is a type of account in which you can withdraw amount even if there is no fund in your account. The bank sanctions a specific limit and your account can go in negative up to that limit. You have to pay interest only on the amount taken as loan.

BRANCH AND DIVISION

This maintains ledger accounts for all your company's branches, divisions, affiliates, sister concerns, subsidiaries, and so on.

CAPITAL ACCOUNT

Capital Account: The amount invested in the business whether in the means of cash or kind by the proprietor or owner of the business is called capital. EX:-investment properties, stocks, drawing etc.

Cash in hand

There is only one ledger that creates in this group. Tally automatically creates cash ledger in this group. ex:- cash account

Current assets

Assets in a business can be defined as something which is purchased and owned, having value and Off course, with the belief that a business derives benefits from it within one financial year.

Current liability

Current liabilities are the debts a business owes and must pay within 12 months. When a business makes a purchase on credit, takes a short-term loan are the examples of current liability.

Deposit (assets)

Deposit Assets refers to those assets which are deposit somewhere and we will receive it after sometime or we can say that assets granted as part of the trust for some agreement . Ex:- security deposit for rent

DIRECT EXPENSES

Direct expenses means all expenses directly connected with the manufacture, purchase of goods, and bringing them to the point of sale. Direct expenses include carriage inwards, wages, factory lighting, coal ,fuel etc.

Direct incomes

Direct incomes means all incomes directly connected with the manufacture. Direct income is the profit you make directly from the selling of goods . As a result, direct income can be described as a business's active income. 

DUTIES AND TAXES

A tax is a charge imposed on a taxpayer by a government. People and corporations may be required to pay these taxes according to their incomes and profits . All these taxes comes under these duties and taxes . Ex:- GST , VAT, TDS and so on .

Fixed ASSETS

Assets in a business can be defined as something which is purchased and owned .An asset is fixed when it's an item that your business won't sell, or convert to cash within the next calendar year. Ex:- building, machinery etc.

Indirect expenses

Indirect Expenses are those expenses that incurred while operating business or as a part of business and not related to manufacturing . Ex:- rent, office expenses, telephone bills, depreciation, audit, salary etc.

INDIRECT INCOMES

One that is gained from non-business activities is indirect income. Income that generate from non manufacturing activities. Ex:- salary, rent , etc.

Investment

Investment means to obtain an additional source of income or gain profit from the investment over a specific period of time. we can say it expense for now and income for future. Ex:- insurance ,share etc.

Loan and advance assets

In this group we will create ledgers only when loan given by the company and advances of a non trading organization. ex:- advance against salary

Loan and liability

It represents an obligation to repay the borrowed amount in the future, along with any interest or fees that may be charged . In short we can say that keeps all account of the loans taken by company.

PROVISIONS

Provisions are funds set aside by a business to cover specific anticipated future expenses or other financial impacts. Provision refers to a situation when we estimate loss in business or in value of inventory .

RESERVES AND SURPLUS

Reserves are the funds earmarked for a specific purpose, which the company intends to use in future. The surplus is where the profits of the company reside. Dividends are paid out of the surplus.

Miscellaneous expenses

Miscellaneous or Misc. expenses refer to an expense that suddenly happens and we are not prepared for that earlier . Ex:- wear and tear

suspense account

The need for a suspense account arises due to the inability to identify the appropriate ledger account for the recorded transaction.

secured loan

A secured loan is a type of loan in which a borrower pledges an asset such as a car, property, or equity etc., against that loan. The loan amount made available to the borrower is usually based on the value of that asset.

Unsecured Loan

An Unsecured Loan is a loan that does not require you to provide any asset to avail them against the loan .

Sundry Debtor

A person who receives goods or services from a business in credit or does not make the payment immediately and is liable to pay the business in the future is called a Sundry Debtor.

Sundry Creditor.

A person who gives goods or services to the business in credit or does not receive the payment immediately from the business and is liable to receive the payment from the business in future is called a Sundry Creditor.

Stock in hand

Stock in hand is the total amount of any given item that you currently have in your stock.