Ledger AccountsTally 9 by default creates two Ledger Accounts when creating company:
- Cash (under Cash-in-Hand Group)
- Profit & Loss Account (Direct Primary Account)
Cost Centre and Cost Category
Cost Centre & Cost Categories provide us various means to allocate the amount of vouchers of selected ledger accounts, in our own way.
While accounts ledger provides information about the nature of transaction, it does not identify the departments or divisions involved with it. Cost Centers gives additional dimension to the transaction. Cost center is any unit in an organization to which costs can be allocated. Cost Centers may be various Branches, Departments, Projects, Products, and Persons etc.
We can organize Cost Centers into numerous (Primary & Secondary) levels, in hierarchical structure without any limit.
For example, you have following Ledgers under Revenue Accounts:
- Traveling Expenses
- Telephone Expenses
- Conveyance Expenses
- Ledger account wise
- Cost center wise
- Cost center wise breakup of each ledger
- Ledger Account wise breakup of each cost Center
Stock Groups: Like Accounts Ledger, Stock Items take part in all Inventory Transactions. For better organization of hundreds & thousands of Stock Items that may be stocked & traded in an organization, you may organize them in Stock Groups. The relationship between Stock Item and Stock Group is similar to that of Accounts Ledger and Accounts Groups.
Normally, Stock Groups will be sufficient for most of the organizations for managing the Inventory Reports in an organized manner. However, some organizations may need an alternative way to find out Items of similar nature. To help them, Tally allows a parallel method to organize the Stock items in Stock Categories.
Stock Items are the actual items that are transacted and take part in any Inventory Voucher. Stock Items are placed under Stock Groups & Stock Categories.