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Create party ledger or Sundry debtors and creditors ledger in tally with gst

Today we are going to learn how to create a party ledger in tally. Here party means both Sundry debtor and sundry creditor. Before start creating party ledger we should know What does the term sundry debtor and sundry creditor means. Also we have updated the party ledger creation for GST compliance.

Sundry Debtor Meaning

In short we can call it  ‘debtor’, Debtor is a person or business organisation who owes money to us. Or in other words when you lend money or sell goods on credit to another party.That party becomes a debtor to us. Sundry debtor is a Current Asset and reported to the Asset side of balance sheet.

Example of Debtor: A Sold goods to B on credit. In this transaction B becomes debtor to A because B owe money to B.

Sundry Creditor Meaning

 In short creditor is just opposite meaning of debtor. A creditor is a person, or organization giving credit. or in other words creditor is one who lends money or sale goods on credit. he/Institution becomes creditor to the receiver or borrower. Sundry creditor is a Current Liabilities to hence shown in the Liability side of Balance sheet.

Example of Creditor: A Sold goods to B on credit. In this transaction A becomes Creditor to b because A gives or money to B. B Liable to pay A.

Let’s create following party Ledger with the example given below. In this example we will be creating ledgers under sub groups (created sub groups)

Examples of Sundry Debtors Ledger

ABC Ltd is a Grocery Whole Seller and ,They Sold 10 bag  rice to Vishal Traders on credit. In this example Vishal traders is the Sundry Debtor. Create Ledger Vishal Traders.To create this

Go to Gateway of Tally>Accounts Info>Ledgers>Create

Now you are in ledger creation screen, Fill the details requested by tally

Name: Name of Ledger: In our case Vishal Traders

alias: This is another name for the same ledger, it is not compulsory but you can use if you want.Alias can be used as a accounting code. for example for easy access of ledger you can give code like ‘SD001’ .If you give any alias, you can access or select the ledger using taht name also.

Under: This must be selected ‘Sundry Debtor

Inventory Values are affected ? :  No

Enter other details like address, PAN NO etc as shown in the below figure.

Opening Balance: Opening balance will there only if you are creating a ledger already exist in last financial year or when moving a manual system to Computer Accounting.

Sundry Debtor Creation screen

Press Enter Key to accept and save the screen.

Example of Sundry Creditor Ledger

ABC Ltd is a cloth Merchant and Purchase Cloth from Surya Textiles for Credit.In this case Sury Textiles is the sundry creditor to ABC Ltd.

You can create  the ledger as follows.

  • Name: Surya Textiles
  • Under: Sundry Creditors
  • Enter other ,Name, address, country,state,Pincode,PAN
  • Opening Balance: If any opening balance is there put it in the column provided.

Sundry creditors ledger creation screen

Press Ctrl + A to accept and save the screen.

Creating Debtors & Creditors Ledger  under Sub group.

As Sundry debtor and sundry creditor is a default group, we can create ledger under it and in report we can view all ledger under this group in a single place. If you want more classification You can do it by creating sub group under main group. This will give more in depth report. For example

Scenario

Create the following ledger of ABC LTD (Know how to create company).In this example we have created sub group under Main group SD & SC

Ledger Name Under ( Sub group) Under ( Main Group) Opening Balance
Ambuja Cements Debtor North Sundry Debtor 50000
Ashok Leyland Debtor South Sundry Debtor 25000
Essar Debtor East Sundry Debtor 15000
GAIL India Mumbai Creditors Sundry Creditors 25000
Bombay Dyeing Delhi Creditors Sundry creditors 75000
TVS Chennai Creditors Sundry creditors 10000

 

Before creating above party ledgers you must create group as per this example, like Debtor North, Mumbai creditors etc .

Sundry Debtor Ledger or Account

After Creating sub group, we are going to create the first Ledger “Ambuja cements

Go to

Gateway of tally >> Accounts info>>Ledgers>>Create

Type the following details in the ledger creation screen

  • Name: Ambuja cements
  • Under:  Debtor North (This is a child group we have created under Sundry debtors)
  • Inventory values are affected: This will be visible only if you created a company in Accounts with inventory mode.
  • Mailing details:  Enter Name, address, State, Pin code of the party on the right hand side of the screen
  • Tax information:  Enter PAN, VAT NO, and CST NO of the party here.
  • Opening Balance: And finally at the bottom enter the given opening balance here it is Rs 50000.00. The debtor balance must be Debit (Dr), there may be some exceptions.

For more clarity see the picture

Now press enter and save the screen. So the first party ledger is created. Now it is your turn to create the second and third ledger which should be created in the same manner described above.

Creating Sundry Creditor Ledger in tally

This is similar to creating debtor ledger, the only difference is exists in group under which the ledger exists.

So we are going to create the fourth ledger “GAIL India”. Enter all the details as in the picture below.

Now Press enter and save the screen. Create fifth and sixth ledger yourself, for any doubts you can ask me using our comment section.

Some Advance options for creating Party Ledgers

You will find some advanced options in creating party ledgers. To access these advance options you need to press F12 Configure button from ledger creation screen. You will see a ledger configuration screen as shown below.

Ledger configuration screen

With these options, you can provide advance information ,notes,descriptions etc.Also you can pull down some more advanced options from F11 Features.

Gateway of Tally > F11 Features> F1 Accounting Features

The highlighted options will bring more fields to party ledger creation screen as shown below.

Advance options from f11 features

After activating the above options you will get the below ledger creation screen.

Advanced ledger creation screen

In the above screen, there are more options than normal ledger creation screen. We have written  detailed tutorials on almost all options.

  1. Multi currency 
  2. Maintain Bill wise details 
  3. Cost centres
  4. Interest calculation 

 

Party Ledger creation for GST

You should learn how to create party ledger creation for recently launched tax GST. As explained above there are two types of ledger for party

  1. Supplier ledger = Sundry creditor ledger
  2. Buyer ledger = Sundry Debtor ledger.

Before doing anything, you should activate GST in tally.

How to create supplier ledger for GST ?

For example Vismaya trading is one of the supplier of ABC ltd. For creating vismaya trading as a supplier we should have the following details of the party.

  1. GSTIN
  2. Address
  3. Types of registration under GST, Under GST ,There are composition dealer,consumer,regular dealer, and unregistered.

To create a supplier ledger as usual

Accounting info > Ledger >Create

Here is the screen shot of supplier ledger under gst.

supplier ledger creation under gst

Set/alter GST Details: Yes  ( You can set gst rates /hsn sac codes here ) know more.

In gst details screen, you will find the following options, activates whatever is required for you.

Hit enter to save both the screen and create the ledger.

How to create a customer ledger under gst

To create a customer ledger for gst, you have to follow the same route as described above. only you have to change the group to sundry debtor.

For example : Nihal Business system is a customer of ABC Ltd, create a customer or buyer ledger.

gst debtor ledger creation

The gst details screen look like similar, select the required option.

gst details for customer

Hit enter key to create and save.

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Comments (4)

  • i have a party from whom i purchase some items and to the same party or client i sell some product. i cant to create a ledger of that client or party. my question is do i create it under sundry debtor or sundry creditor??????????

    Reply
    • i also want to know the same.

      Reply
    • Dear Uday,

      I am Just a beginner as well but I think in such case just keeping them as either one of them and then debiting or crediting them would be good..
      Like if you buy more and sell less to him make him your SC if not Vice-versa and only just debit or credit them for an opposite transaction.

      Reply
  • How to see the result

    Reply

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