Creating Expenses and Income Ledgers

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To create an expense and Income ledger

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

2.     Enter the name of the ledger in the Name field.

3.     Select Indirect Expenses from the List of Groups in the Under field.

Note: Select Indirect Income from the List of Groups if you want to create an income ledger.

4.     Set the option Inventory values are affected? to Yes if your company maintains accounts with inventory.

The expense Ledger Creation screen appears as shown below:

Ledger Creation screen

5.     Press Ctrl+A to accept.

You can also enable cost centre options in expenses or income ledger.

To enable Cost Centres in the Ledger Creation screen

1.     Go to Gateway of Tally > F11: Features > Accounting Features.

2.     Set the option Cost/Profit Centres Management to Yes.

3.     Set the option Cost centres are applicable? to Yes in the Ledger Creation screen, if any of the transactions have to be allocated to a particular cost centre.

Creating Expenses and Income Ledgers
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