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11/04/2018

Chart of Accounts


Chart of Accounts represents the hierarchical view of organization of Account Groups and Ledger Accounts. Chart of Accounts to be prepared based on the Trail Balance.Chart of Accounts is the segmentation of Liabilities & Assets of Balance Sheet and Income & Expenses of Profit or Loss Accounts. It represents the hierarchical view of organisation of Accounts Groups & ledger Accounts.

> Ledger Accounts: Ledger Account represents the various, summarized and balanced transactions of similar nature. For example, the ledger account Conveyance represents the set of transactions related to Conveyance expenses and their summarized net figure. All accounting transactions are linked to
ledger accounts.

> Account Groups: Account Groups are just a convenient method of organizing the large population of ledger accounts into a tree-structured hierarchical view for better understanding and interpretation

In Tally, you may organise Accounts Ledgers and Groups in hierarchical way.There is no limit on depth of nestign number of group/subgroup and number of ledger accounts that con be placed under a Group/sub-group (these groups cannot be deleted).

Figure below shows a typical example of account groups & ledgers (Accounts Groups are shown in bold; Accounts ledger Name are shown in  ltalics).

Reserved Account Groups

As soon as you create a company, Tally auto creates 28 pre-defined Account Groups called Reserved Groupe Of these 28 Reserved Account Groups 15 are top level Primary Groups the rest 13 are sub
groupe of these 15 Primary groups).

Figure below shows are Reserved Groups of liabilites and Assets:

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