What are Groups in Tally Prime?

In TallyPrime, a group is a collection of ledger accounts that are classified based on the nature of their transactions. Groups are used to classify and report similar transactions in a uniform manner. For example, you can create a group called “Direct Expenses” and add all the ledger accounts that relate to direct expenses such as raw material, wages, and transport to this group. This will help you to view and analyze all the direct expenses together and make informed business decisions.

You can create groups in TallyPrime by following these steps:

1. Go to the Gateway of TallyPrime and select “Accounting Info” from the main menu.
2. In the Accounting Info menu, select “Groups” from the sub-menu.
3. The Group Creation screen will be displayed.
4. Enter the name of the group and select the appropriate group type from the list.
5. Press Enter to save the group.

You can also create sub-groups within a group by selecting the group as the parent group while creating the sub-group.

In TallyPrime, there are several predefined groups that you can use to classify your ledger accounts. Here is a list of some of the commonly used groups in TallyPrime:

1. Sundry Debtors: This group is used to classify ledger accounts that relate to customer debts or receivables.
2. Sundry Creditors: This group is used to classify ledger accounts that relate to supplier debts or payables.
3. Direct Expenses: This group is used to classify ledger accounts that relate to expenses that are incurred directly for the production of goods or provision of services. Examples include raw materials, wages, and transport.
4. Indirect Expenses: This group is used to classify ledger accounts that relate to expenses that are not directly related to the production of goods or provision of services. Examples include rent, insurance, and office expenses.
5. Capital Account: This group is used to classify ledger accounts that relate to the owner’s equity in the business. Examples include owner’s capital and drawings.
6. Current Assets: This group is used to classify ledger accounts that relate to assets that are expected to be converted into cash or consumed within a year. Examples include cash, inventory, and prepaid expenses.
7. Fixed Assets: This group is used to classify ledger accounts that relate to assets that are held for long-term use and are not expected to be sold or consumed within a year. Examples include land, building, and machinery.
8. Loans (Liability): This group is used to classify ledger accounts that relate to debts or obligations that are expected to be repaid over a period of time. Examples include loans from banks and financial institutions.
9. Bank Accounts: This group is used to classify ledger accounts that relate to bank accounts.
10. Sales: This group is used to classify ledger accounts that relate to the sales of goods or services.