A Discussion on Each of the Reserved Groups

A Discussion on Each of the Reserved Groups:-

1. Capital Account: This holds the Capital and Reserves of the company. Examples of ledgers that may be opened under this group are Share Capital, Partner's Capital A/c, Proprietor's Capital Account.

Reserves and Surplus (Rataied Earings): Open ledgers like Capital Reserve, General Reserve, Reserve for Depriciation, etc.

2. Current Assets: Directly under Current Assets, you may find place for assets that do not fall under the following sub-group:

Bank Accounts: For Current, Savings, Short-term deposit accounts, etc.
Cash in Hand: Tally automatically opens one cash a/c under this group. You are permitted to open more cash accounts, if necessary. An account under cash in hand group or bank accounts/Bank OCC A/c group is printed as separate cash book in the traditional cash book format and does not from part of the ledger.
Deposits (Asset): In essence, a place for fixed deposits, security deposits, or any deposit made by the company (not received by the company, whis is a liability).
Loans & Advances (Assets): For all loans given by the company and advances of a non-trading nature, e.g, advance against salaries or even for purchase of fixed assets. We do recommend you to open advances to suppliers account under this group. Doing so gives rise to the difficulty in ascertaining advance position of a particular supplier and to adjust future bills against such advances. For further details, please refer to the section on common errors.
Stock-in-Hand: This is a special group. You may wish to open accounts like Raw Materials, Work in Progress and Finished Goods. How the balances are controlled depends on whether you opted to maintain an integrated account cum inventory system in the company features.
Integrated Accounts Cum Inventory: You are allowed transaction in inventory records and the account balances are automatically reflected in the balance Sheet as closing stock. You are not allowed to directly change the closing balance of an account under this group.
Non-integrated Accounts-cum-inventory:Account that fall under this group are not permitted any transactions. It allows you to hold opening and closing balance only. Since no vouchers can be passed for these accounts, they are the only accounts for which the closing balances can be directly altered (by an authorised user only)
Sundry Debtors: For your customer accounts. Do not open the under the sales account group, which is a revenue account. For more information on common and possible errors in grouping of accounts, please refer below to the separate paragraph on the topic.