How do I record fixed assets in Tally?

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Recording Fixed Assets in Tally: A Step-by-Step Guide

Step 1: Open Tally Software Begin by opening your Tally software and selecting the company for which you want to record fixed assets.

Step 2: Create a Fixed Asset Ledger

• Go to "Accounting Info" in the Gateway of Tally.
• Select "Ledgers" and create a new ledger for the fixed asset under the "Fixed Assets" group.

Step 3: Enter the Asset Details

• Enter the name, original cost, and other relevant details of the asset in the ledger creation form.
• Set the "Inventory values are affected?" option to "No" as fixed assets are non-inventory items.

Step 4: Record Purchase Entry

• Navigate to "Accounting Vouchers" in the Gateway of Tally.
• Create a purchase voucher for the fixed asset, mentioning the supplier's name, invoice number, and date.
• Debit the fixed asset ledger with the purchase amount.

Step 5: Depreciation Entry

• To account for depreciation, create a journal voucher.
• Debit the depreciation ledger and credit the fixed asset ledger for the depreciation amount.

Step 6: Sale or Disposal of Asset

• In case of asset sale or disposal, create a sales voucher.
• Debit the fixed asset ledger and credit the sales account ledger for the sale amount.

Step 7: Asset Transfer

• For asset transfer between locations or departments, create a journal voucher.
• Debit the receiving location or department ledger and credit the original fixed asset ledger.

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