Basic Groups in Tally
Here is the list of basic groups in TALLY.
These groups are universal for all tally version starting from tally 4.5 to Tally ERP 9.
When you start writing new books of account of any company there will be only two ledger account (Default ledger) cash and profit and loss account. So, you has to create all related ledger account for his/her requirement.
Every ledger account must be shown under an appropriate group account. The Groups in Tally is very simple and are self explanatory however for beginners I will throw a detailed light on how to select a correct group for any ledger account.
Choosing a correct group for a ledger account help in viewing the financial position in a better way otherwise the financial statements will not give a true and correct picture. Further you will not be able to make certain entry if you have chosen some wrong group