Balance Sheet in Tally Prime

Balance Sheet is summarised Financial Statement of Assets & Liabilities of an organisation, at the close of the specified Date.  It provides a snapshot of a company’s finances (what it owns and owes) as of the date of publication, following the equation that assets  equates with the sum of liabilities and owners’ equity.

Balance Sheet in Tally Prime

The Balance Sheet contains 2 major parts, Liabilities & Assets, divided by a vertical line.

  • Liabilities  (or Credit Side) :The Left Part shows the top level Groups of Capital (Funds Owned, by the organisation, like Capital & Reserves) & Liabilities (Funds Owed, by the organization, like Loans & other Liabilities).
  • Assets  (or Debit Side): The Right Part contains the top Assets Groups (all Assets possessed by the organization, like Fixed Assets, Investments  & Current Assets).

The figures represent the Major Account Group totals of Net Amount of all Ledger Accounts under the respective Group.

Current Year Profit Loss : The current year net Profit / Loss carried from P L Statement is shown separately at the end.

Tally shows Profit & Loss Account separately, not under Capital or Reserve Group. Create Journal Vouchers to adjust the Profit / Loss to Capital / Reserve Accounts as required, to get the Final Balance Sheet. So, when a multiple column Balance Sheet for different periods is displayed, the balance of Profit / Loss account of the previous period is carried to the next period and so on.  

Balance Sheet Display in Tally Prime

Select GoT > Balance Sheet, or select Go To > Balance Sheet to get Balance Sheet as at end of the Current Period. Initially, the top level summary is displayed. Click F1:Details to get next level details.

At Balance Sheet display, click F12:Configure and set up the options for contents of Balance Sheet Display Configuration. The Balance sheet is displayed as per Configuration options set.

Balance Sheet Display

Balance Sheet Display

Balance Sheet Printing in Tally PRIME

At Balance Sheet  Display, click P:Print to get the Balance Sheet  printing screen. Click C:Configure to set the Printing options. Click I:Preview to preview the Report before Printing. Click P:Print to print the report on printer. The Format & Contents of Balance in Print is similar to Balance Sheet Display.

Ratio Analysis in Tally PRIME

To display key performance ratios, select GoT>Ratio Analysis to get Ratio Analysis Report .

Click F12:Configure and set Ratio Analysis Configuration options. You may further drill down to related reports through any of the figures in Ratio Analysis.

Balance Sheet – Key Points

Balance Sheet-  Frequently Asked Questions