Default Accounting Allocations in TallyPrime: 3 Steps + Example

Default accounting allocations in TallyPrime allow you to predefine ledger allocations for stock items or groups, automating the allocation of transactions for quicker and more accurate entries.

1. Steps to Configure Default Accounting Allocations in TallyPrime:

1. Enable Inventory Features:

• Go to Gateway of Tally > F11: Features > Inventory Features.
• Set Use Accounting Allocations for Inventory Items to Yes.

2. Define Allocations:

• Go to Gateway of Tally > Inventory Info > Stock Items > Alter.
• In the stock item, set the default sales and purchase ledger under the Accounting Allocations section.

3. Save the Allocations:

Once set, the allocations will automatically apply when recording transactions involving these stock items.

2. Example of Configuring Default Accounting Allocations in TallyPrime:

ABC Traders deals with a variety of electronic items, including laptops.

They want to streamline the process for recording sales and purchases by automatically allocating specific ledgers when laptops are involved in a transaction.

Here’s how they can set up default accounting allocations for laptops:

1. Set Up Sales and Purchase Ledgers:

ABC Traders creates a dedicated sales ledger, Sales – Laptops, and a purchase ledger, Purchase – Laptops, to track laptop-specific transactions.

2. Configure Default Allocation for Laptops:

• ABC Traders goes to Gateway of Tally > Inventory Info > Stock Items > Laptops > Alter.
• In the Accounting Allocations section, they assign Sales – Laptops as the default sales ledger and Purchase – Laptops as the purchase ledger for this stock item.

3. Using Default Allocations:

Whenever a sale or purchase transaction for laptops is recorded, TallyPrime automatically applies the correct ledgers (Sales – Laptops or Purchase – Laptops).

This eliminates the need for manual selection and ensures accuracy.

For example, if ABC Traders sells 10 laptops to a customer, the Sales – Laptops ledger is automatically selected in the voucher, speeding up the process and reducing the risk of errors.

3. Benefits of Configuring Default Accounting Allocations in TallyPrime:

• Time-Saving: Default allocations reduce manual input during transactions.
• Error Reduction: Ensures consistent and accurate ledger allocation across transactions.
• Efficiency in Large Businesses: Especially useful for businesses with high volumes of stock transactions.

4. Conclusion:

By configuring default accounting allocations in TallyPrime, businesses can streamline their transaction recording process, improving accuracy and efficiency in managing inventory and financial data.