Balance Sheet, Profit/Loss Account, Stock Summary and Ratio Analysis in Tally
The best thing about Tally is that you never ever need to create a Balance Sheet and Profit and Loss Account in Tally. It gets automatically created when you create different vouchers or in simple words, when you pass accounting entries, Tally will build Balance Sheet and Profit and Loss Account for you. There are certain options in balance sheet in Tally which you can use which will help you in understanding balance sheet even better. For example, you can convert the balance sheet in Tally to a vertical format as per the Companies Act with a click of a button. Similarly, you can use options for profit and loss account in Tally as well. You can also move in between profit and loss account and balance sheet from each of them itself. Note: Stock Summary is basically a reflection of all of your closing stock in Tally. With the help of stock summary, you can see your stock in Tally in different valuations and so on. You can also see gross profit on the stock items you sold in the