How to Generate Balance Sheet & Profit & Loss in Tally

How to Generate Balance Sheets and Profit & Loss Reports in Tally

Tally (both Tally Prime and Tally ERP 9) makes it easy to generate financial statements like the Balance Sheet and Profit & Loss Account within a few seconds — as long as your ledgers, groups, and vouchers are entered correctly.

These reports help businesses track financial position, profitability, GST details, and overall accounting health.

📌 Before You Generate Reports — Make Sure These Are Done

✔ All vouchers (Sales, Purchases, Payments, Receipts, Contra, Journal) are entered
✔ Ledger groups are correctly mapped
✔ Opening balances are correct
✔ Inventory and GST settings are enabled (if applicable)

If anything is wrong, the reports will show incorrect, blank, or unbalanced values.

🧾 How to View the Profit & Loss Report in Tally

Step 1: Open your company file → Select the company.

Step 2: Open Profit & Loss Report:
Alt + G → Profit & Loss A/c
OR
Gateway of Tally → Reports → Profit & Loss

Step 3: Adjust the period:
Press F2 (Date)
Set: 01-04-2024 to 31-03-2025

Step 4: Review the structure:

Section	Includes
Direct Income & Expenses	Purchases, raw materials, cost of production
Indirect Income & Expenses	Rent, interest, salary, commission
Net Profit / Loss	Final summary after expenses

⚠ If numbers appear in the wrong section → ledger grouping needs correction.

📊 How to Generate the Balance Sheet in Tally

Step 1: Open Balance Sheet:
Alt + G → Balance Sheet OR
Gateway of Tally → Reports → Balance Sheet

Step 2: Adjust Date Range:
Press F2 and update reporting period.

Step 3: Review key sections:

Side	Contains
Assets	Cash, bank, receivables, stock, fixed assets, loans given
Liabilities	Capital, loans, outstanding creditors, GST payable, reserves

⚠ If balance sheet is not tallying → check stock values, opening balances, groupings, or missing journal entries.

Step 4: Enable Stock View (if inventory is used):
Press F12 → Show Inventory Values: YES

🧮 Exporting the Reports

You can export for GST filing, audit, or management reporting.

Press → Ctrl + E → Export

Available formats: PDF, Excel, CSV, or Printed report.

💡 Common Mistakes That Affect Reports

Mistake	Result
Wrong ledger grouping	Profit/Loss values appear in wrong section
Missing opening balances	Trial balance difference
Incorrect GST setup	Tax values missing
No stock tracking enabled	Closing stock shows zero
Unrecorded vouchers	Profit or Balance mismatch

Tip: If a report looks wrong — don’t panic. Usually it’s just grouping or date settings, not data loss.

Welcome

Information