admin 
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
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
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
Alt + G → Balance Sheet OR
Gateway of Tally → Reports → Balance Sheet
Step 2: Adjust Date Range:
Press F2 and update reporting period.
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
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.
