✅ How to Create  Fixed Assets & Laibilities 

Creating a Fixed Assets Ledger

Fixed Assets are long-term investments that stay in the business for more than one year.

🛋️ Asset Profile

• Asset Name: Furniture & Fixtures

• Group: Fixed Assets

• Nature: Capital Goods (for GST purposes)

🪜 Step-by-Step Procedure (Tally Prime)

1. Gateway of Tally → Create → Ledger.

   • Shortcut: Press Alt + G → Create Master → Ledger.

2. Name: Enter Furniture & Fixtures.

3. Under (Group): Select Fixed Assets.

4. Inventory values are affected: Set to No.

   • (Fixed assets are not stock items for sale, so they don’t affect inventory).

5. Statutory Details (GST):

   • Is GST Applicable: Set to Applicable.

   • Set/Alter GST Details: Set to Yes (if you want to define the HSN code and Tax rate like 12% or 18% for the furniture).

   • Type of Supply: Select Goods.

6. Mailing & Bank Details: Usually left blank for assets unless you are tracking a specific lease or ID number.

7. Opening Balance: * Enter the Written Down Value (WDV) if it’s an old asset.

   • Leave as 0 if you are planning to record a new purchase via a Purchase Voucher (F9) or Journal Voucher (F7).

8. Save: Press Ctrl + A to Accept.

📌 Common Examples of Fixed Assets

• 💻 Computers & Laptops

• 🚗 Company Vehicles

• 🏗️ Plant & Machinery

• 🏢 Office Building / Land

• ❄️ Air Conditioners