Alex Ruben
How To Manage Fixed Asset Purchases Effectively in Tally Prime
Let’s be honest — recording fixed asset purchases in Tally Prime isn’t always straightforward, especially if you aren’t used to its quirks. You might run into issues like creating duplicate asset accounts, forgetting to set the right account type, or choosing the wrong voucher type. The goal here is to get everything properly logged, so the asset reflects in your reports, but also avoid messy errors or missed entries. This walkthrough covers the essentials and some practical tips based on actual pain points faced while managing asset entries in Tally.
How to Fix the Purchase of Fixed Assets in Tally Prime
Method 1: Properly creating the fixed asset account first
Why it helps: If you skip creating a dedicated fixed asset ledger before recording the purchase, Tally might let you enter the voucher but then mess up your asset tracking. Also, if you accidentally create a regular ledger instead of a fixed asset, your reports won’t reflect the purchase properly. This applies if you notice the asset isn’t appearing where it should, or if the account is missing during entry.
What to expect: The asset account will be correctly categorized under Fixed Assets in your Chart of Accounts. Future depreciation or asset management reports will work smoothly.
On some setups, creating an account on the fly during voucher entry works — but it can lead to inconsistency. So, better to create it first.
- Go to Gateway of Tally → Accounts Info → Ledgers
- Select Create and input the asset name (e.g., “Machinery”), then choose Under → Fixed Assets.
- Make sure the Type of Asset is set correctly — like “Plant & Machinery”, “Vehicles”, etc., if applicable.
- Press Ctrl + A to save. Confirm the ledger appears in your list.
This saves you from accidental misclassification when recording transactions, which happens more often than expected. Plus, ensures depreciation calculations include the right ledger.
Method 2: Recording the purchase with the correct voucher and details
Why it helps: Using the correct voucher type and details ensures your books match reality. Some folks choose the wrong voucher, like a Journal voucher instead of a Payment voucher, and it throws off the reports.
What to expect: Properly linked transactions, clear traceability, and accurate asset register updates.
Here’s what to do:
- Navigate to Gateway of Tally → Accounting Vouchers
- Select Payment from the list — not Receipt or Journal unless appropriate.
- Ensure the date matches the purchase date.
- In the Particulars section, select the fixed asset account (created earlier).
- In the Bank/Cash column, select the bank account from which the payment was made (e.g., “Bank of America”).
- Enter the amount, e.g., “50,000”.
- Type the check number (e.g., “8802”) in the narration or check number field — some prefer adding that in the Narration for clarity.
- Press Ctrl + A to save the voucher.
Tip: Always verify the voucher date and account selections before saving. If you skip this, you might end up with mismatched entries, especially with multiple asset purchases on the same day.
Fixing common hiccups — what if the asset account isn’t showing up?
It happens. If you didn’t create the ledger beforehand or used the wrong account type, Tally might not track the asset properly. In that case, go back into Accounts Info → Ledgers, and search for the asset name. If it’s missing or miscategorized, just edit it — change it to Fixed Assets under the Under field. Or, if you created a regular ledger by mistake, delete it and make a new one with the right category.
On some machines, you need to restart Tally after creating new ledgers for them to show up in vouchers, so keep that in mind.
Additional tips: Keep things tidy & avoid mistakes
- Always take a backup before doing large entries, especially if it’s your first time entering assets.
- If something looks off after entering, don’t hesitate to go back and edit the voucher or ledger.
- Familiarize yourself with the asset register report in Tally to see future depreciation and asset details.
- Remember, you can also import or copy-paste transaction details if you’re handling bulk purchases — but test on a dummy ledger first.
Because of course, Tally has to be a little tricky sometimes, making sure you’re doing things in the right order is key. When in doubt, double-check your account types and voucher types. Otherwise, it’s just a matter of patience.
Summary
- Create your fixed asset ledger first, with correct category.
- Use the proper payment voucher with accurate date and details.
- Make sure ledger and voucher match for smooth depreciation tracking.
- Backup regularly and verify entries before closing.
Wrap-up
Getting your fixed assets entered right in Tally Prime might seem like a tiny detail, but it definitely saves headaches down the line — especially when doing depreciation or asset tracking. Like anything else in Tally, it’s all about good habits and double-checking at each step. If this helped even a little, good — because these little tips trip up even seasoned users sometimes. Fingers crossed this helps clear up the process — works for me, hope it works for you too.