A ledger is the actual account head to identify your transactions and are used in all accounting vouchers. For example, purchase, payments, sales, receipts, and others accounts heads are ledger accounts. Without a ledger, you cannot record any transaction. You can alter any information of the ledger master with the except for the closing balance under the group s tock-in-hand . Accounts like Outstanding Liabilities, Statutory Liabilities and other minor liabilities can be created directly under Current Liabilities and Assets can be classified as Current assets and Fixed assets. To create Fixed Assets ledger: Tax Ledgers should be created under Duties and Taxes group which contains all tax accounts like VAT, CENVAT, Excise, Sales and other trade taxes and total liability. You can select the income or expenses account group to create ledgers. You can create multiple Ledgers at a time in this mode. This will save the time of the user. You can record address details against ledger accounts in Tally.ERP 9.