Track Expenses Incurred During Projects in TallyPrime
In TallyPrime, you can track expenses incurred during projects or job work using either of the following methods:
- Accrue your expenses using Journal Voucher.
- Record payment while tracking the expense incurred for the job work or project.
Ensure that:
- In F11 (Company Features), you have set Enable Job Costing and Enable Cost Tracking to Yes.
- You have enabled cost allocation for stock items in the ledger.
In the Accounting Ledger Creation/Alteration screen, set Allow cost allocation (stock item) to Yes.
This option appears when Apply Cost Tracking of Stock Items for Ledgers is enabled under F12 (Configure). - You have created Cost Centres.
- You have created ledgers, as applicable.
Accrue Expenses in Journal Voucher
- Press Alt+G (Go To) > Create Voucher and press F7 (Journal).
- Cost Centre/Classes: Select the applicable Cost Centre.
- Dr: Debit the expense or income ledger.
- Cr: Credit the payable account, say, the purchase ledger.
- In the Inventory Allocations and Stock Item Allocations screens, provide the necessary details.
- Press Ctrl+A to save the voucher.
The cost gets allocated to the specified Cost Centre.
Record Payments for Expenses
- Press Alt+G (Go To) > Create Voucher and press F5 (Payment).
- Cost Centre/Classes: Select the applicable Cost Centre.
- Select the bank/cash ledger and the expense ledger.
- Enter the Amount.
- Press Ctrl+A to save.
The cost is allocated to the specified Cost Centre.
Questions & Answers
- I want to distribute the expense across multiple Cost Centres. How can I do that?
If an expense is applicable to more than one project, it can be allocated across multiple Cost Centres.
While creating the voucher:- Select Not Applicable as Cost Centre/Classes.
- In the Stock Item Allocations screen, allocate expenses to multiple Cost Centres.
To know more, refer to Track Cost While Purchasing Materials for Job Work in TallyPrime.
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