Standard Cost can also be called as User Specified Rate. Once when Std Cost is specified (Std rate to be specified in the Inventory Master screen), this rate is applicable for the current date irrespective of the price/cost of purchase/input.
This type of valuation is used where the daily variances of purchase are not expected to effect the value inventory. For example: Gold.
When Standard Cost is chosen, the Batches and Locations become irrelevant, and the entire inventory for this item is valued at Std rate.
In the stock item master screen, set Yes to Allow Std. Rates for Stock Items
In the stock item master screen, set
Set
Standard Rates
to Yes.
Give the Std rate for the stock item from the date of applicable, this rate will be considered for the stock valuation.
Under Costing Method, select Std Cost.
Once when Std rates are defined, while raising the purchase invoice (when cost price is defined) or sales invoice (when selling price is defined) rates will be automatically picked up.
In our above example as on 3rd April 2009, Std rate is defined Rs. 500/-. Let us raise the purchase invoice on 3rd April 2009.
In case, if the data already exists, and from certain date if user would like to change the cost price and selling, user can define the same in Std rate. Let us see how the std rates will get affected for the given data.
|
Date |
VCh Type |
Godown |
Batch |
Inwards |
Outwards |
||||
|
|
|
|
|
Quantity |
Rate |
Value |
Quantity |
Rate |
Value |
|
01/04/09 |
Purchase |
Main Location |
B1 |
10.00nos |
100.00 |
1000.00 |
|
|
|
|
02/04/09 |
Purchase |
Main Location |
B1 |
20.00nos |
150.00 |
3000.00 |
|
|
|
|
03/04/09 |
Purchase |
Chennai Godown |
B2 |
10.00nos |
200.00 |
2000.00 |
|
|
|
|
04/04/09 |
Purchase |
Chennai Godown |
B2 |
25.00nos |
225.00 |
5625.00 |
|
|
|
|
05/04/09 |
Sales |
Chennai Godown |
B2 |
|
|
|
10.00nos |
300.00 |
3000.00 |
|
06/04/09 |
Sales |
Main Location |
B1 |
|
|
|
15.00nos |
400.00 |
6000.00 |
|
|
|
|
|
65.00nos |
178.85 |
11625.00 |
25.00nos |
360.00 |
9000.00 |
Std rate has been defined as on 3rd April 2009, Rs.500/- is applicable
from 3rd April. If there are any vouchers exists before the
date of std rate, it will take the Last Purchase Cost.
In our above example, as on 2nd April 2009, closing value is Rs. 4500/-. i.e., 30 nos x 150 (last purchase cost) = 4500/-. Thereafter closing value will be calculated based on the std rate specified.
In case if the Purchase Bills Pending exists, it will avg the closing value. Vouchers are passed as below:
When entries are passed in Tally, Stock Voucher report will appear as shown below:
As on 1st April 2009:
Receipt Note has been raised for 10 nos Rs. 3000/- and purchase invoice
was raised for 2 nos Rs. 600/, hence 3000+600 = 3600, 2 nos / 3600 = 1800/
As on 3rd April 2009:
Std Rate: Rs.500/- is applicable from 3rd Apr 2009.
Closing Quantity = 14 nos
Closing value = 14 x 500 = 7000/-