Inventory Management in TallyPrime
TallyPrime supports tracking inventory in your business, from purchase order to sales. Stock tracking can be across godowns/locations, or different stages of processing.
Inventory tracking covers stock changes due to purchase and sales processes, delivery or receipt as samples, movements across godowns, all adjustment entries including those caused by physical verification, and so on. You can also use batch details for items, if applicable. You can do item cost tracking and costing for jobs/projects, if needed. Various reports are available to help you track all your inventory transactions.
Inventory Transactions refers to the records you maintain about all inventory movements, including new purchases and sales, that are part of your daily business. You can use the corresponding voucher type in TallyPrime for different transactions. You can also use Stock Journal to record different types of stock movements, like those between your own godowns/locations, or adjustments due to leakage or damage. Tracking of additional cost or expenses incurred due to transfer of goods is also possible. TallyPrime provides specialised voucher types, along with the flexibility to assign different numbering styles for vouchers.
If you have opted for Edit Log, then you can track changes made in the Stock Items and inventory entries.
When your business needs to do a stock take or physical verification of available items, and record the findings, you can use the corresponding voucher types. Any discrepancy can be updated using adjustment entries as per your business processes.
Stock Management options in TallyPrime provides the flexibility to define your stock items, group them if needed, and record transactions as per your needs. Stock item details that you can store in TallyPrime includes the name of the item to the different units of measurements used in transactions, taxability of items, and prices. You can group items based on any identified feature for ease of management using Stock Groups. For analysis purposes you can use a parallel grouping method called Stock Category, when Stock Groups are already used for one type of grouping.
Inventory Reports is a basic tool to run your business successfully. TallyPrime provides reports like Stock Summary, Movement Analysis, Aging Analysis, Inventory Reorder Status, Godown Summary, and so on, with real-time data.
Tracking Item Cost enables you to analyse the running cost and profitability of the item being tracked through manufacturing, sales, purchase, and so on. It starts with accumulation of costs and revenue for a quantity of the stock item across various transactions. It helps you to ascertain various costs associated with production and distribution, and thus determine the sale price of finished goods and overall profitability.
Godowns/Locations in TallyPrime enables you to manage tracking your inventory storage and transactions from different physical godowns/locations, cabinets, racks, or bins used in your business. You can track the inventory for your projects, and different manufacturing stages, including that of scrap and byproducts. Stock moving in or out of your business premises for consignment sale or job work is another aspect that you can track.
Batches feature in TallyPrime helps in better management of stock items with limited shelf life or perishable goods. You can track items based on manufacturing and expiry dates, as per your needs.
Manufacturing & Job Work transactions can be recorded using the different inventory vouchers in TallyPrime. You can define Bill of Material (BOM) as needed and use in inventory transactions.
Job Costing option allows you to track the cost of individual projects. You can track the inventory allocation to each project, periodically evaluate the usage, and arrive at the cost.
Refer to the following topics for detailed information: