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Inventory Management in TallyPrime

In your business, you might have items that you sell and purchase. So, keeping your inventory organised is essential. Inventory management in TallyPrime helps you manage stock items, track inventory movement, monitor costs, and analyse stock across locations.

Stock Item Management

TallyPrime helps you create and classify stock items in groups and categories. You can also view reports to analyse stock availability in your business.

• Manage stock items: Create, alter, and delete stock items.
• Use Units of Measurement: Use simple, compound, or alternate units to record stock accurately.
• Classify Stock Items: Organise stock items using stock groups and stock categories for better reporting.
• Track Stock Costs: Track costs to analyse profitability, pricing, and budgets.
• Reorder Stock: Set reorder levels to maintain sufficient stock and avoid overstocking.
• Analyse Stock: Use stock reports to analyse stock availability, movement, costs, and profitability.
  • Stock Summary: View item-wise stock quantities, rates, and values.
    • Stock Group Summary: View consolidated stock details grouped by similar characteristics.
    • Stock Category Summary: View stock classified by attributes such as brand or size.
  • Stock Query Report: View detailed information about a stock item, including its classification, closing balance, cost and selling prices, and valuation methods.
  • Movement Analysis: Analyse stock inflows and outflows to identify fast-moving and slow-moving items.

Inventory Vouchers

Inventory vouchers in TallyPrime help you record stock movements, transfers, and physical stock adjustments.

• Transfer Stock: Move stock items between godowns or storage locations using Stock Journal vouchers.
• Account for Transfer Costs: Record freight, transportation, loading, and handling charges to track inventory costs and profitability accurately.
• Manage Physical Stock: Compare physical stock with the stock recorded in TallyPrime and record any differences using Physical Stock vouchers.
• Track Purchase Bills Pending: Identify transactions for which inventory vouchers have been created, but the corresponding purchase vouchers are yet to be recorded.

Maintaining Batches for Stock Items

Batches in TallyPrime help you track stock quantities, costs, manufacturing dates, and expiry dates by batch. This is useful when managing perishable goods or the same stock item purchased at different costs.

• Manage Stock by Batch: Track manufacturing and expiry dates, monitor batch-wise costs, and trace returned or defective stock items to their batch.
• Record Batch-wise Transactions: Select appropriate batches while recording sales and purchase transactions to maintain batch-wise stock balances and traceability.
• Analyse Batch-wise Stock: Use Batch Summary, Batch Vouchers, and Stock Ageing Analysis to review batch-wise stock, transactions, values, and expiry status.
• Disable Batch Tracking: Disable batch tracking for all stock items at the company level or for selected stock items when batch-wise tracking is no longer required.

Allocating Godowns/Locations to Stock Items

TallyPrime helps you manage stock across multiple godowns, record transfers, track stock held by or with third parties, and analyse godown-wise inventory.

• Create and Manage Godowns: Create single or multiple godowns, organise them under parent locations, allocate stock items, and delete godowns when no longer required.
• Transfer Stock Between Godowns: Record stock movements between godowns using Stock Journals and maintain accurate godown-wise stock and audit trails.
• Manage Third-Party Stock: Track stock sent to or received from job workers, warehouses, consignment agents, repair centres, and other third parties.
• Analyse Godown-wise Stock: Use Godown Summary, Godown Monthly Summary, and Godown Vouchers to track stock availability, movement, balances, consumption, and profitability.
• Compare Business Data: Compare stock quantities and rates across two or more godowns.

Job Costing

Job Costing in TallyPrime helps you track the costs incurred in and revenue earned from job work and projects to assess their profitability and financial performance.

• Track Material Costs: Track the costs of materials purchased and consumed, as well as expenses incurred during material movement for job work and projects.
• Track Job Work Costs: Accrue expenses using Journal vouchers and record payments for job work expenses.
• Track Revenue Earned in Projects: Track revenue generated from sales or the outward movement of finished products.
• Analyse Job Profitability: Use Job Work Analysis to compare costs and revenue, monitor cash flow, and assess the financial performance of jobs and projects.

Job Work

TallyPrime helps principal manufacturers and job workers manage job work orders, track material movement and payments, and pre-close incomplete orders when required.

• Set Up Job Work: Configure TallyPrime to manage job work orders as a principal manufacturer or job worker.
• Manage Job Work as Principal Manufacturer: Record Job Work Out Orders, send raw materials to job workers, receive finished stock items, and account for job work charges and payments.
• Manage Job Work as Job Worker: Record Job Work In Orders, receive raw materials from principal manufacturers, deliver finished stock items, and account for job work income and receipts.
• Track Job Work: Use job work reports to monitor orders, material movement, and pending job work for principal manufacturers and job workers.
• Pre-Close Job Work Orders: Pre-close incomplete Job Work Out Orders or Job Work In Orders when materials or finished goods have not been fully delivered or received.

Stock Valuation

Costing methods are used to value stock, while market valuation methods are used to determine selling prices.

• Set Market Valuation Methods: Determine selling prices during sales.
• Compare Valuation Methods: Compare closing stock values using different valuation methods to understand their impact and select a suitable method for the next financial year.

Inventory Management for Manufacturing

TallyPrime helps you manage manufacturing inventory by tracking raw material consumption, production costs, finished stock items, and by-products across godowns.

• Record Material Consumption: Record consumption and movement of raw materials during manufacturing using Stock Journal.
• Track Manufacturing Stages: Use Godown Summary to view stock available at each stage of manufacturing. You can view stock items stuck in the godown created for raw materials or any other stage of the manufacturing process.
• Use Bills of Materials: Use Bills of Materials (BoMs) to define the components and quantities required to manufacture finished goods. You can also create new BoMs by copying existing ones.
• Record Manufacturing: Use Manufacturing Journal to record components consumed and co-products, by-products, and scrap produced.
• Analyse Manufacturing Costs: Use Cost Estimation to assess product costs and evaluate suitable selling prices.
• Create Purchase Requisitions: Create a user-defined optional voucher type under Stock Journal to record item requisitions for manufacturing or consumption.