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Manage Your Stock Items

Does your business involve stock items or inventory in the day-to-day transactions? If so, you certainly need to manage and keep track of all your stocks – how much of them have been sold every day, what is the balance stock, are the stocks moving as per the demand, do you have too much unused stock and so on. In TallyPrime, you can create as many stock items as you have in the business, specify units of measurements (UoMs) for each stock item and define tax rates, without having to enter these details again during transactions.

Whether you keep your stocks in different groups, batches or godowns, based on your business practices, you can find the details of your stock  items any way you need. Real-time view of your stock quantity helps to refill your stock in advance to avoid the risk of losing customers, You can also view stock item reports for each group or batch as needed.

Create & use stock items: Like other masters in TallyPrime, such as ledgers, godowns, stock groups, and so on, you can create stock items by providing a few details. Just enter the name of the stock item and you are done! You can set up details such as Unit of Measurement (UoM) and tax rates any time later. You can also define quantity, rate, and value as the opening balance of your stock.
Once you create a stock item and use it in your transactions, reports in TallyPrime start tracking the stock item – sales or purchase transactions that include that stock item, number of stock items sold from period to period, overall stock position of your business, and so on.

Group your stock items: Having a stock group is not mandatory to create a stock item in TallyPrime. If you have been maintaining your stock items without creating any Stock Group, TallyPrime considers all stock items under an internal group called Primary.

However, if you keep your stock items in different groups depending on any of their common features such as brand, product type, or size, use the Stock Group feature in TallyPrime. For example, stock items made of the same fabric – say synthetic – can be under one stock group and stock items with cotton fabric can be in a different group. This will not only help to organise the stock items but also provide a consolidated view of the stock items with you.

In certain cases, stock items from different groups also have a common property and therefore can be categorised across multiple stock groups, using Stock Categories.

For example, stock items made of synthetic fabric are sold at two different prices – TypeA_Ctt at Rs. 500 and TypeB_Ctt at Rs. 900. Similarly, synthetic stock items are sold as Type1_Syn for Rs. 900 and Type2_Syn for Rs. 500. In such cases, keeping the stock group as is, you can create stock category in TallyPrime to see the pricing wise grouping of stock items at the same time.

The items are classified into Cotton and Synthetic stock groups; at the same time, they are also classified as Items at Rs. 500 and Items at Rs. 900 – the stock categories in this case. Therefore, stock items TypeA_Ctt’ and ‘Type1_Syn’ (which are part of different stock groups) are viewed as part of the stock category – that is ‘Items @ Rs. 500’. This also helps you get an insight of how many stock items of a particular price is available or sold at a given time.

Know stock position of your business: Reports in TallyPrime can provide you details of your stock items in different ways. You can view stock position of your business based on the stock item groups and categories. Like any other reports in TallyPrime, stock item details can further be viewed for different periods, such as daily, weekly, monthly, quarterly or yearly, You can configure your reports to view stock items to each party your business deals with. Knowing the overall stock position of your business helps you to decide if you need to fill in the stock items, if items are moving fast or under a particular period or group and so on.

Stock Items

A stock item in TallyPrime is required to fill in information about the stock or inventory that your business deals with. Once you have created stock item, you can records your business transactions and keep track of the stock item details. Simply enter the name of the stock item you want to create and save it. Also, provide the opening balance details such as quantity, rate, value applicable tax rates so that you can record transactions in less time, without the need to enter all of these details each time in the transactions.

In this section

Create Stock Items

  1. Gateway of Tally > Create > type or select Stock Item > and press Enter.
    Alternatively, press Alt+G (Go To) > Create Master > type or select Stock Item > and press Enter.
  2. Name & alias: As in other masters, you can specify multiple aliases for the stock item.
  3. Under: Select Primary or an existing Stock Group. If you have not created any Stock Group, you can create one in TallyPrime to assign to the stock item.
    As always, press Alt+C, to create a master on the fly. Alternatively, press Alt+G (Go To) > Create Master > type or select Stock Items > press Enter.
  4. Units: Select the unit of measurement applicable for the stock item. If the unit is not listed, you can create the unit of measurement in TallyPrime to assign to the stock item.
    As always, press Alt+C, to create a master on the fly. Alternatively, press Alt+G (Go To) > Create Master > type or select Units > press Enter.
  5. Statutory Details: Set the applicable Taxability option for the stock item under Statutory details, The option will depend on the option enabled in the F11 (Features) screen. Click here to see more.
  6. Opening Balance: Specify the opening balance for the Stock Item as on the date of Beginning of Books.
    1. Quantity: Specify the stock item Quantity.
    2. Rate: Specify the stock item Rate.
    3. Value: TallyPrime automatically calculates the value by multiplying the Quantity and Rate. You can also edit the value, TallyPrime automatically refreshes the Rate field accordingly.
  7. Accept the screen. As always, press Ctrl+A to save.

For the F12 configurations of Stock Item, click here.

Options

Descriptions

Provide aliases for Name

Allow to provide the Additional name for the stock item as needed and can enter multiple unique aliases

Provide language aliases for Name

Additional name and alias name in different languages for the Stock Item

Provide Part No. for Stock Items

Stock item can be created with actual names as well as by their part numbers.

Provide Descriptions for Stock Items

Record additional description for goods in the Stock Item screen, The same can be printed in the Invoice print.

Provide Notes for Stock Items

Additional information need to provide for stock item or to provide any note related to the Stock item.

Use Stock Group for Stock Items

Stock Items are classified into stock groups to reflect their classification based on some community.

Use Stock Category for Stock Items

Categorizing items is that you can classify the stock items based on functionality together in a group or you can classify the stock items across different stock groups which enables you to obtain reports on alternatives or substitutes for a stock item.

Provide Unit of Measurement (UoM)
for Stock Items

You can select applicable Unit of measurement for the stock item. By default, Not Applicable
appears in this field.

Use alternative units

Alternate unit of measurement will enable you to handle different units of measurement
(UOM) at different times for a single stock item. Use alternative unit while invoicing and reporting.

Maintain Stock Items in Batches

It allows you to maintain stock items in batches, it will help in ensuring old stock is moving out
first. Whether it is a perishable item, or items launched recently, batches help you keep track of items.

Set Components List (Bill of Materials)
in Stock Items

BOM is used in manufacturing journal, to create finished goods.

In Tally there are three kinds of BOM available based on the usability.

  • Single BOM:  This is the standard BOM.
  • Multiple BOM: This is useful when you use different set of components to manufacture the same finished goods.

Provide Standard Buying and Selling
Rates

The standard rate in helps you set the standard Cost and standard selling price for a stock item.

Is Cost-Tracking applicable for Stock
Items

If we enable the option Provide Cost-tracking details as yes in stock item alteration/creation screen we will get the option to track the stock item.

Set default Accounting Allocations
for Stock Items (In Invoice Mode)

Specify default ledger allocation options allows to choose the default ledgers which should
appear during Purchase and Sales invoice entries for that particular item.

Use Costing and Market Valuation Methods
for Stock Items

Tally allows users to value stock in different methods. Each stock item can be set up to have
a different stock valuation method. There are instances where only a particular method of stock valuation is applicable.

Set options for Stock Item Behavior

Displays a set of options related to how each stock item will be used in different behavioral conditions. 

Provide opening balance for Stock
Items

Provide opening balance to the stock item for the Book beginning period and we can also change the opening balance manually in stock item alteration/creation screen.

Set GST details

If a company is maintaining different GST details in the stock item master and select the Taxability and enter the GST rate.

Set Excise details

You can specify Excise details like Tariff Name, HSN code, Tax Rate etc.

Set Vat details

The Value Added Tax (VAT) is a type of indirect tax and is one of major source of revenue to the state.

Enable this option to enter VAT details and to enter specific VAT tax rate in stock item master.

Set TCS details

You can configure for goods (stock item) that are classified under the TCS nature of goods with
Nature of goods applicability.

 

Tax rate of stock items

Stock items attract different tax rates as per the department. Business dealing with stock items need to consider the applicable tax rates in their transactions. To do so, you can set up the tax rate details for the stock items in TallyPrime. The details your enter for the stock items will be automatically considered for calculation in your transactions.

When creating or altering the stock item master

  1. In the Stock Item master, press F12 (Configure) > Set GST Details to Yes.
    • If you do not see this option, ensure that Enable Goods and Services Tax (GST) is set to Yes in F11 for your company.
    • If you need to use this option only for the current master, Press Ctrl+I (More Details) > type or select GST Details > and press Enter.
      In case the option is inactive, you will be prompted to enable the GST feature for your Company. Select Yes or press Y to proceed.
  2. GST Applicable: Select Applicable, if the stock item is eligible for tax calculation.
  3. Set/alter GST Details: Set to Yes to enter the tax details for your stock items as it is followed in your business. In TallyPrime, you can add tax rates in different ways. 

Stock items in transactions

  1. Gateway of Tally > Vouchers > press F8 (Sales).
    Alternatively, Alt+G (Go To) > Create Voucher > press F8 (Sales).
  2. After you select the stock item in the Name of Item field and press Enter, in the Stock Item Allocations screen, select the Godown, Quantity, and Rate.
    The Amount will get calculated automatically.
  3. Complete the transaction by entering other details, and accept the voucher. As always, you can use Ctrl+A to save.

Classify Stocks Items in Groups and Categories

Managing stock items in groups help in easily locating them, especially when you need to track different stock items sharing a common feature – say a common brand, product type, material used, and so on. You can get a consolidated view of the total stock items available under that group. Stock items under a group need to have the same unit of measurement for consolidation and better management. This also helps in reporting of stock items group-wise in the financial statements.

In this section

Create Stock Groups

  1. Gateway of Tally > Create > type or select Stock Group and press Enter.
    Alternatively, press Alt+G (Go To) > Create Master > type or select Stock Group > and press Enter.
  2. Name & alias: As in other masters, you can specify multiple aliases for the stock item.
  3. Under: Select Primary or an existing Stock Group. If you have not created any Stock Group, you can create one in Tallyprime to assign to the stock group.
    As always, press Alt+C, to create a master on the fly. Alternatively, press Alt+G (Go To) > Create Master > type or select Stock Group > press Enter.
  4. Should quantities of items be added: It pertains to information on measuring the units of the Stock Items that you would categorise under the Stock Group. The Stock Items categorised under the group should have similar units for them to be added up. You cannot add quantities in Kgs to quantities in Pcs.
  5. Set/alter GST Details: Enable this option to define the GST rate.
  6. Accept the screen. As always, press Ctrl+A to save.

Click to see the F12 configurations for Stock Groups.

Options

Description

Provide aliases for Name

Allow to provide the Additional name for the stock group as needed and can enter multiple unique aliases

Provide language aliases for Name

Additional name and alias name in different languages for the Stock Group

Allow further grouping of stock groups

The option Under will appear and allow you to select the Primary Group or another groups from the list. Tally allows you for further grouping for stock groups.

Enable option to add quantities of items

This field pertains to information on measuring the units of the Stock Items that you would categorise under the Stock Group.

  • Yes – The Stock Items categorised under the group have similar units for them it will be added up.
  • No – The Stock item categorised under the group have similar unit for them it will not be added up.

Set GST details

The GST rate defined in the stock group will applicable to GST transaction and tax rate calculate automatically

Set TDS details

You can configure for goods that are classified under the TDS nature of goods. The TDS details specified in the group level will inherit the stock item falling under this group.

Set TCS details

You can configure for goods that are classified under the TCS nature of goods. The TCS details specified in the group level will inherit the stock item falling under this group.

Set Excise details

You can specify Excise details like Tariff Name, HSN code Tax rate etc under Stock group

Set Service Tax details

Enable this option to enter Service tax rate details like Rate details and Tax is a tax levied
Abatement details, the defined rates will be applied in the stock item inherit under stock group.

Create Stock Categories

Stock category offers a parallel classification of stock items, categorizing items is that you can classify the stock category based on functionality together in a group. You can classify the stock category across different stock groups which enables you to obtain reports on alternatives or substitutes for a stock item.

  1. Gateway of Tally > Create > type or select Stock Category and press Enter.
    Alternatively, press Alt+G (Go To) > Create Master > type or select Stock Category > and press Enter.
  2. Name & alias: As in other masters, you can specify multiple aliases for the stock item.
  3. Under: Select Primary or an existing Stock Group. If you have not created any Stock Group, you can create one in TallyPrime to assign to the stock categories.
    As always, press Alt+C, to create a master on the fly. Alternatively, press Alt+G (Go To) > Create Master > type or select Stock Category > press Enter.
  4. Accept the screen. As always, press Ctrl+A to save.

Click to see the F12 configurations for Stock Categories.

Options

Description

Provide aliases for Name

Allow to provide the Additional name for the stock categories as needed and can enter multiple unique aliases

Provide language aliases for Name

Additional name and alias name in different languages for the Stock categories

Use grouping for Stock Category

Categorizing items is that you can classify the stock category based on functionality together in a group. You can classify the stock category across different stock groups which  enables you to obtain reports on alternatives or substitutes for a stock item.

Track Stock Item Details Using Reports

Maintaining stock items will also need to know your stock positions based on different parameters – by period, by manufacturing and expiry dates, by stock groups, by age of  your stock items and so on. Reports in TallyPrime provides all such details with real-time record of your stock position. You can also find out the last selling
or purchase price of the stock items as a reference to set up the price in the future. You can configure the reports to know the overall consumption and production or sort stock items or groups as you need for your business.

In this section

Stock Summary

The Stock Summary is a statement of the stock-in-hand on a particular date, and it updates the stock record real time. Stock Summary provides information on stock groups, and shows the quantity details, rate, and closing value of the stock items under each group. For more details, see Stock Summary.

Stock Group Summary

This report is available when the option Integrate Accounts with Inventory is set to No in the Company Features screen.

It displays Opening and Closing Stock figures from the ledger account master, rather than the inventory records. Hence, it is possible that Stock Summary and the Stock Group Summary report display different figures.

  1. Gateway of Tally > Profit & Loss A/c > select Opening Stock (or Closing Stock) and press Enter.
    Alternatively, Alt+G (Go To) > Profit & Loss A/c > select Opening Stock (or Closing Stock) and press Enter.
  2. Drill-down from Stock Group Summary to view the Stock Ledger account where you can manually key in the closing balance for a given date. You can enter the closing stock figures for different dates.

The date for the closing balance is the beginning from date and till date. If there is no date that follows the last, then that Closing Balance continues. A blank against a date signifies zero balance.

Stock Category Summary

The Stock Category Summary lists the Closing Balances of all items belonging to the selected category.

  1. Gateway of Tally > Display More Reports > Inventory Books > Stock Category Summary.
    Alternatively, Alt+G (Go To) > type or select Stock Category  Summary and press Enter.
  2. Select a Category.
    The Stock Category Summary screen appears as shown below:
  3. You can Drill-down from stock category summary to display Stock Item Monthly Summary and Stock Voucher list.

    • Use Show Profit for profitability analysis for the Items in the Category.
    • Press F7 (Show Profits) to expand the Outwards Column for Consumption and Profit figures.

Movement Analysis

Movement analysis shows the analysis of only those inventory transactions which are integrated with the accounts, i.e. inventories which are also recorded in the books of accounts. Inventory vouchers which affect the stock only in quantitative terms are not considered.

Movement analysis report is used for comparative studies. They give an insight into the flow characteristics of the stock in an organization. It also helps in finding out the slow moving items which cause blockages in the flow of the working capital of the organization. For more information, refer to Movement Analysis.

Ageing Analysis

Stock Ageing Analysis Report in TallyPrime displays the age of the stock-in-hand. This report lists the age-wise break-up of inventory to demarcate old stock. TallyPrime gives its users the flexibility to define their own ageing slabs. Ageing Analysis lists out items batch wise, that have already expired or may expire in the near future. This information will help you keep track of the age of stock and also quick moving inventory, as older stock may depreciate in value or become obsolete, and result in a loss. For more information, refer to Stock Ageing Analysis Report.

Stock Query

The Stock Query report provides complete information pertaining to a particular stock item. The details include Alias, Part No., Stock Group, Stock Category, available Closing Quantity & Balance, Cost Price, Std. Selling Price, Costing Method and Market Valuation Method, and so on. For more information, refer to Stock Query Report.

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