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Manage Buying and Selling Prices

Based on each stock item’s buying and selling prices, you may want to maintain the rates so that they automatically appear when you pass a transaction. You can do this in TallyPrime by providing the standard cost (for purchase) and standard price (for sales) for each stock item. You can maintain rates for the stock items daily or for a specific period based on your business needs. When you record the purchase and sales invoices, the standard cost and price automatically appear for that stock item. Also, you may want to fix the selling price of items at different rates to customers based on the type of customer or your preferences. For this, in TallyPrime, you can use the price list.

Manage Buying (Purchase) Price Using Standard Cost

If you want all your data entry operators to use the same cost price while purchasing a stock item, you can enter it as the standard cost in the stock item. On a daily basis, you can enter the date and the price applicable on that date. 

In this section

• Specify standard cost for Stock Item
• Record purchases with standard cost

Specify standard cost for Stock Item

You can specify the standard cost daily by entering the date for a stock item. You can also specify the standard cost for a period.

1. Open the stock item alteration screen, and configure it to enter standard rates.
   1. Press Alt+G (Go To) > Create Master > Stock Item > press Enter.
      Alternatively, go to Gateway of Tally > Create > Stock Item > press Enter.
   2. Press F12 (Configure) > set the option Provide Standard Buying and Selling Rates to Yes.
      If you do not see the above option, set Show more configurations to Yes.
2. Specify the standard cost.
   1. Set the option Alter standard rates to Yes.
   2. Enter the Standard Cost with the Applicable From date and Rate per unit.
      
3. Press Ctrl+A to accept the Standard Rates screen.
4. As always, press Ctrl+A to save.

Record purchases with standard cost

When you specify the standard cost for a stock item based on the voucher date, the same appears when you select that stock item in the voucher, and you can record the purchases with the specified standard cost.

1. Open the purchase voucher screen, and enter the supplier invoice number and date.
   1. Press Alt+G (Go To) > Create Voucher > press F9 (Purchase).
      Alternatively, go to Gateway of Tally > Vouchers > press F9 (Purchase).
   2. Press Ctrl+H (Change Mode) to select the required voucher mode (Item Invoice, in this case).
   3. Enter the Supplier Invoice No. and Date.
2. Specify the supplier details.
   1. Party A/c Name: Select Cash or Bank for cash purchases and the party name for credit purchases.
   2. Party Details: Provide the Receipt, Order, and Import details per your invoice requirements.
      If you do not see the Party Details screen, press F12 (Configure), set Provide Receipt, Order, and Import details, and Provide Supplier details to Yes.
      As always, press Ctrl+A to save and proceed.
3. Select the Purchase ledger to allocate the stock items.
4. Provide the stock item details.
   1. Select the stock item for which you have defined the standard cost.
   2. Enter the Quantity. Based on the voucher date, the Rate appears per the Standard Cost defined for the stock item.
5. Select additional ledgers, like transportation charges, insurance, or discount, if any.
   
6. Provide Narration, if needed. As always, press Ctrl+A to save.

Even if you have changed the rate per unit in the voucher based on the voucher date, the standard cost defined in the stock item appears in the subsequent vouchers.

Manage Selling Price Using Standard Price

If you have set a standard cost for your stock items, you can also set the standard selling price. This helps data entry operators to use the predefined selling price. On a daily basis, you can enter the date and the price applicable on that date.

In this section

• Specify standard selling price for Stock Item
• Record sales with standard selling price

Specify standard selling price for Stock Item

You can specify the standard selling price daily by entering the date for a stock item. You can also specify the standard price for a period.

1. Open the stock item alteration screen, and configure it to enter the standard selling price.
   1. Press Alt+G (Go To) > Create Master > Stock Item > press Enter.
      Alternatively, go to Gateway of Tally > Create > type or select Stock Item > press Enter.
   2. Press F12 (Configure) > set the option Provide Standard Buying and Selling Rates to Yes.
      If you do not see the above option, set Show more configurations to Yes.
2. Specify the standard selling price.
   1. Set the option Alter standard rates to Yes.
   2. Enter the Standard Selling Price with the Applicable From date and Rate per unit.
      
3. Press Ctrl+A to accept the Standard Rates screen.
4. As always, press Ctrl+A to save.

Record sales with standard selling price

When you specify the standard selling price for a stock item based on the voucher date, the same appears when you select that stock item in the voucher, and you can record the sales with the specified standard price.

1. Open the sales voucher screen.
   1. Press Alt+G (Go To) > Create Voucher > press F8 (Sales).
      Alternatively, go to Gateway of Tally > Vouchers > press F8 (Sales).
   2. Press Ctrl+H (Change Mode) to select the required voucher mode (Item Invoice, in this case).
2. Specify the buyer details.
   1. Party A/c Name: Select Cash or Bank for cash sales and the party name for credit sales.
   2. Party Details: Add the relevant details to include Dispatch, Order, and Export details in your invoice, if needed.
      If you do not see the Party Details screen, press F12 (Configure), set Provide Dispatch, Order, and Export details, and Provide Buyer details to Yes.
      As always, press Ctrl+A to save and proceed.
3. Select the Sales ledger to allocate the stock items.
4. Provide the stock item details.
   1. Select the stock item for which you have defined the standard selling price.
   2. Enter the Quantity. Based on the voucher date, the Rate appears per the Standard Selling Price defined for the stock item.
5. Select additional ledgers, like transportation charges, insurance, or discount, if any.
   
6. Provide Narration, if needed. As always, press Ctrl+A to save.

Even if you have changed the rate per unit in the voucher, based on the voucher date, the standard selling price defined in the stock item appears in the subsequent vouchers. If you have selected a price level in the invoice, the rates provided in the price list appear.

Manage Selling Price Using Price List

You may want to fix the selling price of items at different rates to customers based on the type of customer or your preferences. You can create different price levels and assign different price lists to these price levels. For example, you can create Wholesaler, Distributor, and Customer as price levels and assign applicable price lists to these price levels, as per your requirements. While recording orders and invoices, the relevant prices and discounts automatically appear when you select a price level. You can revise the price list at any point in time for any stock item. Based on the voucher date, the prices are picked from the price list and applied to the transactions.

As price lists are applicable only for stock items and involve auto calculation, this feature is available only when the company is enabled to maintain inventory and invoicing. Once you create price levels, the price list option appears in the Inventory Info. Menu. You can:

• Create a price list for items grouped under a specific stock group.
• View the historical rates and discounts for a stock item along with the current rate and discount.
• View the cost price of the stock items.
• Revise the prices and discounts in the price list by entering a specific percentage or value, or update it one by one, per your business needs.

In this section

• Define a price list
• Use price list during voucher entry
• Revise price lists
• Change the names of price levels

Define a price list

An up-to-date price list helps in decision-making in an organization and quickens the sales process. You may require one or more price lists when you have different price structures/levels for different purposes. In TallyPrime, you can create a quantity-based price list with the required discount structure. You need to create the required price levels and assign different price lists to these price levels. You can create price lists for stock items, groups, and categories.

1. Create a price list.
   1. Gateway of Tally > F11 (Features) > set Enable multiple Price Levels to Yes.
      If you do not see this option, set Show more features to Yes.
   2. Gateway of Tally > Create > type or select Price List (Stock Group) > press Enter.
      

      If you want to create a Price List consisting of all stock items falling under different Stock Categories, select Stock Categories from the Price List menu.

      1. Select the Price Level, if available. Otherwise, Create > provide a name for the price level > press Enter.
         
   3. Enter the date from which the price list is applicable.
      By default, stock items used in transactions appear. If you want to view all the stock items (including the ones that are not used in transactions) under the selected price level, press F12 (Configure) > set Show All Items for Price Level to Yes.
2. Create a price list.
   1. Select the stock item, and enter the quantity range in From and Less than fields.
      You can create a stock item on the fly using the Create option.
   2. Enter the Rate and Disc. % and press Enter.
      The Cost Price gets updated automatically based on the stock valuation method defined for the stock item. You can use this to define the appropriate sale price. If the prices or discounts are revised, the historical details appears. You can compare these details with the current price list.
      
      
   3. As always, press Ctrl+A to save.

After creating a price list for a stock group/category, you may have created new items by grouping them under the same stock group/category. When you open the price list by selecting the same stock group/category, the newly created stock items appear in such scenarios. You can enter the price range and/or discount for these stock items, if required, or else leave it blank.

You can alter a price list by overwriting the details entered in the Price List screen.

Use price list during voucher entry

While recording transactions, you can select the price level to use the required price list. If you have a specific price level for a particular customer, you can define it in the party ledger.

In this section

• Record sales voucher with price list
• Select party ledgers predefined with price levels in sales voucher

Record sales voucher with price list

You can select the price level in the voucher based on your requirement for price lists for a low or high volume of goods.

1. Open the sales voucher screen and select the item invoice mode.
   1. Press Alt+G (Go To) > Create Voucher > press F8 (Sales).
      Alternatively, go to Gateway of Tally > Vouchers > press F8 (Sales).
   2. Press Ctrl+H (Change Mode) to select the required voucher mode (Item Invoice, in this case).
2. Specify the buyer details.
   1. Party A/c Name: Select the party name.
   2. Party Details: Add the relevant details to include Dispatch, Order, and Export details in your invoice, if needed.
      If you do not see the Party Details screen, press F12 (Configure), set Provide Dispatch, Order, and Export details, and Provide Buyer details to Yes.
      As always, press Ctrl+A to save and proceed.
3. Select the Price Level for the voucher.
   You can also predefine a price level for the party ledger.
4. Select the Sales ledger to allocate the stock items.
5. Provide the stock item details.
   1. Select the stock item.
   2. Enter the Quantity. The Rate appears as defined in the price list linked to the price level.
      To modify the rate per unit in the voucher, press F12 (Configure) and set the option Modify all fields during entry to Yes.
      Henceforth, you can modify the rate fields of all the sales invoices with price levels until you change them in F12 (Configure) of the sales invoice.
6. Select additional ledgers, like transportation charges, insurance, or discount, if any.
   
7. Provide Narration, if needed. As always, press Ctrl+A to save.

You can record sales invoices by selecting the required price levels.

Select party ledgers predefined with price levels in sales voucher

You may want to assign a price list to a specific party ledger. Although the price list is applicable only for sales, TallyPrime provides the flexibility to select the price list for both groups, as the party supplying goods (sundry creditor) can be a buyer of goods (sundry debtor) as well. Hence, you can assign price levels for ledgers grouped under Sundry Debtors and Sundry Creditors.

1. Open the party ledger screen and select the price level.
   1. Press Alt+G (Go To) > Create Master/Alter Master > Ledgers > select the party ledger > press Enter. 
      Alternatively, go to Gateway of Tally > Create/Alter > type or select ledgers > press Enter.
   2. Press F12 (Configure) > set Use Price Levels for Party Ledgers to Yes.
   3. Ensure Sundry Debtors or Sundry Creditors are selected in the field Under.
   4. Select the Pricing level applicable.
      You can assign only one price level for a ledger. However, you can select a different price level for the same ledger while recording the invoice.
      
   5. As always, press Ctrl+A to save.
2. Open the sales voucher and select this party ledger.
   1. Press Alt+G (Go To) > Create Voucher > press F8 (Sales).
      Alternatively, go to Gateway of Tally > Vouchers > press F8 (Sales).
   2. Select the party ledger predefined with price level as the Party A/c Name.
      The Price Level appears as defined in the party ledger.
   3. Select the Sales ledger to allocate the stock items.
3. Provide the stock item details.
   1. Select the stock item.
   2. Enter the Quantity. The Rate appears as defined in the price list linked to the price level.
      To modify the rate per unit in the voucher, press F12 (Configure) and set the option Modify all fields during voucher entry to Yes.
4. Select additional ledgers, like transportation charges, insurance, or discount, if any.
   
   

   The field Disc. % appears only when the Use Discount column in invoices is set to Yes in the F11 (Features). If you do not see the Disc % column as an option, set Show more features to Yes.

5. Provide Narration, if needed. As always, press Ctrl+A to save.

If you select the price list in the ledger, you need not select it again while recording an invoice. This makes the process of invoice entry faster.

Revise Price Lists

You may need to revise the prices and discounts in your price list. In TallyPrime, you can easily decrease or increase the prices and discounts for multiple stock items in one go. You can also view the price list defined earlier in a separate column.

1. Open the price list and select the stock group or stock category.
   1. Press Alt+G (Go To) > Alter Master > Price List (Stock Group or Stock Category) > press Alt+R (Revise Price).
      Alternatively, go to Gateway of Tally > Alter > type or select Price List (Stock Group or Stock Category) > press Alt+R (Revise Price).
   2. Select the Stock Group Name > select the Price Level > enter the applicability date.
2. Update the price list by entering the amount and/or discount.
   1. Select the required Type to Revise Price and Revise Discount.
   2. Press Enter. A confirmation message appears as shown below.
      
      The new price list, with the old price list and cost price, appears as shown below:
      

For any stock items, if you want to change the price that is auto-populated or remove it completely, you can accept the screen.

While recording the transactions with these stock items, the updated amount and discounts appears.

Change the names of price levels

You can change the name of the price levels as and when needed. For example, you may want to change the name of an existing price list from ‘Retail’ to ‘Retail for South Zone’.

1. Press Alt+G (Go To) > Alter Master > type or select Price levels.
   Alternatively, go to Gateway of Tally > Alter > type or select Price levels.
2. Change the names of the Price Levels and press Ctrl+A to save.

The modified names of the price levels appear in the relevant masters and transactions.