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 Tally Prime 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.
Inventory is an idle stock of physical goods that contain economic value and are held in various forms by an organization. Inventories are held in various forms, it can be a stock awaiting packing, processing, transformation, use or sale in a future point of time.
To get started with Tally Prime, you need to first create your company to keep a record of all your day-to-day business transactions. To create the company, you need the company name and financial year information. You can enter all other details such as contact information, security, while creating the company or any time later.
Ledgers in Tally Prime The ledgers in Tally Prime or in the Books of Accounts affect assets, liabilities, income or expenses. Tally Prime can generate a Profit & Loss A/c and Balance Sheet immediately after a transaction has been entered. It can also generate a range of comprehensive financial statements and reports.
Stock Groups in Inventory are similar to Groups in Accounting Masters. They are helpful in the classification of Stock Items. You can group Stock Items under different Stock Groups to reflect their classification based on some common features such as brand name, product type, quality, and so on. Grouping enables you to locate Stock Items easily and report their details in statements.
Stock Items are mainly purchased and sold on the basis of quantity. The quantity in turn is measured by units. In such cases, it is necessary to create the Unit of Measure. The Units of Measure can either be simple or compound. Examples of simple units are: nos., metres, kilograms, pieces etc.
Stock Item refers to goods that you manufacture or trade. It is the primary inventory entity and is the lowest level of information on your inventory. You have to create a Stock Item in TallyPrime for each inventory item that you want to account for. Create stock items on-by-one.
There are 24 pre-defined voucher types in Tally Prime for accounting, inventory, payroll and orders. You can create more voucher types under these pre-defined voucher types as per your business needs.
For example, for cash payments and bank payments, the predefined voucher type is Payment Voucher. You can also have two or more sales voucher types in Tally Prime for different kinds of sales transactions. For example, credit sales, cash sales, and so on.
A payment voucher is a way to record payments made to suppliers and maintain a history of payments that your business has made. Companies use vouchers to gather and file supporting documents that are required to approve and track payments of liabilities.A payment voucher is a way to record payments made to suppliers and maintain a history of payments that your business has made. Companies use vouchers to gather and file supporting documents that are required to approve and track payments of liabilities.
follow the above steps for following transaction.
Jun 05 Amount paid to Mr.Joseph Rs.40000 and balance received discount against bill no:25
Jul 15 Withdraw from personal use Rs.120000
Sep 28 Paid Inward Charges Rs.1500
Oct 15 Paid Salary Rs.2000
Nov 27 Amount paid to Sanjeev groups full payment
The receipt is the act of receiving, or the fact of having been received while voucher is a piece of paper that entitles the holder to a discount, or that can be exchanged for goods and services.
Receipt voucher- It is also called a credit voucher. A receipt voucher is used to keep a record of cash or bank receipt.
follow the above steps for following transaction.
Jul 28 Interest received Rs.50000
Aug 10 Dividend received Rs.25000
Aug 16 Amount received from Mr.Jupiter Rs.20000 and balance Bad Debit written off against bill no:36
Nov 26 Received commission Rs.1750
The equivalent back up document for a transaction not involving the movement of money is called a journal voucher. Examples of 'non-cash' transactions include to recognize a donation in kind of a computer, to correct a coding error in a previous closed month, to charge interest on a loan or depreciate fixed assets.
Journal voucher - A journal voucher is also called a non-cash voucher or transfer voucher. They serve as proof of non-cash transactions.
Depreciating fixed assets of the company:
follow the above steps for following transaction.
May 02 Depreciation of furniture @ 5%
Whenever you sell a product or service, you record sales entries. In tally, the sales are recorded through the sales voucher. It is one of the most widely used accounting vouchers in tally. There are two modes for accounting in sales vouchers- Invoice mode and Voucher mode.
follow the above steps for following transaction.
Jun 23 Goods sold on credit to Mr.Jupiter for the following:
Whenever you purchase a product or service, you record the purchase entry. In tally, this is recorded through the purchase voucher. It is also one of the most widely used vouchers in tally. There are two modes for accounting in purchase vouchers- Invoice mode and Voucher mode, as mentioned in the sales voucher
You may do a simple cash purchase or purchase on credit. For each purchase transaction, you will need to keep a record of the items you bought, payments made, goods returned, and so on.
Credit Note entry is passed when there is a sales return transaction. This voucher usually remains deactivated by default. You can activate it by pressing F11 and configuring features in invoicing. You can refer to the original sales invoice against which this entry is passed to keep track of such transactions.
Contra entry in tally is done when the transactions involve cash and a bank account. In other words, any entry that includes both cash and bank accounts of an entity is called a contra entry.
Closing stock lying in the dealer unit on 31st March 2014 up to the date of registration as Importer, has to be transferred to importer unit as opening stock using voucher class created for stock transfer in stock journal voucher. From the books beginning date with dealer registration till the date of registration as Importer, the complete stock has to be transferred to importer unit
If goods are purchased to importer unit, the stock journal voucher class need not be used.In the closing stock of goods lying in dealer unit, the goods invoiced with Nature of Purchase as Importer can be transferred to importer unit as opening stock
This voucher maintains the list of inventories in a company. Generally, businesses count physical stock verification periodically and keep a record of the same through this voucher. This helps to keep inventory control in check. You can mention the name, quantity, rates,etc.This can help in management decision making and maintain the numbers in the physical inventory and accounting books.
Profit and Loss A/c is one of the primary financial statements that you can use to monitor the health of your business. It summarizes the revenues, costs, and expenses for a specific period, such as a quarter or a year. Thus, you can easily gather the net result of the business operations.
Using the Profit and Loss A/c in Tally Prime, you can measure the ability of your business to generate profit. Accordingly, you can take various measures to increase revenue, reduce costs, and so on. What’s more, you can view the Profit and Loss A/c in the browser.
Balance Sheet is one of topmost financial statement prepared by the businesses. The financial details of the balance sheet help you and the external stakeholders to evaluate the financial performance of the business on a given date. Before knowing the steps to prepare a balance sheet and reading the balance sheet, it is important to be familiar with the components and format of the balance sheet.
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