Inventory Masters Configuration in Tally

Inventory Features set up in Tally

Basic Inventory system is pre configured with default Configuration options.

To activate Inventory , Click F11:Features> Accounting Features and then set No at Maintain Accounts Only. Consequently, options for Inventory System would get activated in respective Menu.

Inventory System Activation in Tally

To set various options of Inventory, for the Company, Click F11:Features>Inventory Features to get Inventory Features Screen (or Click F11:Features from any Inventory Reports / Entry screen), and set the options as desired.

Inventory Features set up options in Tally

The options set are applicable for the Specific Company only. On setting the options, the respective features get activated /deactivated accordingly. We discuss the set up options at respective topics

Stock Item Names Styles set up in Tally

In Inventory Reports, by default the Stock Item Name is only printed at Item Name column. However, depending on your need, and available space in the Report, you may set option to print shorter / additional part of Stock Item Name

To set the default format for appearance of Stock Item Name, at the respective Report Printing Configuration screen (Click F12:Configure at Report Printing screen, to get Report Printing Configuration screen), at the option Default Appearance of Stock Items Names in Reports, select from the following list:

Name Only : To Display the Name only (default)
Alias Only : To Display the First Alias Name only
Name (Alias) : To Display the name followed by First Alias in parenthesis
Alias (Name) : To Display the Alias Name followed by Name in parenthesis (where Alias is specified)
Name (Description) : To Display the Name followed by Description in parenthesis
Description (Name) : To Display the Item Description (where specified) followed by Item Name in parenthesis
Part Number Alias Only : To Display the First Part Number Alias only
Name (Part Number) : To Display the name followed by First Part Number in parenthesis
Alias (Part No) : To Display the First Alias Name followed by First Part Number in parenthesis (where Alias & Part Number, both are specified)
Part Number Alias (Part No) : To Display the First Part Number Alias followed by First Part Number in parenthesis (where Part Number Alias & Part Number, both are specified)
Part Number (Description) : To Display the First Part Number followed by Description in parenthesis (where Part Number & Description, both are specified)
Part Number Only : To Display the First Part Number only
Part Number (Part No Alias) : To Display the First Part Number followed by First Part Number Alias in parenthesis (where Part Number Alias & Part Number, both are specified).

Stock Item Name Names Styles set up in Tally

The additional name part like Alias, Part Number, Part Number Alias, Description, etc, if selected for printing, would be printed only if the relevant data is available in the Item master, otherwise, that potion would be blank.

If you are using Stock Item Codes through Alias, then you may set Name (Alias) or Alias (names) as default Name Style so that, in Reports, the Stock Item Codes are also printed along with Stock Item Names.

However, you cannot set the default Name style printing option specifically for each Report. It is Company specific setting and hence applicable for all reports for the Company. This may limit its purpose & objective.

For example you may need to print only Name in number of reports, Description in one report, Alias in another Report. You have to re-set the report printing options each time. There is no simple way to save the report specific settings, and select the entire setting at the time of Printing.

Inventory Masters Configuration in Tally

Basic Options of Inventory Masters are explained earlier. Now, we describe Inventory Masters Configuration options

At Gateway Click F12: Configure and select Accts/ Inv Info to get Masters Configuration screen to set the default Configuration options for Inventory Masters, applicable in general for all the companies having data residing in same directory.

Inventory Masters Configuration options

Advanced Entries of Inventory Masters in Tally

At Inventory Masters Configuration, set Yes at Allow Advanced Entries in Masters, to activate Advanced Entries in various Inventory Masters (like Stock Group, Stock Item, Unit of measure etc). Consequently, some additional fields become activated and available in various Inventory Masters, as explained at respective Masters entry.

Alias Names in Inventory Masters in Tally

Alias Name of a Master (like Stock Item) is the additional name by which the specific Master record (like Stock Item) can be selected from the list of Items. The Alias Name may also be printed alongwith or in place of Master Name in reports

General Activation for Alias Names: Select GoT> F12:Configure > Accts/Inventory Info to get Inventory Masters Configuration screen. Under Master Configuration section, set Yes at Allow ALIASES along with Names to activate Alias Names for various Masters (both Accounts & Inventory).

Alias Name activation in Tally

Consequently, at the respective Master entry Configuration screen, you will further get an option to enable Alias entry in respective Inventory Master Entry screen (Stock Item, Stock Group, Stock Category, Godown, Voucher Type etc and also of Stock Item Part Number).

Master Level Activation for Alias Names : To activate Alias name at respective Master, further set Yes at Allow Aliases along with Names at respective Masters Configuration.

Alias are Alternate Names for Master Names (all types of Masters). Alias Names also appear in the selection list of Masters. So, you may select an Item by Alias Names also. So, Alias Name is often used for Codes (for Stock Item etc) or Masters selected through mechanical devices (like Bar Code, QR Code scanners etc)

Stock Group Advanced Entries in Tally

Having activated Advanced Entries for Inventory Masters, you get additional entry fields in Stock Group Master Entry screen.

Stock Group Quantity : At Can Quantities be added, set Yes to add up the Quantity of Subordinate Stock Items having same UoM and show Total Quantity of all Items under the Stock Group in Display/ Reports. Else set, No, the Stock Group Quantity is not shown (the quantity of subordinate Stock Group is not added)

Stock Group Advanced Entry set up in Tally

The Quantity of Stock Items under a parent Stock Group is added only when the UoM of all such Stock Items are same. Otherwise, the Quantity is not added even if you set Yes at this option. So, it is preferred to always set Yes at Can Quantities be added, to get quantity of Stock Group when the UoM of all subordinate Stock Items are same ( total quantity of Items of different UoM is meaningless and deceiving).

So, you may set No when you do not want to show the Stock Group Quantity figure even if UoM of the subordinate Stock Items are same.

Stock Item Advanced Entries

At Stock Item creation / alteration screen, click F12:Configure to get Stock Item Entry Configuration screen and set Yes at Allow Advanced Entries in Master

Consequently, you get additional fields at Stock Item Masters entry for following:

Advance entry in Stock Item Master in Tally

At Set / Modify default ledger account allocation, set Yes at to pre allocate Sale / Purchase and associated Ledger Accounts in sales/ Purchase Invoice.

At Description, set Yes to allow entry of Description of the Stock Item, which may be optionally printed in Vouchers, along with Stock Item Name
At Remarks, set Yes to allow entry of Notes about the stock, as internal memo.
At Standard Rates, set Yes to allow entry of Standard Purchase and Sales Rate for the Stock Item.

Under Behaviour section, set Yes/ No at following options:

Costing Method, select the method from the list, for valuation methods for Consumption & Stock in hand
Market Valuation Method, select the method from the list, to specify market valuation of stock-in- hand based on realizable value
At Ignore Diff due to Physical counting, Set Yes to ignore difference of Physical & Book Stock on physical stock verification.
At Ignore Negative Balances, set Yes to ignore stock with negative balance
At Treat all sales as New Manufacture, set Yes for Stock Adjustment of all sales as manufacture, for the Stock Item,
At Treat all Purchase as Consumed, set Yes for Stock Adjustment of all Purchases as consumption, for the Stock Item.
At Treat all Rejections as scrap, set Yes for Stock Adjustment of all Delivery In as scrap, for the Stock Item.

These options are further described in detail at relevant topic.

Default Ledger Account Allocation

To pre set default allocation of Sales / Purchase Ledger Accounts in inventory voucher entry, at Inventory Voucher Configuration screen, set Yes at Specify Default Ledger Accounts for Invoicing. Consequently, the field Set / Modify Default Ledger Accounts for Invoicing get activated at Stock Item Master screen.

At Stock Item Master creation / alteration screen, set Yes at Set / Modify Default Ledger Accounts for Invoicing to get Default Ledger Allocation for Invoicing for the Stock Item.

Default Ledger Allocation set up for Stock Item for Invoicing in Tally

The screen has 2 sections, upper section for Sales Account allocation Details, lower section for Purchase Account allocation Details. Now set as follows, for respective sections:

At Ledger Name, set as follows:

Sales Account Allocations
Ledger Account : Select the Sales Ledger from the list of Sales / Direct Income Ledger Accounts
Percentage Allocation : Enter the percentage allocation of the Sales Value of the Item to the selected Ledger Account
Rounding Method : Select the Rounding Method
Rounding Limit : Enter the Rounding Limit
Purchase Account Allocations
Ledger Account : Select the Purchase Ledger from the list of Purchase / Direct Expenses Ledger Accounts
Percentage Allocation : Enter the percentage allocation of the Purchase Value of the Item of the selected Ledger Account
Rounding Method : Select the Rounding Method
Rounding Limit : Enter the Rounding Limit

In the same way, select other ledger accounts and set their % allocation, Rounding Method & Rounding Limit (the Rounding Method & Rounding Limit cannot be specified for last Ledger Allocation). The total of % allocation of the ledger accounts must be 100%. These are separately explained in detail in Invoicing section.

Consequently, during Sales / Purchase Invoice entry, the value of the Item will be auto allocated to the respective account.

However, normally, the Ledger Accounting Allocation are Sale / Purchase dependent, not Stock Item dependent. For example the Item allocation may differ for Local sales, Inter State Sales, Export Sales and other Tax Exempted Sales. So, there may not be a single allocation rule applicable. In such cases, the Item Allocation, may not be useful.

Moreover, Sale / Purchase Invoice involve Tax Ledger Allocation, like VAT, CST etc, which are to be linked to the respective Statutory modules separately. Allocation in Stock Ledger Account will not link to the Statutory Tax Module

Stock Item Valuation Methods

Inventory Costing & Valuation Method set up options in Tally

Inventory Valuation Method is one of the most Important aspect of Accounting system. The value of Consumption for Costing System and the value of Stock In hand in Accounting system, depends on the Inventory Valuation system.

On setting Advanced entries in Masters, in Inventory Voucher Configuration, during entry / alteration of Stock Item, at the right part of the Stock Item screen, under Behaviour section , you set up following options in respect of computation of Stock Item value

Costing Method : At Costing Method select the default Computation methods of Consumption & Stock in Hand, from the list of Costing methods, as described next.
Market Valuation Method: At Market Valuation Method, select the default computation methods of Market Value of Stock in Hand, from the list of Market Valuation Methods, as described next.

Stock Item Costing Methods in Tally

Costing Method means the computation method applied to compute cost of Consumption & Stock in Hand. At Stock Item Entry / Alteration screen, at Costing Method, under the Behaviour section, select the default computation method to compute cost of Consumption & Stock in Hand, from the options available. By default, the specified method would be applied to show the values in various Inventory Reports. However, alternate method may still be applied at the time of printing any specific report offering the option to specify valuation method.

Costing Methods list

At Zero Cost : The Item value would be valued at Zero Cost (normally rejected / scrap having no realizable value, or FREE Items) are computed at zero cost
Average Cost : The Item would be valued at Weighted Average Cost for the current year
FIFO : The consumption would be valued at First In First Out method during the current year. So, the Stock-in-Hand would be valued at Latest Purchase Costs
FIFO Perpetual: The consumption would be valued at First In First Out method from the purchase time of oldest stock. So, the Stock-in-Hand would be valued at Latest Purchase Costs
Last Purchase Cost : The Item would be valued at Last Purchase Cost
LIFO Annual : The consumption would be valued at Last In First Out method during the current year. So, the Stock-in-Hand would be valued at Oldest Purchase Costs
LIFO Perpetual : The consumption would be valued at Last In First Out method from the earliest period. So, the Stock-in-Hand would be valued at Oldest Purchase Costs
Monthly Average Cost : The Item would be valued at Weighted Average Cost for the current month
Standard Cost : The Item would be valued at Standard Cost specified in Stock Item Master

Stock Item Market Valuation Methods in Tally

Market Valuation Method is used to determine the realisable value of an Item (potential disposable value). The unrealised Profit / Loss (to be realized on sale) of an Item = Closing value as per Market valuation method – Closing value as per Costing Method. Costing Method is normally relevant for Consumable / Tradable Items, while Market Valuation Method is normally relevant for Manufactured Tradable Products.

Market Valuation Methods list

Here you select the default computation methods of Market Value of Stock- in- Hand from the following methods :

At Zero Price : The Item would be valued at Zero Value (normally rejected / scrap having no realizable value, or FREE Items) are computed at zero cost
Average Price : The Item would be valued at Weighted Average Cost for the current year
Last sales Price : The Item would be valued at Last sale Price
Standard Price : The Item would be valued at Standard Sale Price specified in Stock Item Master

As per Accounting Standard, in Financial Statements (P & L Statement & Balance Sheet), the value of Inventory is to be taken as lower of the value as computed under Costing Method & Market Valuation Method.

However, it is not clear how the Market Valuation Method is implemented in Tally and how it affects the Inventory System & its valuation.

Stock Adjustments set up in Tally

Tally provides some novel and unique features for adjustment of stock in some special situations, under Stock Behaviour section (available under Advanced Inventory Masters configuration options).

On setting Advanced entries in Masters, in Inventory Voucher Configuration, during entry / alteration of Stock Item, at the right part of the Stock Item screen, under Behaviour section, you may set up internal stock adjustments methods, which affect stock internally, even without any voucher entry.

Stock Adjustment options in Tally

Physical Stock Discrepancy : At Ignore Diff due to physical counting, set up the options to reflect the effect of Physical Stock Voucher (for adjustment of Physical & Book stock difference) in reporting of stock figures.
Purchased Items as Consumption : At Treat all Purchases as Consumed, set the option for consumption of Purchased Items.
Sales Items as Production : At Treat All Sales as New Manufacture, set the option for treatment of sold Items.
Returned Items : At Treat all rejection inward as Scrap, set the option of treatment of sold Items returned by the customers.

As these options make very special treatments, you shoud check the effect of these Behavious options in your context before changing the defaults.

Negative Stock Balances: At Ignore Negative Stock Balances set the option of the effect of Negative Stock Balances (due to omission / mistake of Stock Accounting).

Physical Stock Count Difference adjustments in Tally

Ideally, the Book Stock (Stock as per Stock Item Ledgers & Stock Statements) should match with the Physical Stock lying in Stores. However, due to some reasons, the Physical Stock may not exactly tally with the Book Stock found on measurement & counting.

The difference in Stock is then back adjusted through Physical Stock Voucher (a unusual method devised by Tally) to adjust the difference between Book Stock and Physical Stock found on Physical Stock taking process).

At Ignore Difference Due to Physical Counting, Set Yes to consider the Book Stock in the Stock Reports (ignoring Physical Stock Voucher), set No to consider the Physical Stock in the Stock Reports (as per Physical Stock Voucher)

This option is relevant only when Physical Stock Voucher is used to adjust Physical Stock Difference, instead of normal method of Stock Journal Voucher.

Negative Stock Adjustments in Tally

Ideally, there should never be Negative Book Stock as no one can give more than one what is available in stock. Negative Book Stock Balances often result from missing entry of some voucher, mistake in quantity or entry of wrong stock Item (e.g Issue posted to another Item due to mistake in entry). Negative Book Stock is reported at GoT> Display > exception report> negative stock.

At Stock Item Master entry / alteration, under Behaviour section, set Yes at Ignore Negative Stock Balances. The negative stock will not be considered in Negative Stock Report, else set No to show Negative Stock in Negative Stock Report.

However, negative stock, if occurring, will always be reported as usual, in Stock Summary and its underlying Stock Statements. So, this option only controls whether the Negative Stock would be revealed in Negative Stock Report. However, it does not affect anything in any of the Inventory Report.

Auto Adjustment of Purchases in Tally

Often small items are bought as and when required for immediate use and no issue voucher is created for its use (e.g maintenance items, office stationery etc), or in case of highly perishable goods (like Milk etc), where the Stock is completely sold on the same day.

To adjust the stock of such Items lying in Inventory, at Stock Item creation / alteration screen, at Treat all Purchases as Consumed, set Yes to treat the purchases as consumption and adjust the stock accordingly. This avoids the entry of consumption, else set No (default)and make entry of consumption as usual.

Auto Adjustment of Sales in Tally

Sometimes the goods bought or manufactured are sold immediately through numerous sales transactions. This is useful in case of manufacture of highly perishable goods (like Milk, Bakery Products etc) . In such case,

the day’s Sales may be considered as Production / Purchase (he cannot keep the Item in stock as it will get spoilt). In such cases, Production / Purchase can be practically considered as equal to Sales.

To adjust the stock of such Items, at Stock Item creation / alteration screen, at Treat all Sales as New Manufacture, set Yes so that the Production / Purchase is automatically computed from Sales and the stock is adjusted accordingly. This avoids the entry of Production / Purchase. Else, set No and make entry of Production / Purchase as usual.

Auto Adjustment of Returns Inwards as Rejection in Tally

Some organisations have a policy not to take back sold goods unless there is some manufacturing defects. In such case, the returned goods are not included in regular Stock

To treat Returned Goods as Rejected Items with no value, at Treat all Rejection Inward at Zero Value, set Yes so that goods returned are not accounted in Stock In Hand. Else, set No (default)to treat returned goods as normal Stock Item and included in Stock In Hand.

Stock Item Part Number in Tally

Stock Item Multiple Identities entry in Tally

Most manufacturers use their own Item ID (popularly known as Part Number). These IDs are referred by the manufacturers to precisely identify a product in their documents (price list, Invoices, Orders, etc).

For example, a Book may be identified and referred in a catalogue by Retailers own Item ID, Publisher’s Own Item ID, ISBN, Library of Congress Catalogue, etc

Like Alias, Part Number may be optionally specified in Stock Item Consequently, the Part Number will also be listed in the selection list of Stock Items and any stock Item may be selected by Part Number also during voucher entry Apart from Item Name, Alias Name etc. Part Number may also be optionally printed at (or alongwith) Item Name in various Inventory Reports.

Part Number is also a parallel feature to Alias Name to select a Stock Item from list. Alias name, when activated at Masters Configuration, activates the features in all sorts of Masters of Accounts & Inventory. However, Part Number is applicable only for Stock Item Master. So, if you need additional identity for Stock Item only, then you may activate Part Number instead of activating Alias name

Activating Stock Item Part Number in Tally

To activate Part Numbers at Stock Item, at Masters Configuration screen (GoT>F12:Configure>Accounts Inventory Info), under Inventory section, set Yes at Use Part Numbers for Stock Items

Consequently, during Stock Item Master entry, you may enter Part Number. You get the Part Number also at selection list of Items in voucher entry. Part Number may also be printed in Inventory Reports and Invoices / Orders / Challans)

Stock Item Part Number Alias Name in Tally

If you have activated Alias Names (i.e Set Yes at Use Aliases along with Names at Masters Configuration ), then in Stock Item Master entry screen, you may also enter Part Number Alias. You may enter multiple Part Number Alias Names one by one. To terminate part Number Alias Entry, press <enter> at Blank line at Part Number Alias Name.

Part Number Alias is useful when same Item is referred by different Part Number of different manufacturer. In such case, all the Part Number may be used through multiple Aliases.

The Part Numbers and all its Aliases are also listed in the selection list of Masters in Inventory Voucher entry and you can select any Item by the Part Number or any of the Part Number Alias Names

Stock Item multiple Alias Names in Tally

There may be multiple name Alias & part Number Alias. So, you may create numerous Stock Item Identity for uniquely selecting an Item. This flexibility of setting user defined multiple identities is very useful to select Items in Voucher using any of such Stock Item identity. For example, each authority (Government, Statutory Bodies, manufacturers, Distributors etc) attach their own identity for an Item. So, an Item may be referred by any of these Identities

So, in Voucher or Item selection list of Stock Item, an Item may be selected by any of the following Identity of Stock Item, specified in Stock Item Name like, Stock Item Name, Item Name Alias, Part Number, Part Number Alias.

Item Name, any of the Alias names, Part Number, Any of the Part Number Alias, must be distinct for Stock Items. Duplicate names will not be allowed to be entered (Duplicate Entry ! message would appear).

However, having too many identities would clutter the selection list (which would be too long). Alias Names and Part Numbers are useful when mechanical devices like Bar Code scanner etc are used.

Stock Item Additional Info in Tally

You may enter additional info about Stock Item, to be displayed / printed in Reports/ Documents, for complete information about the Stock Item

Stock Item Additional Info entry in Tally

Stock Item Remarks in Tally

Apart from Stock Item Description, you may enter Remarks about any Stock Item for your internal information. Stock Item Remark does not get printed or shown in any Inventory Document or Report, but may only be viewed in Stock Query.

Stock Item Remarks Activation in Tally

At Inventory master Configuration, set Yes at Use Remarks for Stock Items to activate Stock Item Remarks option. Consequently, at Stock Item Configuration screen, you get the option Use Remarks for Stock Items, where you set Yes to activate Remarks option at Stock Item entry screen.

Consequently, during Stock Item entry / alteration, at Remarks field, you may enter some internal remarks / private Info, regarding the Stock Item.

Stock Item Description in Tally

For Items having technical information & specification, it may be necessary to specify complete details in all documents (like Enquiry, Quotation, Delivery Notes, Invoice etc), for complete information and avoid litigation. For such Items, Item Description may be entered at Description field in Item Master.

Description entered in Item Master is carried in Inventory Voucher during entry, where it may be changed in the specific Inventory Voucher during entry (and may be optionally printed in the Inventory Report)

Stock Item Description Activation in Tally

To activate the Item Description entry in Stock Item, at Accts/Inv Info configuration screen, set Yes at Use Description for Stock Items.

Consequently, during Stock Item entry / alteration, enter Item Description (complete details / specification of the Item) at Description field. You get a limited space for Stock Item Description in a Part of input line (you cannot enter a Description longer than the permitted length).

Stock Item Description as entered in Stock Item Master, is carried by default at Voucher entry screen. In Voucher, you may modify the Item Description and add more lines at Additional Item Description.

Plan about the contents of Description, how you like to print Item Name / Description in Documents like Invoice, Challans, Orders etc, and in Reports. Enter Description in Item master accordingly.

Stock Item selection List Configuration in Tally

During Voucher Entry/ Reports Display etc, you select Stock Item from a drop down list of Stock Item. To customize selection of Stock Item from drop down list as per your convenience, set the Configuration as explained below:

At Gateway of Tally, click F12:Configure to get Configuration Menu. At Configuration Menu select General to get General Configuration screen.

Stock Item selection Configuration options in Tally

Stock Item selection from Methods options in Tally

At General Configuration screen, under the section Table Configuration, to set the method of Display of drop down list for selection of Stock Item from List of Stock Items (e.g in Voucher Entry, selection of Stock Item in Report etc), at Use Common Table for Stock Items, set Yes to list only Stock Item Names in the list of Stock Items, else set No to list other columns also of Stock Item (like Current Stock Quantity).

For quicker selection, you may set the option to shorten the list of Stock Items showing only the Items matching to the characters typed at Item Name column, at Use ‘Reducing List’ for Tables, set Yes to get the reducing list starting from matching names. The Items matching initial characters, as progressively being typed are highlighted. Items containing the matching names are only listed. else, set No to get the complete list. The Items of starting matching characters are highlighted.

List of Matching Items

Having set Yes at the option Use Reducing List for Tables, at the next option Apply for all columns, set Yes to show the matching Items in all the Columns, like Quantity, UoM etc, else, set No to show the matching Items in 1^st Column (ie Item Name) only

Table Configuration screen may also be invoked by pressing Ctrl + Alt + F12 from Gateway of Tally

Reducing List of matching Items

Reducing List, 1^st Col, matching Items

Stock Item Standard Price in Tally

Businessmen normally follow a Standard Price for sale of Stock Items, as fair business policy. To avoid repeated entry of price, avoid mistake and enable faster Invoice Entry, you may set the Standard price in Stock Item master. During Invoice entry, the Standard Price will be carried in Invoice for the respective Item (the carried standard price may be modified in any Invoice, as necessary). This greatly helps in quick & correct Invoice entry, yet maintaining flexibility of entering different price in any Invoice.

Similarly, Standard Cost may be used for valuation of Item Cost for Consumption.

Stock Item Standard Price Activation in Tally

At Inventory Master Configuration (GoT>F12:Configure>Accts / Inventory Info), set Yes at Allow Standard rate for Stock Items), to activate Stock Item Standard Price option, in all the Companies (since it is set at General Configuration option)

Consequently, at Stock Item Alteration screen (GoT>Inventory Info>Stock Items>Alter) you may further set Yes at Alter Standard Rates

You do not get Standard Rate entry option at Stock Item entry screen. So, you have to enter in Stock Item Alteration screen, only after creation of Stock Item.

Standard Price Entry in Tally

At Stock Alteration screen, set Yes at Alter Standard Rates, to get Standard Rates entry screen , to enter Standard Sales / Purchase Rate for the Item.

At Standard Rates entry screen, at the left part, enter the Standard Cost (proposed Purchase Rate).

At the Right Part, enter the Standard Selling Price (proposed Sale Rate).

At the respective columns, at Applicable From, enter the Date from which the Rate is effective. At Rate, enter the Rate, at Per, enter the Rate UoM.

Stock Item Standard Rates entry in Tally

The Standard Cost is carried by default at Purchase Voucher entry, while the Standard Selling Price is carried as default at Sales Voucher entry (you may change them in current voucher being entered).

The Standard Selling Price may differ from Pice List Price.

Change in Rate : When Rate of any Item is changed, at Standard Price screen, create another record to enter the Effective date of new Rate and enter new Rates (for Purchase / Sale) as applicable (Do not edit the previous rate). This way, the chronological changes in Rates are readily available, which shows valuable historical info of changes in Standard Cost & Selling Price, over time.

Inventory Masters Entry in Multiple Mode in Tally

You have seen Entry of Stock Groups and Stock Items in single entry mode, where you may create only one record at a time. To create large numbers of Stock Groups and Stock Items takes a lot of time to enter individual record in the entry screen.

In such case, you may take advantage to Create, Alter or Display many Stock Groups and Stock Items in one screen more conveniently through Multiple Masters entry Options in respective Master creation Menu, similar to creation of Multiple Accounts Masters

Multiple Stock Groups Creation in Tally

Select GoT>Inventory Info>Stock Groups > CReate (under Multiple Stock Groups) to create multiple Stock Groups in one screen.

Multiple Stock Groups creation / alteration

Multiple Stock Items Creation in Tally

Select Stock Items > CReate (under Multiple Stock Items) to create many Stock Items in one screen