Commerce

Inventory Masters in Tally PRIME

Posted by Asok K Nadhani on

Inventory System in Tally PRIME

In Basic Financial Accounting part, we have explained Basic Financial Accounting System, involving Financial Transactions (transaction represented in Money). Now we will discuss Basic Inventory System involving (transaction involving Materials) also.  Without repeating what has already been explained in Basic Financial Accounting part, we discuss the additional aspects for maintaining Inventory System (Materials).

Inventory System Activation in Tally PRIME

To maintain Inventory system also, at Menu bar option K:Company, click F11:Features (or press F11 button). At Company Features screen (F-1A), set Yes at Maintain Inventory.

F-1A: Accounting Features set up for Inventory & Invoicing

Tally PRIME HINDI Video

Tally ERP 9 English Video

Inventory Masters Menu in Tally PRIME

Having activated Inventory for the Company (F-1A), first you need to create the required Basic Inventory Masters like Unit of Measure (UoM) and Stock Item. You may optionally also create Stock Group, Stock Category, Godowns, where needed. Select GoT>Create to get Master Creation Menu (F-2A).

F- 2A : Masters creation Menu

Tally ERP 9 English Video

Unit of Measure (UoM) in Tally PRIME

Every Stock Item must be measured in some specified Unit (Unit of Measurement or UoM). So, first create the necessary UoM. At Masters creation (GoT>Create) Menu , select Unit to get Unit (UoM) Creation Screen.

  • Type : Cursor normally skips showing at Type field, with Simple as selected, to create a Simple Unit (otherwise press <shift+Tab> or <backspace> to get the cursor at Type field and select Simple (F-3B).
  • Symbol : At Symbol field, enter the Short Name of the Unit (e.g., Kg. Ltr.). In all reports, the Unit Symbol appears alongwith Quantity, to indicate the UoM of the Quantity.
  • Formal Name : Enter full Name of the Unit (e.g., Kilogram, Litre, etc) different from UoM Symbol, for proper identification
  • Number of Decimal Places : If the quantity is to be expressed in fractional values, enter the number of decimal places, to allow sufficient precision for accurate computation.

Tally PRIME HINDI Video

Tally ERP 9 English Video

3.1 UoM Configuration

At UoM Creation screen, Click F12:Configure button to get UoM Configuration screen and set the options.

Stock Group in Tally PRIME

Creation of Stock Group is optional. Stock Group is required to organise Inventory in better way.

At Masters creation Menu (GoT>Create-F-2A), select Stock Group to get Stock Group Creation Screen (F-4B). Enter the following Particulars (F-4B):

  • Stock Group Name: Enter Name of Stock Group
  • Parent Stock Group: At Under field, select the parent Stock Group for the Stock Group being created (select Primary to create top level Group). The first Stock Group created must be placed under Primary.
  • Stock Group Quantity: At Should Quantities of Items be Added?, set Yes to get Total Stock Quantity of the child Stock Items under the Stock Group (if all child Stock Items are measured in same UoM), else set No (Stock Group Quantity is not computed).

Tally PRIME HINDI Video

Tally ERP 9 English Video

Stock Group Configuration

At Stock Item Creation, Click F12:

Tally ERP 9 English Video

Multiple Godowns in Tally PRIME

Godowns (Warehouse) are location of materials storage. Tally automatically creates a Godown called Main Location (F-5A).  For storage of Stock Items at in different locations, create Godown.

5.1 Creation of Godown Master

At Masters Creation Menu (GoT>Create), select Godown (F-2A). A message appears about existence of auto created default Main Location (F-5A). To change the name of Main Location, click A:Alter Existing and change the Name.

Click Create New (F-5A) to get Godown Creation screen (F-5B). At Godown Creation screen (F-5B), enter the following particulars :

5.2 Godown Master entry Configuration

At Godown creation, click F12:Configure and set the Configuration Options (F-5C).

Stock Item in Tally PRIME

Create a Stock Item for each Inventory Item that you want to keep separate transaction & stock account.

Tally PRIME HINDI Video

Tally ERP 9 English Video

At Masters creation Menu (GoT>Create), select Stock Item (F-2A) to get Stock Item Creation screen (F-6B).

Now enter the following particulars.

  • Stock Item Name: At Name, enter a unique Name of the Stock Item.
  • Parent Stock Group: At Under, select the Parent Stock Group
  • Stock Item UoM: At Units, select the Unit of Measurement (from pop-up) in which the Item would be measured. Select Not Applicable if no UoM is applicable (e.g, for Service Item) and Quantity details will not be maintained for such Item.
  • Opening Balance Details : If there is Opening Stock as at Books Beginning From date, at Opening Balance fields, enter Opening Stock Quantity details as follows:
    • Opening Stock Quantity:At Quantity, enter the Opening Stock Quantity as on Books beginning from date.
    • Opening Stock Rate: At Rate, enter the Opening Stock Rate (if you do not know the Rate, leave it blank, enter the Opening Stock value, Tally will compute & fill up the Rate).
    • Opening Stock Value: The Opening Stock value is computed from the Opening Stock Quantity & Opening Stock Rate as entered and displayed at Value field. However, you may change the Amount. The Rate will get changed accordingly.

6.2 Stock Item Entry Configuration

Click F12:Configure to get Stock Item Configuration screen and set the options (F-6A).

Tally ERP 9 English Video

Stock Item Valuation Methods

6.3 Godown Details entry of Opening Stock

After creation of new Godowns, during creation / alteration of Stock Item Master (F-6B), as explained, at entry of Opening Stock details, you get a screen to enter Godwnwise break up of Opening Stock (F-6C). Enter the Quantity, Rate & Value of Opening Stock lying in each Godown.

Alteration / Deletion of Inventory Masters in Tally PRIME

To Alter / Delete Inventory Masters as discussed above, select GoT> Alter to get List of Masters (F-2A) and then select the Master. The Masters list will be displayed. Now select the Master record to get the Alteration screen

  • : To Alter the Master record, edit the data in the respective field and save (as explained during Entry).
  • : To Delete the Master record, press Alt+D. A message Delete Yes / No appears. Type Y to Delete. The master will be Deleted (you cannot get back!)

Restriction in Deletion of Inventory Masters : In following cases, the Inventory Master Record cannot be Deleted.

  • Stock Group: The Stock Group would not be deleted if it is parent of any Stock Group or Stock Item.
  • Godown: The Godown cannot be deleted if it has been referred in any Voucher
  • UoM: The UoM cannot be deleted if it has been referred in any Stock Item.
  • Stock Item: The Stock Item cannot be deleted if it has been referred in any Voucher.

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Inventory Masters Lists in Tally PRIME

Master lists shows the list of respective Master records entered.  It is useful to view/verify the Masters data and Edit mistakes instantly while viewing.

  • Display of Inventory Master list : Select GoT>Chart of Accounts to get List of Masters. Now select the respective Master to get Masters records. In list of Stock Items, using F5 toggle button you may view the list of Stock Items or in hierarchical order of Stock Group/ Stock Item.
  • Alteration / Deletion of Masters: While viewing the Master record as explained above, you may also instantly Alter/ Delete the Master record as explained above.

Tally ERP 9 English Video

Inventory Masters in Tally PRIME – Key Points

  • F11 से Maintain Inventory में Yes set कर Inventory system activate करे.
  • Unit (UoM) और  Stock Item Master create करना  अनिवार्य  है. जरूरत  हो  तो  Stock Group और  Godown Master भी create करे.
  • Stock Item Master create करते  वक़्त  Opening Stock details entry करे, या Stock Item Alteration से  Opening Stock details entry करे. Multiple Godown create किये  हो  तो  Godownwise  Opening Stock Details entry करे.
  • Stock Item list में Opening Stock print नहीं  होता. Opening Stock entry के  बाद, Stock Item Master check करने  के  लिए  Stock Statement में  (जैसे बाद  में  समझाए  है ) Opening Stock details print करे. अगर  multiple godwon create किया  हो  तो  Godown details के  साथ  Opening Stock Print करे. Stock Statement check करे. Stock Item Alteration से गलतिया सुधारे.
  • Chart of Accounts में   सिर्फ  Master के   Alias मिलता  है , बाकि कोई  info नहीं  मिलता.

Inventory Master in Tally ERP9 – PDF