Price List in Tally
Price List in Tally
A Business Organisation may follow a standard sale price for all its Parties, or follow different sets of price lists for different class of Parties. The prices & discount may also vary according the quantity volume slab.
We have already explained entry of Standard Sale Rate in Stock Item Master (§18/02-01), which is carried in Invoice entry . So, Standard Price I useful when a uniform price, irrespective of Sale Quantity (and Trade Discount), is charged for all customers. Each Party may be linked to specific Price List.
However, some organizations use separate Price Lists for different customer type, e.g Registered & Unregistered dealers, Wholesalers, Retailers, Government bodies, Institutions etc (or for specified Party). Often, the Prices & Discounts are based on Quantity. In Price List, the prices and discount may be pre set for each volume slab. The prices may be revised from time to time, and the historical movement of prices are maintained at a centralized place.
The Price List becomes very handy for fast and accurate entry of Sales Invoice, complying the Price & Discount policy enforced by the organization.
Stock Item Price List in Tally
Stock Item Price List is a collection of applicable Sales Rates & Discounts for specified volume slabs.
The prices in Price List may be changed over time.
As the Price / Discount Rate changes, the revised prices may be added in the Price List. So, the past prices are also maintained in the Price List for reference and record During Invoice entry, prices are carried from the selected price list, saving time and ensuring consistency & accuracy.
For example, a Price List may contain Uniform Price for any volume, variable price for different volume range, uniform Discount Rate or variable Discount for different volume range.
Features of Price List in Tally
- Keeps historical rates for each item to refer to in future.
- Allows to use several Price Lists concurrently for various customer types, sales campaign, schemes etc.
- Allows to set graded Prices & Discount for various volume slabs.
- Prices carried from Price List cannot be modified in the Invoice, so manipulation can be avoided and invoice accuracy is ensured.
Price Level / Price List set up in Tally
- Set up Company Features option and create Price Levels (§03.01)
- Create Price List for each Price Levels (§03.02, §04)
- Link default price level for each Party (§05)
- Select Price List in Invoice entry to carry Price & discount data from Price List (§06)
Price Level in Tally
Price Level is a term used in Tally ERP9 to refer Price Level is a specific set of Price List for different class of Customers (e.g Wholesale, Retail, Registered, Unregistered, Local etc) or Sales Events (Festival Sales, Discount Sale, etc) to differentiate the applicable price. The prices & discount rates may vary in each level, for the same Item.
Price Level creation in Tally
At Gateway, Click F11: Features and select Inventory Features to get Inventory Features screen
F-1A: Inventory Feature setup for Price List in Tally
At Inventory Features screen, set Yes at Use Multiple Price Levels to get Company Price levels screen.
At Company Price levels screen. enter the name of Price Level (like wholesale, retail etc). Press <Dn Arrow> to create more price list in the same screen . This way, you may create Price Level Names. Press <Esc) at last line and type Y to save the Price Level Names. Consequently, at Inventory Info menu, Price List option gets activated to enter Price List for each Price Level.
This way, several Price Levels may be ceated for different type of Customers
F-1C: Price Levels Creation in Tally
Price List Creation in Tally
After Setting Price Levels at Company Features, create Price List (enter Sales Prices for Items) for each Price Level
To organize Stock Item Price List, the price lists may be created as per specific Stock Group or Stock Categories
F-1B; Price List Menu in Tally
At Gateway of Tally, select Inventory Info > Price List to get to get Price List Menu. At Price List Menu, select :
Stock Group Price List in Tally
Select Stock Group to create Price Level / Price List (§04) to get Stock Group Price List creation screen
F-1D: Price List Creation for Stock Group in Tally
Stock Category Price List in Tally
Select Stock Category to create Price Level / Price List (§04) to get Stock Category Price List creation screen
F-1E: Price List Creation for Stock Category in Tally
You may create Price Levels as per Stock Group or Stock Category, as convenient. Adopt either of them as per your convenience. Avoid creation for both to avoid Conflict / Mismatch).
At Price List creation screen for Stock Group / Stock Category, set as follows:
- Stock Group / Stock Category
- Stock Group : At Stock Group Name, select the Stock Group (or select All Items to select All Stock Groups) for which you like to create the Price List for Stock Items under the selected Stock Group,
- Stock Category : At Stock Category Name, select the Stock Category (or select All Items to select All Stock Categories) for which you like to create the Price List for Stock Items under the selected Stock Category
At Price Group / Price Category creation screen, you may select All Items to create Price List for All Stock Items.
- Price Level : At Price Level, select the Price Level from the list of Price Levels
- Effective Date : Enter the Date from which the Price Level becomes applicable
Having selected a Stock Item from the list of Stock Items, you get the Price List entry screen for the selected Stock Item.
Price List Entry in Tally
At Stock Item Price List Entry screen, enter the Price List for a specified Price Level, as described below. The screen is divided in 2 sections,:
|F-2A: Price List Entry for Stock Item in Tally|
Header Part : Here enter the particulars of the price list :
- Stock Item Group / Category: At Under Group / Category field, select the Item Group / Category for which you like to enter Price List. If the number of Items are not very large, you may select All Items (instead of any Item Group) to enter price for all Items in one shot. If you have selected any specific Group / Category, you will get Stock Items under the selected Group / Category and you may enter Price List for respective Stock Items
- Price List Type: At Price Level field, select the Price Level from the drop down list of Price Levels
- Price List Effective Date: At Applicable From field, enter the Date from which the rates are applicable.
Item details Part : The list of Items for the selected Group / Category (or All Stock Items) are displayed. Now enter the Price Details / Discount for each Item as follows :
|Quantities||From||The quantity at From Column at first line is blank (indicating starting from 1). In the next line, enter the highest quantity value in slab range. Subsequently, Quantity at Less Than column of previous line is carried in this column.|
|Less than||Enter the Quantity upto which the quantity slab is applicable.|
|Rate||Enter the applicable Sale Rate for the Quantity block.|
|Discount %||Enter the Discount Rate in %, if applicable, for the Quantity Block,|
|Historical Details||Rate||The corresponding Rate of the previous price list (if existing) is displayed for reference. This helps as guideline to set up current prices and as reference of historical prices (F-3B).|
|Disc %||The corresponding Discount Rate of the previous price list, if any, is displayed for reference.|
|Cost Price||The Standard Cost as entered in the Item master is displayed for reference and guidelines to set up current price.|
Party Price List set up in Tally
For each Party ledger Entry / Edit screen, at Pricing Level Applicable, select the applicable default Price Level from the list. Consequently, at the time of creation of Sales Order / Delivery Note, Sales Invoice, the default Price List for the Customer will get auto selected. This helps to charge appropriate price to the customer as per management policy.
To associate the default Price Level with the Party Account, at Party Ledger creation, at the field Price Level Applicable, select the Price List to be linked.
|F-3A: Price list set up in Customer Ledger in Tally|
When you select the Party in Order/ Delivery Note/ Invoice entry (§07), Tally proposes the linked price list for selection (but you may select another Price Level during Invoice entry).
You may link any Price List to a Party.as default. However, during Invoice netry, you may optionally over-ride the default Price List (select another price list or select no Price List at all) giving complete flexibility to adhere to or bypass a Price List, as desired
Price List Revision in Tally
Revision of Price List is like entry of a new set of Rates for the New Effective Date. You do not overwrite on the old prices, rather enter the Revised Prices, in the same manner as entry of Price List.
|F-3B: Price List Revision in Tally|
You may Revise the Prices in 2 ways:
- Revised Price : Enter new price effective from specified date, in the Price List entry screen, as explained. This is useful to enter specific revised Price for specified Item.
- General Price Revision : Specify general revision in Price (increase / decrease) as per specified quantum in Prices of a specified Group / Category. This is useful for general price by specifying the price revision parameters, to cause revision in bulk.
Revised Price Entry in Tally
At Price :List Creation screen for Stock Group / Category :
- Stock Group / Category Name ; At Group / Category Name, select the Stock Group/ Category (or select All Items) as explained for Price List creation (§04)
- Price Level : At Price Level, select the Price Level for which Revised Rates would be effective
- Effective Date : At Applicable From enter the Date from which the revised price would be effective
Now select the Stock Item to get Price List entry screen for the Stock Item. The selected Price Level & Effective Date entered is displayed at the Price List screen
At Price List entry screen, enter the new Price / Discount Rates as described earlier (§04). The Prices & Discounts of previous price list is now shown alongside (with Date of earlier Price List).
General Price Revision in Tally
Often prices are increased in bulk by specified amount / percentage over all the Items of a Specified Group / Category. To effect such bulk change, through a single parameter specification, at Price List entry screen, click R:Revise Price button , to get Revise Price screen . Enter the Parameters to automatically revise the Prices as per specified rule.
|F-4A: Price Revision parameters in Tally|
Price Revision set up in Tally
At Revise Price, select the Price Revision Type from the Type of Revise Price List and then enter the Rate (in Amount or % as per Type selected).
|F-4B: Price Revision Type in Tally|
Price Discount Revision set up in Tally
At Revise Discount, select the Discount Revision Type from the Type of Revise Discount List and then enter the Rate in %
|F-4C: Price Discount Revision Type in Tally|
You may select Not Applicable at either of the above change types (but not at both), if there is no change for that Change Type (Price change / Discount change).
In Price List, Prices may be set for Base Unit only (price for Alternate Unit cannot be set).
Invoice Entry using Price List in Tally
Sales Invoice entry has been explained earlier (§04/01-04). Here we explain the steps specific to selection of Price List and carrying Price from the selected Price List.
At Invoice Entry screen, after entry of Party Name, at the field Price Level, select the Price Level, as explained next
|F-5A: Invoice Entry using Price List in Tally|
Selection of Price Level
- When no default Price Level is linked with the Customer Ledger : If no default Price Level is set in Customer ledger ,the list of Price Levels appear at the field Price Level. Select the desired Price Level. Applicable for the Customer
- When a default Price List is already linked with the Customer Ledger : If any default Price List is already linked to the selected Customer, the cursor skips the Price Level field and the linked Price List level gets auto selected
Entry of Item Details
Now select the Item to get Item details subscreen and enter the Item details (Quantity etc). The appropriate price is carried from the selected Price Level. The computed value (as per Price) is displayed at Amount column.
The linked Price Level & Rate / Discount % carried from Price List or the computed amount (Value) cannot be changed This ensures that the Invoice is created applying correct price / discount (Price / Discount Rates is not manipulated).
Price change in Invoice Entry
To allow change of Price Level (select another Price Level or select Not Applicable), Item Sales Rate, Discount % or Item value, set Yes at Allow Modification of All fields during entry, at Invoice Entry Configuration.
Consequently, you may change the following default values carried from the Price List linked to the Customer :
- Price Level : At Price Level, you may select different Price Level (the price will be carried from the selected Price Level), or select Not Applicable (the Price has to be entered in the invoice for each Item).
- Price / Discount / Amount : You may change the default Price, Discount Rate carried from Price List, or the computed Amount
This allows flexibility in Invoice Entry (but compromises security).
Note: At Invoice Entry, the linked price list gets selected by default. You may select another Price List (or select Not Applicable to enter Price as desired).
Price List Printing in Tally
At Price List entry Screen, click P:Print Button to get the Price List printing screen
|F-6A: Price List Printing in Tally|
Historical Price : At Price List Printing screen , at Show Historical Details,
- Set Yes at to print Past Prices also ,
- Set No . The past prices would not be shown
|F-6B: Price List in Print in Tally|
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