Tally Erp9 Lesson 28 Managing Company Stocks

  Module 28.Managing company stocks in Tally ERP 9 involves creating stocks groups, stock items, and recording stock transactions such as purchase, sales, and adjustments. Here’s a step-by-step guide to help you get started with stock management in Tally ERP 9, along with practical exercises to reinforce your understanding.

Step-by-Step Guide to Managing Stocks in Tally ERP 9

Step 1: Enable Inventory Features

Open Tally ERP 9 and go to Gateway of Tally > F11: Features > F2: Inventory Features.

Enable Maintain Stock Categories, Maintain Multiple Godowns, and Maintain Batch-wise Details if needed, and set Yes for Integrate Accounts and Inventory to ensure stock transactions affect accounting records.

Step 2: Create Stock Groups

Stock Groups allow you to classify stock items for better management.

Go to Gateway of Tally > Inventory Info > Stock Groups > Create.

Enter the Name of the stock group, e.g., "Electronics."

Select Under Primary if it’s a main category or choose another group if it’s a subgroup.

Choose No for Should quantities of items be added? if you want separate stock accounting.

Press Enter to save.

Exercise: Create two stock groups, "Electronics" and "Furniture," and set up each under the primary category.

Step 3: Create Stock Items

Stock Items are individual items you manage in inventory.

Go to Gateway of Tally > Inventory Info > Stock Items > Create.

Enter the Name of the item, e.g., "Laptop."

Under Stock Group, select the appropriate group, e.g., "Electronics."

Choose Unit of Measure, e.g., "Nos" (numbers), or create a new one if needed.

Set Opening Balance if you have existing stock, and input the Quantity and Rate.

Save the entry.

Exercise: Create stock items "Laptop" under "Electronics" and "Office Chair" under "Furniture."

Step 4: Record Stock Transactions

You’ll need to record purchases, sales, and stock adjustments to manage inventory in Tally ERP 9.

a. Record Purchase

Go to Gateway of Tally > Accounting Vouchers > F9: Purchase.

Select the Supplier’s Ledger.

Enter the Date of purchase.

Under Particulars, choose the stock item, enter Quantity and Rate.

Complete the voucher and save.

b. Record Sales

Go to Gateway of Tally > Accounting Vouchers > F8: Sales.

Select the Customer Ledger.

Enter the Date of sale.

Choose the stock item, enter Quantity and Rate.

Complete the voucher and save.

c. Record Stock Adjustment

Go to Gateway of Tally > Inventory Vouchers > F7: Stock Journal.

Enter Date and select the stock item.

Adjust the Quantity and provide reasons, such as Damage or Stock Take Adjustment.

Save the journal.

Exercise: Record the following transactions:

Purchase 10 Laptops at $500 each from ABC Supplies.

Sell 2 Laptops at $600 each to XYZ Customer.

Adjust stock to reduce 1 Laptop due to damage.

Step 5: View Stock Reports

To ensure accurate stock management, review reports periodically.

Go to Gateway of Tally > Stock Summary to view the stock levels, value, and performance.

For detailed transactions, go to Display > Inventory Books > Stock Item Analysis and choose the item you wish to analyze.

Exercise: Check the Stock Summary report and validate that the transactions reflect accurate stock balances for Laptops and Office Chairs.

Practical Methods for Stock Management

Setting Reorder Levels: Helps maintain optimal stock levels. Go to Stock Item Creation > Set Reorder Level and input Minimum Order Quantity and Reorder Level for automated notifications.

Batch Management: Useful for items with expiry or manufacturing dates. Enable batch management and enter Batch Details when creating stock items.

Godown Management: If you store inventory in multiple locations, use Create Godowns under Inventory Info and allocate items to specific locations.

Stock Ageing Analysis: View age-wise stock summary by going to Display > Inventory Books > Ageing Analysis. This helps manage older stock first, reducing waste.

By following these steps and practical exercises, you’ll be able to manage stocks in Tally ERP 9 efficiently, maintain accurate records, and streamline your inventory processes.