How to do JOB COSTING in Tally Prime ?

ASSIGNMENT

  1. Company received a job from Tech Industries to update their all desktop computers
  2. Company appointed Mr. Tarak to update their all computers
  3. Company purchased the following items with GST @ 12% and stored at Rajam godown.. Ref No: Pur/SS/001 from SS Technologies (State : Andhrapradesh)
    • RAM – 15 Pcs @ Rs. 1,050/-
    • CPU – 15 Pcs @ Rs. 2250/-
    • Mother Board – 15 Pcs @ Rs. 2,550/-
    • Mouse – 10 Pcs @ Rs. 70/-
    • Keyboard – 10 Pcs @ Rs. 250/-
  4. Mr. Tarak taken all the parts each 05 pcs from Rajam godown for upgradation of job
  5. Company paid labour charges – Rs. 250/- and Travelling charges – Rs. 1,000/-for the job
  6. Out of all taken parts Mr. Tarak uses 02 pcs RAM, 01 Pcs Keyboard, 01 Pcs CPU, 02 Pcs Mouse, 02 Pcs Motherboard
  7. Remaining all the parts return by Mr. Tarak to Rajam godown
  8. Company send a bill with 35% of Profit and Charges 12% of GST to Tech Industries with Reference number Tech/100
  9. Company receives the full amount from ABC Infotech in cheque of Andhra Bank
  10. Company deposited the cheque of Andhra Bank into State Bank of India

SOLUTION

SETTING UP FEATURES

  • Press F11 for Company Features
  • Accounting :
    • Maintain Accounts : Yes
    • Enable Bill wise entry : Yes
    • Enable Cost Centers : Yes
  • Inventory:
    • Maintain Inventory : Yes
    • Enable Job Costing : Yes
  • Taxation:
    • Enable Goods and Service tax : Yes
  • Press CTRL + A to accept the total screen

COST CENTER CREATION

  • Gateway of Tally
    • Masters
      • Create
        • Accounting Masters
          • Cost Center
  • Name : System Upgradation
  • Under : Primary
  • Use for Job Costing : Yes
  • Press enter > Accept _ Yes

GODOWN CREATION

  • Gateway of Tally
    • Inventory Masters
      • Godown
        • Click on “Create New”
  • Name : Rajam
  • Under : Primary
  • Allow storage of Materials : Yes
  • Set Job / Project Name for Job costing : Not Applicable
  • Press enter
  • Accept_ Yes
  • Name : Mr. Tarak
  • Under : Primary
  • Allow Storage of Materials : Yes
  • Set Job / Project Name for Job Costing : <select “SYSTEM UPGRADATION” from the list of projects>
    (Note : If the above two features not displays , then press F12 for configuration activate the options , Allow storage of materials : Yes, Set job costing details : Yes)
  • Press Enter
  • Accept _ Yes

CREATING LEDGERS

  • Gateway of Tally
    • Masters
      • Create
        • Accounting Masters
          • Ledger
  • Name : Tech Industries
  • Under : Sundry Debtors
  • Maintain balances bill – by bill : Yes
  • Select State “Andhra Pradesh” in mailing details
  • press enter
  • accept _ yes
  • Name : SS Technologies
  • Under : Sundry Creditors
  • Maintain Balances Bill – by Bill : Yes
  • Select State “Andhra pradesh”in mailing details
  • Press enter
  • accpet _yes
  • Name : Purchase A/c
  • Under : Purchase Accounts
  • Inventory Values are Affected : Yes
  • Is GST Applicable : Applicable
  • Set / Alter GST Details : Yes <press enter>
  • Nature of Transaction : Purchase Taxable
  • Integrated Tax : 12%
    (Now automatically, distributes 6% tax to CGST and remaining 6% tax to SGST)
    Note : If GST Tax types not displays, press F12 for configuration : Activate the option, Show all GST tax types )
  • Type of Supply : Goods
  • Press Enter
  • Accept _ Yes
  • Name : Sales A/c
  • Under : Sales Accounts
  • Inventory Values Are Affected : No
  • Cost Centers Are Applicable : Yes
  • Is GST Applicable : Applicable
  • Set / Alter GST Details : Yes (Press Enter)
  • Nature of Transaction : Sales Taxable
  • Integrated Tax : 12%
  • Type of supply : Goods
  • press enter
  • Accept _ Yes
  • Name : CGST
  • Under : Duties & Taxes
  • Type of Duty / Tax : GST
  • Tax Type : Central Tax
  • Percentage of Calculation : 6%
  • Press Enter
  • Accept _ Yes
  • Name : SGST
  • Under : Duties & Taxes
  • Type of Duty / Tax : GST
  • Tax Type : State tax
  • Percentage of calculation : 6%
  • Press Enter
  • Accept_ Yes
  • Name : Labour charges
  • Under : Indirect Expenses
  • Cost Centers are applicable : Yes
  • Press enter
  • Accept _ Yes
  • Name : Travelling expenses
  • under : Indirect expenses
  • Cost Centers are applicable : Yes
  • Press enter
  • Accept _ Yes
  • Name : Andhra Bank
  • Under : Bank Accounts
  • Accept _ Yes
  • Name : SBI
  • Under: Bank Accounts
  • Accept _ Yes

ITEMS CREATION

  • Gateway of Tally
  • Masters
  • Create
  • Name : RAM
  • Under : Electronics
  • Units : Pcs
  • Accept_Yes
  • Create remaining items same as above

CREATING PURCHASE VOUCHER

  • Gateway of Tally
    • Transactions
      • Vouchers
  • Press F9 for purchase voucher
  • Supplier Invoice No: Pur/SS/001
  • Party’s A/c Name : SS Technologies
  • Purchase Ledger : Purchase A/C
  • Name of Item : <select RAM from the list> press enter
  • Godown : Rajam
  • Quantity : 15PCS
  • Rate : 1050
  • Press enter
  • Enter the remaining items same as above
  • Move cursor after assessable value 90,950
  • Now select CGST and SGST tax from the list, press enter
  • Accept _ Yes

ENTERING TRANFERING JOURNAL (Stock Transfer to Mr. Tarak)

  • Press ALT + F7 for stock journal
  • Press CTRL + H and select “Use for Inter-Godown Transfers” in it, press enter
  • Destination Godown : Mr. Tarak
  • Name of item : RAM
  • Godown : Rajam
  • Quantity : 5 pcs
  • enter the remaining items (each 05 pcs) same as as above
  • Total Value : 30,850
  • Press Enter
  • Accept _ Yes

PAYMENT VOUCHER

  • Press F5 for payment voucher
  • Account : Cash
  • Particulars: Labour charges
    Press enter
  • Amount : 250
  • Name of Cos Center : System Upgradation
  • Press enter
  • Same apply for Travelling expenses also
  • press enter
  • accept _ Yes

CREATING VOUCHER TYPE FOR CONSUMPTION (under stock journal)

  • Gateway of Tally
  • Masters
  • Alter
  • Voucher Types
  • Select “Stock Journal “from the list
  • press enter
  • Name of Class : Consumption Journal
  • Use Class for Job Costing Consumption : Yes
  • Press Enter
  • Accept _ Yes

Entering Consumption Journal

  • Gateway of Tally
  • Transactions
  • Vouchers
  • Press ALT + F7 for stock journal
  • Select “Consumption Journal” in the list
  • press enter
  • Name of Item: RAM
  • Godown : Mr. Tarak
  • Quantity : 02 pcs
  • Enter the remaining items same as above
  • Total Consumption Value : 9,840

Entering Transferring Journal (Transferring Goods to Rajam Godown)

  • Press ALT + F7 for stock journal
  • Select Class “Not Applicable” in the list
  • Press CTRL + H to change mode, and select “Use for Inter Godown Transfers” in it, press enter
  • Destination Godown : Rajam
  • Name of Item : RAM
  • Godown : Mr. Tarak
  • Quantity : 03 pcs
  • Enter the remaining items also , same as above
  • Total value : 21,010
  • Press Enter
  • Accept _ Yes

JOB WORK ANALYSIS REPORT

  • Press ALT + G for report
  • Job work Analysis
  • Select “System Upgradation”
  • Press enter
  • Cost / expenses :
  • Value : (-)11,090.00

Now adding 35% profit to cost / expenses (11,090*135%) = 14,971.50
Now adding GST 12% — (14,971.50*112%) = 16,768.08

PASSING SALES BILL

  • Go to Vouchers
  • Press F8 for sales voucher
  • Press CTRL + H To change mode, and select “As voucher “, in it
  • Dr : Tech Industries 16768.08
  • Cr : Sales 14971.50
  • Cr: CGST 898.29
  • Cr: SGST: 898.29
  • press enter, Accept _ Yes

Now the Net Profit is : 3,881.50 (See in Job work analysis report)

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