What is INVENTORY in Tally?

Inventory means Stock maintenance and godown maintenance. Inventory management in Tally automatically generates reports like godown summary, stock summary, and movement analysis, etc.!

ASSIGNMENT ON INVENTORY

Create the following Stock Groups.

  1. Electronics
  2. Books
  3. Mobiles

Create the following Stock Categories.

  1. i7 processor
  2. i8 processor
  3. i9 processor
  4. 4gb RAM
  5. 6gb RAM
  6. 2gb RAM
  7. Test Papers
  8. Text Books

Create the following Units of Measurement

  1. Pcs
  2. No.s

Create the following Godowns

  1. Rajam (Address : Satya Complex)
  2. Palakonda (Address : VZM Road)
  3. Srikakulam (Address : GT Road, SKLM)

Create the following Stock Items

  1. Stock Item: Desktop Computers
    Stock Group: Electronics
    Stock Category: i8 processor
    Units: pcs
    Total Quantity: 10
    Godown: Rajam 05 pcs
    Godown: Srikakualm 05 pcs
    Rate: 20,000 per pc
  2. Stock Item: Laptops
    Stock Group: Electronics
    Stock Category: i9 processor
    Units: pcs
    Total Quantity: 06
    Godown: Rajam 04 pcs
    Godown: Palakonda 02 pcs
    Rate: 30,000 per pc
  3. Stock Item: ABC Smart Phone
    Stock Group: Mobiles
    Stock Category: 4 GB RAM
    Units: pcs
    Total Quantity: 20
    Godown: Rajam 15 pcs
    Godown: Srikakualm 05 pcs
    Rate: 12,000 per pc
  4. Stock Item: XYZ Smart Phone
    Stock Group: Mobiles
    Stock Category: 6GB
    Units: pcs
    Total Quantity: 05
    Godown: Rajam 04 pcs
    Godown: Srikakualm 01 pcs
    Rate: 18,000 per pc
  5. Stock item: Commerce Books
    Stock Group: Books
    Stock Category: Test Papers
    Units: No.s
    Total Quantity: 100
    Godown: Rajam 50 pcs
    Godown: Srikakualm 50 pcs
    Rate: 250 per no.s
  6. Stock Item: English Books
    Stock Group: Books
    Stock Category: Text Books
    Units: no.s
    Total Quantity: 150
    Godown: Rajam 100 pcs
    Godown: Palakonda 50 pcs
    Rate: 300 per no.s

SOLUTION

STEP: 1 (Setting-up Features)

  • Press F11 for Company Features
  • Press F2 for Inventory Features
  • Storage & Classification:
    Maintain Multiple Godowns: Yes
    Maintain Stock Categories: Yes
  • Accept_Yes

Step: 2 (Creating Stock Groups)

  • Gateway of Tally > Inventory Info > Stock Groups > Single Stock Group > Create
  • Name: Electronics
    Under: Primary
    Accept_yes
  • Name: Mobiles
    Under: Primary
    Accept_yes
  • Name: Books
    Under: Primary
    Accept_Yes

Step: 3 (Creating Stock Categories):

  • Gateway of Tally > Inventory Info > Stock Categories > Single Stock Category > Create
  • Name: I7 Processor
    Under: Primary
    Accept_Yes
  • Name: I8 Processor
    Under: Primary
    Accept_Yes
  • Name: I9 Processor
    Under: Primary
    Accept_Yes
  • Name: 4GB RAM
    Under: Primary
    Accept_Yes
  • Name: 6GB RAM
    Under: Primary
    Accept_Yes
  • Name: 2GB RAM
    Under: Primary
    Accept_Yes
  • Name: Text Books
    Under: Primary
    Accept_Yes
  • Name: Test Papers
    Under: Primary
    Accept_Yes

Step 4: ( Units Creation)

  • Gateway of Tally > Units > Create
  • Type: Simple
  • Symbol: PCS
  • Formal Name: pieces
  • Unit Quantity Code: PCS – Pieces
  • Number of decimal places: 0
    Accept_Yes
  • Type: Simple
  • Symbol: No.s
  • Formal Name: Numbers
  • Unit Quantity Code: No.s – Numbers
  • Number of decimal places: 0
    Accept_Yes

Step: 5 (Godowns Creation)

  • Gateway of Tally > Inventory Info > Godowns > Single Godown > Create
  • Press F12 for Configuration >
    Provider Addresses for Godowns: Yes
  • Name: Rajam
    Address: Satya Complex
    Allow storage of Materials: Yes
    Accept_Yes
  • Name: Palakonda
    Address: VZM Road
    Allow storage of Materials: Yes
    Accept_Yes
  • Name: Srikakulam
    Address: GT Road
    Allow storage of materials: Yes
    Accept_Yes

Step 6 (Creating Stock items)

  • Gateway of Tally > Inventory Info > Stock Items > Single Stock Item > Create
  • Name: Desktop Computers
    <Press Enter>
    Under: Electronics (Select from the list)
    <Press Enter>
    Category: i8 processor (select from the list)
    <Press Enter>
    Units: Pcs (Select from the list>
    <Press Enter>
    Quantity: 10
    <Press enter>
    Godown: Rajam
    <Press Enter>
    Quantity: 05 pcs
    <press enter>
    Rate: 20,000
    <Press Enter>
    Per: PCS
    Amount: 1,00,000
    <Press Enter>
    Godown: Srikakulam
    <press enter>
    Quantity: 05 pcs
    Rate: 20,000
    <Press Enter>
    Amount: 1,00,000

    Total VALUE: 2,00,000
    Press Enter > Accept- Yes

Enter the remaining items same as above

REPORTS:

  • Gateway OF tally > Stock summary (use alt + F1 KEY FOR DETAILED / CONDENSED REPORT)
  • Gateway of Tally > Display > Statements of Inventory > Godown Summary > Select the Godown > Press Enter (use ALT + F1 key for detailed / condensed report)

SEE MORE: