Inventory means stocks, the trader's sells are called goods. Inventories include the purchases, sales of stock or stock movements.
The closing stock of a particular year becomes the opening stock of the next year.
Stock Management options in TallyPrime provides the flexibility to define your stock items, group them if needed, and record transactions as per your needs.
Stock item details that you can store in TallyPrime includes the name of the item to the different units of measurements used in transactions, taxability of items, and prices.
Inventory Reports is a basic tool to run your business successfully. TallyPrime provides reports like Stock Summary, Movement Analysis, Aging Analysis, Inventory Reorder Status, Godown Summary, and so on, with real-time data.
Godowns/Locations in TallyPrime enables you to manage tracking your inventory storage and transactions from different physical godowns/locations, cabinets, racks, or bins used in your business.
You can track the inventory for your projects, and different manufacturing stages, including that of scrap and byproducts. Stock moving in or out of your business premises for consignment sale or job work is another aspect that you can track.
In TallyPrime, you can create as many stock items as you have in the business, specify units of measurements (UoMs) for each stock item and define tax rates, without having to enter these details again during transactions.
Stock group are helpful in the classification of Stock Items. You can group Stock Items under different Stock Groups to reflect their classification based on some common features such as brand name, product type, quality, and so on.
Having a stock group is not mandatory to create stock item in TallyPrime.
If you have been maintaining your stock items without creating any Stock Group, TallyPrime considers all stock items under an internal group called Primary.
Gateway of Tally -> Masters -> Create ->Inventory Masters -> Stock Group
Godowns will help you keep a record of inventory moving from one project or manufacturing stage to another.
Godowns is a kind of location where stock items are safely stored. As per Godowns, the reports of stock items can be prepared in Tally.
Gateway of Tally -> Masters -> Create ->Inventory Masters ->Godown
Main location exists by default.
Like other masters in TallyPrime, such as ledgers, godowns, stock groups, and so on, you can create stock items by providing a few details.
Just enter the name of the stock item and you are done! You can set up details such as Unit of Measurement (UoM) and tax rates any time later. You can also define quantity, rate, and value as the opening balance of your stock.
Gateway of Tally -> Masters -> Create ->Inventory Masters -> Stock Item
F12: Configure -> Show More Configuration: Yes