Inventory Management in Tally Prime 

TallyPrime helps you track your inventory from the purchase order to sales. You can monitor stock across different locations or stages of processing. It keeps track of stock changes due to purchases, sales, sample deliveries or receipts, and stock movements between godowns. 

Inventory management in TallyPrime also records adjustments, such as those from physical stock checks. It allows you to track items by batch if needed. TallyPrime even helps with tracking item costs for jobs or projects. You can also access different reports to track all your inventory transactions easily.

Benefits of Inventory Management in TallyPrime

If your business has different product lines and you need to separate them, TallyPrime makes it easy. To keep your products organized, you can create unlimited groups, categories, batches, and locations/Godowns.

Flexible Units of Measure

Inventory management in TallyPrime makes it simple to handle different unit needs, like buying in one unit and selling in another, tracking items in multiple units, or using floating unit conversions. You can manage and measure stock in the best way for your business.

Manufacturing Journal

With TallyPrime, you can easily record the entire manufacturing process:

• Keep track of raw materials, including where they are stored and their purchase costs.
• Record details of finished products, by-products, and scrap created during manufacturing.

Bill of Material (BoM)

The BoM feature in TallyPrime helps you list all the raw materials, parts, and components needed to make a finished product, along with their quantities. You can also include by-products, co-products, and scraps in the list.

Reorder Level

TallyPrime’s reorder level feature helps you always keep enough stock. It shows, in real time, which items need restocking and how much to order. You can set reorder levels and minimum order quantities, and TallyPrime will create a report showing stock shortages and the quantities to reorder.

Multiple Stock Valuation

Inventory management in TallyPrime lets you value your closing stock differently based on your needs. You can choose a different method for each item. The supported methods are:

• Average Cost
• FIFO (First In, First Out)
• FIFO Perpetual
• Last Purchase Cost
• LIFO (Last In, First Out) Annual
• LIFO Perpetual
• Standard Cost
• Monthly Average Cost
• At Zero Cost

Job Work

With TallyPrime’s Job Work feature, managing job work is simple. You can record material issues, receipts, and usage as a manufacturer or a job worker. Job work reports give a clear view of job progress and material status.

Manage Manufacturing and Expiry Dates

If your business deals with products with a short shelf life, TallyPrime makes it easy to track them. You can manage stock in batches with manufacturing and expiry dates. Inventory management in TallyPrime shows you important details like:

• Manufacturing date
• Expiry date
• How many days are left until expiry

Extra Inventory Features in TallyPrime

Flexible Inventory Management

Easily handle exceptions so no important details are missed. This helps you make smart decisions.

Detailed Reports

Get reports like stock summary, aging analysis, and item-wise profits to better track stock movement and manage inventory.

Job Costing

Keep detailed records of the costs and income for each job, including material, labor, and other expenses.

Cost Tracking

Calculate costs like buying, shipping, production, and profits for better control over your finances.

Setting Up Inventory Management in TallyPrime

Here, the Tally inventory management setting up steps are given below;

1. Make sure TallyPrime is set up for your specific business needs.
2. Open the stock item in the master file. In the left-hand corner, you will see the item name. Below the item name, find the Alias field and enter the unique barcode for that item.
3. After entering the barcode, press Ctrl-A to save it.

The barcode will automatically appear when you enter the item name in TallyPrime.

1. Press Alt+G on the main module page to create a voucher.
2. Press F8 to open the sales page.
3. In the “Name of item” field, place the cursor and scan the item’s barcode using the barcode scanner. The unique barcode for the item will appear on the screen.
4. Enter the rate and quantity of the items. The amount will be calculated automatically.
5. Save the voucher after entering the relevant GST details.

With these steps, you can quickly create sales, purchases, and other transactions using TallyPrime’s automatic barcode generation feature. To understand these processes, joining Tally accounting courses will help you acquire proper knowledge about TallyPrime software.