TallySchool

Month: May 2024

  • Closing Stock Values in TallyPrime: 3 Easy Steps + Example

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    by

    Rishit Shah
    in

    Closing stock refers to the value (cost) of the inventory you have remaining at the end of a specific accounting period, like a financial year. It becomes the opening stock for the subsequent period. Here’s a detailed explanation of closing stock values in TallyPrime, including calculations and examples: 1. Calculating Closing Stock: TallyPrime typically calculates…

  • Opening Stock Values in TallyPrime: 2 Methods + 2 Examples

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    by

    Rishit Shah
    in

    Opening stock refers to the value (cost) of the inventory you have on hand at the beginning of a specific accounting period, like a financial year. Here’s a detailed explanation of opening stock values in TallyPrime, including methods and examples: 1. Methods for Entering Opening Stock in TallyPrime: TallyPrime offers two primary methods for entering…

  • Stock Items in Transactions in TallyPrime: 5 Steps + 2 Examples

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    Rishit Shah
    in

    Stock items are the core elements representing your inventory in TallyPrime. They play a crucial role in various transactions, allowing you to track purchases, sales, stock levels, and associated costs. Here’s a detailed explanation of stock items in TallyPrime transactions, including examples: 1. Understanding Stock Items in Transactions in TallyPrime: 1. Creating Stock Items: Before…

  • Set GST Rate for Stock Items in TallyPrime: 3 Steps + Example

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    by

    Rishit Shah
    in ,

    In TallyPrime, the GST rate for stock items is not a pre-defined value but rather a user-configurable setting that allows you to manage the Goods and Services Tax (GST) applicable to each item in your inventory. This flexibility ensures you can accurately reflect the varying tax rates associated with different types of goods and services…

  • Compound Units in TallyPrime: 3 Steps + Example

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    Rishit Shah
    in

    In TallyPrime, a compound unit is a combination of two simpler units used to measure a specific stock item. It allows you to represent the quantity of an item in a more detailed way, especially when the primary unit alone might not be sufficient. Here’s a detailed explanation of compound units in TallyPrime with an…

  • Alternate Units in TallyPrime: 5 Easy Steps + Example

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    by

    Rishit Shah
    in

    TallyPrime offers the functionality of Alternate Units for stock items, allowing you to manage inventory and record transactions in units different from the primary unit of measurement. This can be particularly beneficial when dealing with items that are bought, sold, or stored in different quantities. Here’s a detailed explanation of using alternate units in TallyPrime…

  • Know Your Stock Position in TallyPrime: 3 Methods + 3 Examples

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    Rishit Shah
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    TallyPrime offers various functionalities to gain valuable insights into your business’s stock position, which refers to the quantity and value of your on-hand inventory at a specific point in time. Here’s a detailed explanation of these methods with examples: 1. Stock Summary Report: This is the most basic and comprehensive report for understanding your overall…

  • Grouping Stock Items in TallyPrime for Effective Organization

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    Rishit Shah
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    TallyPrime allows you to categorize your stock items into groups for better organization and management. These groups function like folders, helping you logically arrange your inventory and simplify data entry and reporting processes. Here’s a detailed explanation on how to group stock items in TallyPrime with an example: 1. Accessing Stock Group Creation: There are…

  • Physical Stock Verification in TallyPrime: 5 Easy Steps + Example

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    by

    Rishit Shah
    in

    In TallyPrime, physical stock verification refers to the process of manually counting your actual inventory on hand and comparing it to the stock levels recorded in your accounting software. This helps identify any discrepancies between the physical stock and the book stock (system records). TallyPrime provides a Physical Stock Voucher to record the results of…

  • Rejection Out Voucher in TallyPrime: 5 Easy Steps + Example

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    Rishit Shah
    in

    When you need to return goods to a supplier because they were rejected, TallyPrime offers the Rejection Out voucher. This voucher allows you to document the return process, update your inventory records, and potentially link it to the original Purchase Invoice for streamlined management. Here’s a detailed explanation with an example: 1. Using Rejection Out…