Month: October 2024

1. Understanding the Payments to the Principal in TallyPrime When you sell goods received from a principal, you typically need to remit the sale proceeds to the principal, minus any commissions or fees. 2. Steps to Record Payments to the Principal in TallyPrime: 1. Create a Payment Voucher: Go to Gateway of Tally > Vouchers…

1. Understanding the Sales of Goods Received from a Principal in TallyPrime When you receive goods from a principal on a consignment basis, you essentially become a seller on their behalf. When you sell these goods, you’re effectively making a sale for the principal. 2. Steps to Record the Sales of Goods Received from a…

1. Understanding Consignment Sales in TallyPrime Consignment sales involve sending goods to a third party (consignee) for sale. The ownership of the goods remains with the original owner (consignor) until they are sold. 2. Steps to Record Receipt of Stock Items for Consignment Sales in TallyPrime: 1. Create a Consignment Ledger: 2. Create a Material…

1. Understanding Third-Party Returns in TallyPrime When a third party returns goods to you, it’s essential to record the return in your accounting system to accurately reflect inventory levels and financial transactions. 2. Steps to Record Returned Goods from a Third Party in TallyPrime: 1. Create a Material In Voucher: Go to Gateway of Tally…

1. Understanding Third-Party Sales in TallyPrime When a third party sells goods on your behalf, they typically collect payments from customers. You’ll need to record the receipt of these funds in TallyPrime. 2. Steps to Record Receipt of Sale Value in TallyPrime: 1. Create a Receipt Voucher: Go to Gateway of Tally > Vouchers >…

1. Understanding Third-Party Sales in TallyPrime When a third party sells goods on your behalf, it’s crucial to record the sale in your accounting system to accurately reflect your revenue and inventory. In TallyPrime, you can record these sales in a few different ways, depending on the specific circumstances. Method 1: Consignment Sales in TallyPrime…

In TallyPrime, you can use the Material Out Voucher to record the issuance of stock items for consignment sales, where items are sent to a consignee but ownership remains with the consignor until the goods are sold. The Material Out Voucher is ideal for tracking these transactions without affecting inventory ownership immediately. Here’s a detailed…

1. Understanding Voucher Classes in TallyPrime Voucher classes are a powerful feature in TallyPrime that allows you to group similar transactions together. By creating a voucher class specifically for POS invoices, you can streamline the process of creating and entering POS invoices. 2. Steps to Create a Voucher Class for POS Invoices in TallyPrime: 1.…

1. POS Register in TallyPrime The POS Register in TallyPrime is a comprehensive report that provides a detailed summary of all Point of Sale (POS) transactions. It includes information such as the date, time, customer, products, quantities, rates, and total amounts of each sale. 2. Key Features of POS Register in TallyPrime: 1. Customization: You…

1. Understanding Discounts in POS Invoices in TallyPrime Discounts can be offered to customers for various reasons, such as early payment, bulk purchases, or promotional offers. In TallyPrime, you can apply discounts directly to POS invoices. 2. Steps to Apply Discounts in POS Invoices in TallyPrime: 1. Create a Sales Invoice: 2. Enter Party Details:…