Stock From Party Report in TallyPrime: 3 Steps + 1 Example

The Stock From Party report in TallyPrime under the Job Work In module is an essential report that tracks the stock of materials received from various parties (vendors or job workers) for processing.

This report is particularly useful for businesses that receive raw materials or components from vendors, process them, and then return the finished goods.

Table of Contents

1. Purpose of the Stock From Party Report in TallyPrime

The Stock From Party report helps businesses:

Track the inventory received from different vendors for job work.
Monitor the status of the materials, including quantities and any outstanding balances.
Ensure that all received materials are accounted for and processed as per job orders.
Manage inventory efficiently by keeping an accurate record of stock received from third parties.

2. Accessing the Stock From Party Report in TallyPrime

To access the Stock From Party report in TallyPrime, follow these steps:

Open TallyPrime and navigate to the Gateway of Tally.
Go to Display.
Select Job Work Reports.
Choose Stock From Party.

3. Understanding the Stock From Party Report in TallyPrime

The Stock From Party report provides detailed information on the materials received from various parties. It typically includes the following columns:

1. Party Name:

The name of the vendor or job worker from whom the materials were received.
Example: XYZ Machining

2. Item Name:

The name of the materials or components received from the party.
Example: Steel Rods

3. Opening Balance:

The quantity of materials that were already in stock at the beginning of the period.
Example: 50 pieces

4. Inwards (Receipts):

The quantity of materials received from the party during the period.
Example: 100 pieces

5. Outwards (Consumption):

The quantity of materials that were consumed or processed during the period.
Example: 80 pieces

6. Closing Balance:

The quantity of materials still in stock at the end of the period.
Example: 70 pieces

7. Job Order Number:

The job order number associated with the received materials.
Example: JWO-12345

4. Example of a Stock From Party Report in TallyPrime

Let’s consider an example where a manufacturing unit receives materials from a vendor for job work:

Party Name: XYZ Machining
Item Name: Steel Rods
Opening Balance: 50 pieces
Inwards (Receipts): 100 pieces
Outwards (Consumption): 80 pieces
Closing Balance: 70 pieces
Job Order Number: JWO-12345

Explanation:

Party Name: The report indicates that the materials were received from XYZ Machining.
Item Name: The material received was Steel Rods.
Opening Balance: At the beginning of the period, the business had 50 pieces of Steel Rods in stock.
Inwards (Receipts): During the period, 100 pieces of Steel Rods were received from XYZ Machining.
Outwards (Consumption): Out of the total stock, 80 pieces were used in processing.
Closing Balance: After processing, 70 pieces of Steel Rods remained in stock.
Job Order Number: The materials were associated with job order JWO-12345.

5. How to Use the Stock From Party Report in TallyPrime

1. Inventory Management:

Use the report to monitor the stock of materials received from different vendors and ensure that you have adequate inventory levels for ongoing job work.

2. Job Work Tracking:

Track the movement of materials against specific job orders to ensure that all job work is progressing as planned.

3. Accountability:

Keep an accurate record of all materials received and consumed to maintain accountability and prevent discrepancies in inventory.

4. Reconciliation:

Reconcile the materials received from vendors with the processed goods to ensure that all materials are accounted for and any discrepancies are addressed.

5. Decision-Making:

Use the report to make informed decisions regarding material procurement, job work assignments, and inventory replenishment.

6. Customizing the Stock From Party Report in TallyPrime

TallyPrime allows you to customize the Stock From Party report to suit your specific business needs. You can:

Filter the report by party names, item names, or job order numbers.
Customize the date range to view stock movements over a specific period.
Generate specific reports to focus on particular vendors or job orders.

By effectively using the Stock From Party report in TallyPrime, businesses can improve their inventory management, ensure timely completion of job work, and maintain better control over materials received from external parties.