Set Standard Rates for Stock Items in TallyPrime: 5 Easy Steps

Setting a standard rate for your stock items in TallyPrime involves establishing a fixed rate that will be used as a reference price during transactions.

This is useful for businesses that want to maintain consistent pricing across different sales periods or need a benchmark price for inventory valuation.

1. Steps to Set a Standard Rate in TallyPrime:

1. Open TallyPrime:

Start by opening TallyPrime and navigating to the Gateway of Tally.

2. Go to Inventory Information:

Select Inventory Info > Stock Items > Create/Alter.

3. Select Stock Item:

Choose the stock item for which you want to set the standard rate.

If creating a new item, proceed to enter the details as prompted.

4. Set Standard Rates:

• In the stock item creation or alteration screen, look for the Standard Rates section.
• Enter the standard rate for Purchase and Sales as required. This rate can be based on factors like average cost, desired profit margin, or market price.
• Example: If a business decides that the standard purchase price for an item is ₹50 and the standard sales price is ₹80, these values are entered in the respective fields.

5. Save Changes:

Once the rates are set, press Enter to save the changes.

2. Example: Retailer Sells a Specific Product at ₹100

Suppose a retailer sells a specific product that typically costs ₹60 to purchase and sells it for ₹100.

To ensure consistent pricing, the retailer sets the standard purchase rate at ₹60 and the standard sales rate at ₹100 in TallyPrime.

When this item is selected in future transactions, TallyPrime will automatically suggest the standard rates, ensuring uniformity in pricing unless manually overridden.

3. Conclusion:

Setting a standard rate for stock items in TallyPrime helps businesses maintain consistent pricing across transactions.

It simplifies the billing process and ensures that pricing strategies are adhered to, reducing errors and maintaining profitability.

Regular review and updates of these rates are essential to ensure they remain aligned with current market conditions and cost structures.