Closing a Cost Track in TallyPrime: 5 Easy Steps + Example

Closing a cost track in TallyPrime is necessary when you want to finalize or stop tracking additional costs associated with a stock item.

This process is typically done after all costs related to a specific purchase or production process have been recorded and allocated.

1. Steps to Close Cost Track in TallyPrime:

1. Enter the Journal Voucher:

• Go to Gateway of Tally > Vouchers > Journal.
• Select the date on which you want to close the cost track.

2. Select the Ledger:

Choose the ledger account associated with the cost that needs to be closed.

3. Allocate the Cost to the Item:

• Enter the amount, and allocate it to the appropriate cost center or stock item using the tracking number.
• Ensure that all costs associated with the tracking number are fully allocated.

4. Close the Tracking Number:

• After allocating the costs, enter a closing journal entry to close the tracking number.
• This will ensure that no further costs can be added to that tracking number.

5. Save the Entry:

Press Enter to save the journal voucher, and the cost track will be closed.

2. Example of Closing a Cost Track in TallyPrime:

Suppose you have been tracking costs for a project where multiple expenses (materials, labor, and transportation) have been incurred.

Once all expenses are recorded, you would create a journal voucher to allocate these costs to the project and then close the tracking number associated with it.

This ensures that the project’s total cost is accurately captured and no further costs can be added mistakenly.

3. Conclusion:

Closing a cost track in TallyPrime is essential to finalize the tracking of costs related to a stock item or project.

This step ensures that all costs are accounted for and helps maintain accurate financial records.

Properly closing cost tracks prevents errors in future financial reports and ensures that the project’s total cost is accurately reflected.