Receiving Stock Items for Consignment Sales in TallyPrime

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:

• Go to Gateway of Tally > Masters > Ledgers.
• Create a ledger account for the consignee.

2. Create a Material In Voucher:

• Go to Gateway of Tally > Vouchers > Press F9 (Material In).
• Enter the consignee’s ledger account as the “From Ledger”.
• Add the stock items being received on consignment.
• Specify the quantity and rate for each item.
• Save the voucher.

3. Example of Receipt of Stock Items for Consignment Sales in TallyPrime:

Let’s say you receive 10 units of “Product A” (worth Rs. 100 per unit) from “Consignee X” on consignment.

1. Create Consignment Ledger:

Create a ledger account named “Consignment X”.

2. Create Material In Voucher:

• Go to Gateway of Tally > Vouchers > Press F9 (Material In).
• Enter “Consignment X” as the “From Ledger”.
• Add “Product A” with a quantity of 10 and a rate of Rs. 100.
• Save the voucher.

4. Key Points:

• The Material In voucher records the receipt of goods from the consignee into your inventory.
• The cost of goods will be assigned to the consignee’s ledger account.
• When the goods are eventually sold, you’ll record a sales invoice against the consignee’s account.
• The cost of goods sold will be adjusted based on the actual sales made by the consignee.

5. Additional Considerations:

1. Consignment Agreement:

Have a clear consignment agreement in place with the consignee, outlining terms and conditions, commission rates, and return policies.

2. Inventory Tracking:

Keep track of the consigned goods to ensure proper inventory management.

3. Periodic Reconciliation:

Regularly reconcile the consignment account with the consignee’s records to ensure accurate accounting.

By following these steps, you can effectively record the receipt of stock items for consignment sales in TallyPrime, ensuring accurate inventory tracking and financial reporting.