Category: Advanced

1. Understanding Standard Cost in TallyPrime Standard cost is a predetermined cost assigned to a product or service. When you record purchases, you can use the standard cost to value the inventory. 2. Steps to Record Purchases with Standard Cost in TallyPrime: 1. Create a Purchase Invoice: Go to Gateway of Tally > Vouchers >…

1. Understanding Voucher Classes for Invoice Round Off in TallyPrime Voucher classes are a powerful feature in TallyPrime that allows you to group similar transactions together. By creating a specific voucher class for invoice round-off, you can streamline the process and ensure accurate accounting. 2. Steps to Use a Voucher Class for Invoice Round Off…

1. Understanding Invoice Round Off Using Predefined Ledger in TallyPrime Invoice round-off is a common practice to simplify calculations and minimize the impact of small decimal amounts on the final bill. In TallyPrime, you can use a predefined ledger to account for the round-off amount. 2. Steps to Use a Predefined Ledger for Invoice Round…

1. Understanding Goods Returned to Principal in TallyPrime When goods are returned to the principal, it’s essential to record this transaction in TallyPrime to accurately reflect inventory levels and financial accounts. 2. Steps to Record Returned Goods to Principal in TallyPrime: 1. Create a Material Out Voucher: Go to Gateway of Tally > Vouchers >…

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…