Consume/Sell Stock Received from Third Party in TallyPrime: 2 Ways

TallyPrime doesn’t have a specific “consume” option for stock received from third parties.

However, depending on your scenario, you can achieve similar results using two different approaches:

Scenario 1: Selling Stock Received on Consignment

If you received the stock on consignment (meaning you’re selling it on behalf of the third party), you can record the sale using a Sales Voucher with a specific allocation method:

1. Example:

  • You received 10 Laptops (i7 Processor) from “ABC Electronics” on consignment, stored in the godown “ABC Electronics Consignment.”
  • A customer buys 2 Laptops (i7 Processor) from you.

2. Recording the Sale:

  1. Sales Voucher (Alt+F8): Create a new Sales Voucher.
  2. Customer Selection: Select the customer who purchased the laptops.
  3. Item Selection: Add the item “Laptops (i7 Processor)” and enter the quantity sold (2 units).
  4. Stock Allocation Screen: During voucher creation, you’ll reach the “Stock Item Allocations” screen. Here, it’s crucial to choose the correct godown:
    • Don’t select your main stock location.
    • Instead, choose the dedicated godown for the third party, which is “ABC Electronics Consignment” in this case.

3. Impact of Stock Allocation:

Selecting “ABC Electronics Consignment” as the godown during stock allocation achieves two things:

1. Tracks the Sale:

The sale of 2 laptops is recorded as a deduction from the inventory held within the “ABC Electronics Consignment” godown. This reflects the consumption (sale) by the customer.

2. Maintains Separate Records:

The sale doesn’t affect your main stock inventory.

It’s solely linked to the dedicated godown for “ABC Electronics,” ensuring separate tracking of your own stock and that entrusted to the third party.

Scenario 2: Consuming Stock Received for Job Work

If you received the stock for job work (using it to produce finished goods), you can track its consumption using the Stock Journal voucher:

1. Example:

  • You received 100 units of “Raw Materials A” from “XYZ Supplier” stored in “Raw Materials – XYZ Supplier” for a job.
  • You use 20 units of “Raw Materials A” during production.

2. Recording Consumption:

  1. Stock Journal (Alt+F7 -> Journal): Create a new voucher by selecting Stock Journal.
  2. Source (Consumption): In the voucher, under the “Source” section, choose the option related to consumption (might be labeled “Consumption” or similar).
  3. Stock Item Selection: Select the item consumed, which is “Raw Materials A.”
  4. Quantity and Godown: Enter the quantity consumed (20 units) and choose the godown where the raw materials are stored, which is “Raw Materials – XYZ Supplier” in this case.

3. Impact of Stock Journal:

Using the Stock Journal with “Source (Consumption)” and selecting the dedicated godown (“Raw Materials – XYZ Supplier”) achieves the following:

1. Tracks Material Usage:

The consumption of 20 units of “Raw Materials A” is recorded specifically within the godown for the third-party supplier.

2. Manages Inventory Levels:

This approach accurately reflects the remaining stock of “Raw Materials A” within the designated godown.

3. Additional Considerations:

  • Remember to reconcile your records with the third party periodically to ensure accuracy.
  • Explore features like Delivery Notes (accessible through Alt+F10 -> Other Vouchers) to print documents accompanying sales of consignment stock.

By understanding these approaches and applying them based on your specific scenario (consignment sales or job work consumption), you can effectively manage stock received from third parties in TallyPrime.

This ensures accurate inventory tracking, maintains separate records for clarity, and ultimately strengthens your overall inventory management practices.

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *