How to Allocate Revenue to Projects in TallyPrime: 5 Easy Steps

Allocating revenue to projects in TallyPrime helps track income and expenses related to specific projects.

Follow these steps:

1. Step-by-Step Guide to Allocate Revenue to Projects in TallyPrime:

1. Enable Cost Centers & Cost Categories:

• Go to F11: Features > Accounting Features.
• Enable Cost Centers and Cost Categories.

2. Create Cost Centers for Projects:

• Navigate to Gateway of Tally > Accounts Info > Cost Centers > Create.
• Create individual cost centers for each project (e.g., Project A, Project B).

3. Create a Sales Ledger:

• Go to Accounts Info > Ledger > Create.
• In the ledger creation screen, assign the appropriate cost center (project) under the Cost Allocation section.

4. Record Sales Invoice with Cost Allocation:

• While recording a Sales Invoice, select the sales ledger that has the project cost center.
• TallyPrime will prompt for cost allocation; choose the relevant project (cost center).

5. View Project Reports:

• You can view the project-specific revenue reports by navigating to Display More Reports > Cost Centers > Cost Center Summary.
• This will show the income and expenses allocated to each project.

2. Example of Allocating Revenue to Projects in TallyPrime:

ABC Constructions is handling multiple projects. They record revenue from each project using cost centers such as “Project A” and “Project B.”

By assigning revenue to these cost centers during invoicing, they can later review how much income each project has generated.

This approach allows them to monitor individual project performance and manage financial data efficiently for each job.

3. Conclusion:

Allocating revenue to projects in TallyPrime helps businesses effectively track financial performance for each project, offering better insights into profitability, project-specific revenues, and cost analysis.