Return Stock Items to Third Party in TallyPrime: 5 Steps + Example

In TallyPrime, you can effectively record the return of stock items to a third party using the Stock Journal voucher with a specific configuration.

Here’s a detailed breakdown of the process:

1. Scenario:

• You received 20 units of “T-Shirts (Medium)” from a supplier named “MNO Clothing” on consignment, stored in the godown “MNO Clothing Consignment.”
• You decide to return 5 unsold “T-Shirts (Medium)” to MNO Clothing.

2. Recording Stock Return in TallyPrime:

1. Stock Journal (Alt+F7 -> Journal):

Create a new voucher by selecting Stock Journal.

2. Party A/c Name:

In the “Party A/c Name” field, select the account of the third party to whom you’re returning the stock.

In this case, choose “MNO Clothing.”

3. Destination (Production):

Since the stock is leaving your premises and going back to the supplier, navigate to the “Destination” section.

Here, choose the option related to production or outflow (might be labeled “Production,” “Transfer,” or similar).

4. Stock Item Selection:

Select the item you’re returning, which is “T-Shirts (Medium).”

5. Quantity and Godown:

Enter the quantity being returned (5 units) and choose the godown where the consignment stock is stored, which is “MNO Clothing Consignment” in this case.

3. Example of Stock Journal Voucher:

4. Impact of Stock Journal in TallyPrime:

Using the Stock Journal with the following details ensures proper recording of the return:

1. Tracks Returned Stock:

The voucher records the return of 5 “T-Shirts (Medium)” from your inventory.

2. Reduces Consignment Inventory:

This specifically reduces the stock level within the “MNO Clothing Consignment” godown, accurately reflecting the returned items.

3. Links to Third-Party Account:

Selecting “MNO Clothing” in “Party A/c Name” establishes a link between the return transaction and the relevant supplier account.

5. Additional Considerations:

• You can utilize features like Stock Enquiry or Godown Summary reports (explained earlier) to verify the updated stock levels after the return.
• Consider creating a custom narration (optional) within the voucher to provide a brief explanation for the stock return (e.g., “Return of unsold consignment items”).
• Remember to reconcile your records with the third party periodically to ensure accuracy and match return quantities.

By effectively utilizing the Stock Journal voucher with the appropriate configuration, you can streamline the process of returning stock items to third parties in TallyPrime.

This approach maintains accurate inventory records, strengthens control over consignment stock, and facilitates clear communication with your suppliers.