Sales with Standard Selling Price in TallyPrime: 3 Steps + Example

To record sales with a Standard Selling Price in TallyPrime, you need to set a predefined selling price for your stock items.

This feature helps maintain pricing consistency and efficiency, especially if you have standard rates for specific products or services.

Table of Contents

1. Steps to Record Sales with Standard Selling Price in TallyPrime

1. Enable Standard Rates for Stock Items

Go to Gateway of Tally → F11: Features → Inventory Features.
Enable Use Standard Rates for Stock Items by setting it to Yes.

2. Create/Alter Stock Item with a Standard Selling Price

Go to Gateway of Tally → Inventory Info → Stock Items → Create (or Alter if the stock item already exists).
Select the stock item for which you want to define a Standard Selling Price.
Under Standard Rates, specify the Selling Price. For instance, if you are setting a price for Product X, enter ₹150 as the standard selling price per unit.
Save the item after entering all details.

3. Record Sales Voucher Using Standard Selling Price

Go to Gateway of Tally → Vouchers → Sales.
In the sales voucher, select the customer ledger.
Add Product X in the inventory allocation section. TallyPrime will automatically pick up the standard selling price of ₹150 per unit.
Enter the quantity sold, and TallyPrime will calculate the total based on the standard selling price.
Complete other necessary details (e.g., taxes, discounts) and save the voucher.

4. Example Scenario

Let’s say you are selling 10 units of Product X with a standard selling price of ₹150 per unit.

1. Stock Item Setup:

Set ₹150 as the standard selling price for Product X.

2. Sales Entry:

In the Sales Voucher, add Product X with a quantity of 10.
The price auto-fills to ₹150 per unit, and TallyPrime calculates the total as ₹1,500.

3. Finalize and Save:

After verifying all details, press Enter to save the sales voucher.

2. Benefits of Using Standard Selling Price in TallyPrime

Consistency in Pricing: Helps standardize prices across sales transactions, avoiding manual price entry and reducing errors.
Efficiency: Auto-fill prices save time in transaction entries, especially for high-volume sales.
Control: Reduces pricing discrepancies and ensures accurate reporting for sales and profitability.

Using the Standard Selling Price feature in TallyPrime streamlines sales processes, enhances accuracy, and provides better control over sales operations.

This setup is particularly useful for companies with fixed prices on items, helping achieve efficient invoicing and consistent pricing.