Set up Godowns to Track Stock Sent to Third Party in TallyPrime

In TallyPrime, you can effectively track inventory sent to third parties by setting up dedicated Godowns/Locations for consignment sales or job work scenarios.

Here’s a detailed guide on configuring TallyPrime to manage stock sent to third parties:

1. Creating Godowns for Third-Party Stock:

1. Gateway (Alt+F12):

Launch TallyPrime and navigate to the Gateway by pressing Alt+F12 or clicking the menu icon (if applicable).

2. Create Menu:

Within the Gateway, locate the “Create” option and either click on it or press the C key.

3. Godowns:

Select “Godowns” from the “Create” menu. This opens the “Create Godown” screen.

2. Configuring Godown for Third-Party Inventory:

1. Godown Name:

Enter a descriptive name for the godown that reflects its purpose, such as “Consignment Stock” or “[Client Name] Stock.”

2. Under:

Choose “Primary” if this is your main godown for third-party inventory.

You can create multiple godowns for different clients or consignment arrangements.

3. Enable Third-Party Stock Details (F12):

Press F12 (Configure) to access configuration options. Here, enable the option “Enable third-party stock details.”

This activates functionalities specifically for tracking third-party inventory within the godown.

3. Example: Setting up Godowns to Track Stock Sent to Third Party in TallyPrime:

You’re setting up a godown to track laptops sent on consignment to “ABC Electronics.”

1. In the “Create Godown” screen, enter “ABC Electronics Consignment” as the godown name.
2. Choose “Primary” under “Under” if this is your main godown for consignment stock.
3. Press F12 (Configure) and enable the option “Enable third-party stock details.”

4. Recording Transactions with Third-Party Stock:

1. Stock Transfer Voucher (Ctrl+Shift+F9):

Use this voucher type to transfer inventory items from your main stock to the newly created godown for the third party.

1. Example:

You transfer 10 “Laptops (i7 Processor)” to “ABC Electronics Consignment.”

Create a Stock Transfer Voucher, select your main stock location as the transferring godown, choose “ABC Electronics Consignment” as the receiving godown, and add the item “Laptops (i7 Processor)” with a quantity of 10.

2. Sales Voucher (Alt+F8):

When the third party sells an item from your consignment stock, you can record the sale using a Sales Voucher.

However, the process differs slightly:

1. Stock Allocation Screen:

After selecting the customer (ABC Electronics) and the item, in the “Stock Item Allocations” screen, choose the godown “ABC Electronics Consignment” from the list.

This ensures the sale is linked to the relevant third-party stock.

5. Benefits of Tracking Third-Party Stock:

1. Accurate Inventory Management:

Track your inventory sent on consignment or for job work separately, preventing discrepancies with your main stock.

2. Improved Reporting:

Generate reports that differentiate your own stock from third-party inventory, providing a clearer picture of your overall inventory position.

3. Enhanced Control:

Maintain better control over inventory entrusted to third parties by monitoring stock movement within dedicated godowns.

6. Additional Considerations:

• You can utilize features like Stock Enquiry or Godown Summary reports to analyze the movement and status of stock held by third parties.
• Remember to reconcile your records with the third party periodically to ensure accuracy.

By effectively setting up Godowns/Locations for third-party stock in TallyPrime, you gain a streamlined system for tracking inventory entrusted to external parties.

This approach enhances your inventory management practices, improves reporting capabilities, and ultimately strengthens control over your valuable stock.