Know Your Stock Position in TallyPrime: 3 Methods + 3 Examples

TallyPrime offers various functionalities to gain valuable insights into your business’s stock position, which refers to the quantity and value of your on-hand inventory at a specific point in time.

Here’s a detailed explanation of these methods with examples:

1. Stock Summary Report:

This is the most basic and comprehensive report for understanding your overall stock position.

1. Access:

  • Open the Gateway (usually Alt+F12).
  • Navigate to “Reports” followed by “Inventory Reports” and then “Stock Summary.”

2. Date Range:

  • Select the desired date range (e.g., current month, specific financial year) to view the stock position for that period.

3. Report Breakdown:

  • The report displays various details for each stock item, including:
    • Item Name
    • Opening Balance (stock quantity at the beginning of the selected period)
    • Purchases (total quantity purchased during the period)
    • Sales (total quantity sold during the period)
    • Closing Balance (stock quantity available at the end of the selected period)
    • Valuation (total value of the closing stock, calculated based on the cost price per item)

Example:

You generate a Stock Summary report for April 2024. The report shows that for “T-Shirts” (a stock item):

  • Opening Balance: 100 units
  • Purchases: 200 units
  • Sales: 150 units
  • Closing Balance: 50 units
  • Valuation (assuming cost price per T-Shirt is Rs. 100): Rs. 5,000

2. Stock Item Enquiry:

This report provides a detailed view of a specific stock item’s transactions and current position.

1. Access:

  • Open the Gateway.
  • Navigate to “Inventory Info” and select “Stock Items.”
  • Choose the desired stock item from the list.

2. Report Breakdown:

  • The report displays information like:
    • Purchase and sales details for the selected item, including quantity, rate, and value.
    • Current stock balance (quantity) and its valuation.
    • Stock ledger entries with detailed transaction information.

Example:

You access the Stock Item Enquiry for “Mobile Phones.” The report reveals:

  • Current Stock Balance: 25 units
  • Recent purchase transactions with quantities, rates, and total cost.
  • Sales details for mobile phones sold during the period.

3. Stock Ageing Analysis:

This report helps identify slow-moving or stagnant inventory, allowing you to make informed decisions about stock management.

1. Access:

  • Open the Gateway.
  • Navigate to “Reports” followed by “Inventory Reports” and then “Stock Ageing Analysis.”

2. Report Breakdown:

  • The report categorizes your stock items based on how long they’ve been in inventory (e.g., 0-30 days, 31-60 days, etc.).

3. Analysis:

  • Analyze the report to identify items with longer ageing periods, potentially indicating slow-moving inventory that might require discounts, marketing efforts, or re-evaluation of stock levels.

Example:

The Stock Ageing Analysis shows that a particular type of “Shirt” has a significant quantity in the 91-180 days age bracket.

This might indicate a need to consider clearance sales or promotions for these shirts.

4. Additional Tips to Know Your Stock Position in TallyPrime:

  • Utilize stock valuation methods (FIFO, Average) within TallyPrime settings to determine the appropriate cost price for your closing stock value in the Stock Summary report.
  • Regularly review stock reports to maintain optimal inventory levels, minimize stockouts, and avoid holding onto slow-moving inventory for extended periods.
  • Consider using features like reorder levels within stock item configurations to automate purchase suggestions when stock reaches a predefined minimum threshold.

By effectively utilizing these methods for stock position analysis in TallyPrime, you gain valuable insights into your inventory health, enabling you to make data-driven decisions for improved inventory management and overall business performance.

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