Transferring Own Consumed Goods for Production in TallyPrime

When you transfer your own goods from stock for use in production, you’re essentially transferring them from one part of your business to another.

This transaction is recorded in TallyPrime using the Material Out (Transfer/FG) voucher.

Table of Contents

1. Steps Involved in Transferring Own Consumed Goods for Production in TallyPrime:

1. Access Material Out Voucher:

Go to Gateway of Tally > Inventory Vouchers > Ctrl+J: Material Out.

2. Change Voucher Type:

In the Change Voucher Type screen, select “Material Out (Transfer/FG)” from the List of Types.

3. Enter Voucher Details:

Enter the Date as required.
In the “Party’s A/c Name” field, select the Principal Manufacturer ledger whose goods are transferred to the production floor.
In the Party Details screen, in the “Order No(s)” field, select “End of List”.

4. Destination Godown:

In this field, select the godown to where the raw materials are transferred.

5. Name of Item:

In the “Name of Item” field, select the stocks which are own consumption of the Job Worker.

6. Stock Item Allocation Screen:

In the “Name of Item” field, select the stocks which are own consumption of the Job Worker.
In the Item Allocation screen, enter the tracking Number (JobIn Ex – 001), select the Godown (Raw Material Location) and enter the Quantity (8) & Rate (150).

7. Save the Voucher:

Press Ctrl+A to save the completed material transfer out voucher.

2. Example: Transferring 10 units of Wax

Let’s say you’re transferring 10 units of “Wax” from your raw material godown to the production floor for candle manufacturing.

Create a Material Out (Transfer/FG) voucher.
Select the Principal Manufacturer ledger as the party.
Select the destination godown as your production floor godown.
In the Name of Item field, select “Wax”.
In the Stock Item Allocation screen, enter the tracking number, godown, quantity (10), and rate (150).
Save the voucher.

3. Additional Considerations:

1. Costing Method:

Ensure the correct costing method (FIFO, LIFO, Weighted Average) is used for inventory valuation.

2. Godown Management:

Maintain accurate godown locations for tracking material movement.

3. Stock Reconciliation:

Regularly reconcile physical stock with the recorded stock in TallyPrime.

By following these steps and considering the additional points, you can effectively record the transfer of your own consumed goods for production in TallyPrime, ensuring accurate inventory management and cost tracking.