Inventory management in Tally
1. What is Inventory Management ?
Stock management or Inventory management is a discipline primarily about specifying the shape and placement of stocked goods. It is required at different locations within a facility or within many locations of a supply network to precede the regular and planned course of production and stock of materials.
Inventory is one of the most valuable assets that business values. In manufacturing, retail, food service and other inventory-intensive sectors, a company's inputs and finished products are the core of its business, and a shortage of inventory when and where it's needed can be extremely detrimental.
Its for these reasons, inventory management becomes important for businesses of any size. Taking up the decisions of when to restock certain items, what amounts to purchase or produce, what price to pay – as well as when to sell and at what price – can easily become complex decisions. Small and medium sized enterprises will often keep track of stock manually and determine reorder points and quantities using Excel formulas. Bigger companies will use specialized enterprise resource planning (ERP) software.
2. How to maintain stock in Tally.ERP 9 ?
Let us understand this with a Tally inventory example. ABC LTD purchased 10 pieces of ABC Brand TV units for Rs. 5,000 per piece and sold 5 pieces of TV units of ABC Brand for Rs. 10,000 per piece to XYZ & Sons Private Limited.
Recording the above transaction in Tally.ERP 9 would reveal as how inventory management in Tally could be achieved.
For inventory management in Tally.ERP 9 :
|Particulars||Path/Direction||Entry to pass or details to be filled|
|First step is to create a company||On Gateway of Tally Press Alt + F3 to create a new company.||
|Second step to create ledger||Gateway of Tally > accounts info > ledger > create (single).||
|To create a stock group||Gateway of Tally > Inventory Info > Stock Group > Create||
|To create a stock item||Gateway of Tally > Inventory Info > Stock Item > Create||
|To Pass Voucher Entry for purchase||Gateway of Tally > accounting voucher > F9 (Purchase Voucher)||
|To view stock summary under inventory management in Tally after passing purchase voucher||Gateway of Tally > Stock summary||
|To Pass Voucher Entry for sales||Gateway of Tally > accounting voucher > F8 (Sales Voucher)||
|To view stock summary under inventory management in Tally after passing sales voucher to finally view as how inventory management in Tally ERP looks||Gateway of Tally > Stock summary||
In similar way entries can be passed for any stock item one wants to create and view the Stock summary from the Stock register maintained by Tally. ERP 9 solution and track the inward and outward details with inventory management in Tally.
Tally ERP software has a number of novel user friendly features which make it a convenient tool to manage stock. One such innovative feature is the stock ageing report. The Stock Ageing report in Tally ERP 9 displays the age of the stock in hand. This report lists the age wise break up of Inventory to point out old stock based on the user defined slabs. Whether a new startup or a huge corporation, Tally is the best enterprise resource management system and it can completely revolutionize the course of a company’s trajectory to maintain inventory levels with help of order processing features under inventory management in Tally.