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How to Successfully Manage Purchase with Tally ERP 9 | Tally SolutionsHow to Successfully Manage Purchase with Tally ERP 9 | Tally Solutions
Managing purchases in an organisation are concerned with the procurement of proper equipment, materials and supplies of the right quantities, at the right prices at the right time.
Considering the complex nature of the manufacturing activities today, purchasing has become a specialised function and separate purchase departments are established in almost all large concerns. In large-sized companies, the major activities consist of ordering material upon requisition by the users, checking receipt of the material and maintaining files and records of orders and price movements.
Objectives of Purchase Management
The first scientific objective of purchase management is to procure proper quantity of materials so that production goes on uninterruptedly
To make sure that goods purchased are of proper quality
It sees through that the supplies of materials are made at the time it is needed by production department
The losses of materials due to spoilage, obsolescence, duplication etc. are kept at the minimum.
Setting up of purchase by keeping in view of short- term and long-term production policies of the concern
To preserve suitable sources of supplies and also to keep in touch with alternative sources
Bargaining for a reasonable price for materials so that investments in stores are minimum
Maintaining competitive position of the firm by maintaining quality standards positively comparable with those of competing firms
To maintain good supplier relationships this will ensure the best terms of supply of materials.
Deploying the most advantageous method of purchase to ensure smooth delivery of materials from suppliers and to avoid the risks of any disputes of financial loss
Key Aspects of Sales Management
Controlling Cost: Controlling the cost is a critical factor in purchase management. The managers here analyze which suppliers are selling the necessary inputs for production and at what cost
Stability in Price: An important role of purchase management is achieving price stability. With the fluctuations in cost of production, other departments experience obstacles
Here the managers keep the cost of production stable in a number of ways, one of which is negotiating with vendors to achieve the lowest price and to lock in the value for a lengthy contract.
Maintaining a healthy supply chain management: Securing the supply chain is another critical role of purchase managers. Here the store managers are held responsible for ensuring that all of the necessary materials appear on time, intact and of expected quality. Any delay in shipments of materials or any defect in the quality of materials, all these effects reverberate throughout the production chain.
Achieving customer satisfaction: Here the purchase managers play a fundamental role in ensuring customer satisfaction. They have this obligation in two ways: quality of product and on-time deliveries.
How to Successfully Manage Purchase with Tally.ERP 9?
Tally.ERP 9 Solutions gives illustration an extensive experience in delivering comprehensive solutions and services, to empower every aspect of business operations of the Manufacturing Organization.
Update: TallyPrime is the latest version of Tally. Simplicity, speed, flexibility, and reliability are a trademark of Tally products and with TallyPrime you will experience them at a whole new level. You can multitask without losing the progress, navigate and discover the product much easier, invoice with amazing simplicity and much more to delight you.
By deploying this solution, one can effectively streamline and integrate the business processes, optimize the entire supply chain, and quickly identify customer needs, eventually contributing to an improved bottom line.
Purchase order processing in Tally.ERP 9 – A efficient purchase management tool: With Tally.ERP 9, you can manage your purchases efficiently by creating purchase records, generating expense reports, and updating to purchase records as and when needed.
Video guide on purchase and sales order processing in TallyPrime
What do we mean by purchase order? -
A Purchase order (PO) is a commercial document and first official offer issued by a buyer to a seller indicating types, quantities, and agreed prices for products or services
A PO or purchase order is used to control the purchasing of products and services from external suppliers
To enable purchase order processing in Tally -
To enable Purchase Order in Tally.ERP 9, click on “F – 11”: Features (F2: Inventory Features)
In the Order Processing section, set Allow Purchase Order Processing to “YES”, to create a purchase order
How to prepare a purchase order in Tally.ERP 9? -
Purchase Order Entry is done by the following steps
Go to Gateway of Tally > Inventory Vouchers > Ctrl+F2 > F4: Purchase Order to view the Order Voucher Creation screen
Enter the Party's A/c Name
Enter the Order No
Select the stock item name from the List of Stock Items or press Alt + C to create a new stock item
Enter the quantity of the item, as required
Enter the Rate of the item
Press Ctrl + A to accept
To view purchase order summary -
Purchase Order Summary statement provides the users with detailed information on the outstanding purchase orders.
To access purchase order Outstanding,
Go to Gateway of Tally (GOT)
Select Display and click on Statements of Inventory
Then click on Purchase Order Outstanding
Components of purchase order report -
Purchase order – Stock Group Report: This report displays the Purchase Order Outstandings summary of all or a selected Stock Group.
To view Sales Order Stock Group Outstandings summary: Go to Gateway of Tally > Display > Statements of Inventory > Purchase Order Outstandings > Stock Group
Purchase order – Stock Item Report: This report displays the Purchase Order Outstandings summary of a selected Stock Item
To view Purchase Order Stock Item Outstandings summary: Go to Gateway of Tally > Display > Statements of Inventory > Purchase Order Outstandings > Stock Item
Purchase order – Group Report: This report displays the Purchase Order Outstanding summary of a selected Group
To view Purchase Order Group Outstandings summary: Go to Gateway of Tally > Display > Statements of Inventory > Purchase Order Outstandings > Group
Purchase order – Ledger Report: This report displays the Purchase Order Outstanding summary of a selected Ledger
To view Purchase Order Ledger Outstandings summary: Go to Gateway of Tally > Display > Statements of Inventory > Purchase Order Outstandings > Ledger
Purchase order – All Orders Report: This report displays the Purchase Order Outstandings of all the orders which are pending
It provides information on the order number, date of order, party, ordered Quantity, pending quantity, rate, value of ordered stock, due date for receiving the goods and the number of days overdue. It also provides information on goods received but orders not sent
To view All Orders: Go to Gateway of Tally > Display > Statements of Inventory > Purchase Order Outstandings > All Orders
Watch Video on How to Record Purchases and Sales in TallyPrime