The Inventory Info menu lists the masters, through which you can provide Tally the details of your company’s inventory.
Go to Gateway of Tally > Inventory Info.
Note: The Inventory Info menu is displayed in Gateway of Tally, only select Maintain Accounts with Inventory forma the Type of Company list in the Company Creation screen.
STOCK GROUPS
Stock Groups in Inventory are similar to Groups in Accounting Masters. They are helpful in the classification of Stock Items. Classifications is based on some common behaviour. Stock Group enable easy identification and reporting of Stock Items in statements.
You can group Stock Items under different Stock Group to reflect their classification based on some common functionality. Grouping enables you to locate Stock Items easily and report their details in statements.
You can group the items of a particular brand to extract stock of all items of that brand.
Consider that the Stock Items in your inventory are Sony 3.5” disks, Maxell 3.5” disks, Sony tapes, Maxell tapes, and so on. Create Stock Groups, Sony and Maxell, and classify Sony products under the group Sony and Maxell products under Maxell. You now have ready details of all Sony and Maxell products, duly classified.
Create sub-groups under Stock Groups for deeper analysis.
Go to Gateway of Tally> Inventory Info.> Stock Groups
CREATING A STOCK GROUP
Go to Gateway of Tally> Inventory Info.> Stock Groups > Create (under Single Stock Group)
The Stock Group Creation screen displays.
A brief description on each of the fields in the Stock Group Creation screen follows.
Name
Enter the name of the Stock Group to be created. For example, Building Materials.
Under
Specify whether it is a primary group or a sub-group of another group, by selecting from the list. For example, Primary.
Press Alt + C to create a parent group, if you do not have it in the list.
CAN QUANTITES OF ITEMS BE ADDED?
This field pertains to information on measuring the units of the Stock Items that you would categories under the Stock Group.
The Stock Items categorized under the group should have similar units for them to be added up. You cannot add quantities in Kgs to quantities in Pcs.
Note: You can always go back and reset this option after assessing the units of the items in the group.
Buttons in single mode stock group creation
From the Stock Group Creation screen, you can create any of the Masters listed below with a single click.
Category
Items
Units
Godown
Vch Types
The buttons. Currency and Budget are available only if you opted for the same in F11: Features.
CREATIN MULTIPLE STOCK GROUPS
Go to Gateway of Tally> Inventory Info.> Stock Groups > Create (under Multiple Stock Groups)
Select the parent groups under which you want you want the new groups to be created from the List of Groups. The group selected is displayed in the Under Group field.
A brief description on each of the fields in the Multi Stock Group Creation screen follows.
Name of Stock Group
Enter the name of the Stock Group.
Under
If you select any group other than All Items in the Under Group field, then this column is filled in automatically with the selected Group name and the cursor skips this column. This speeds up data entry.
If you select All Items in the Under Group field, the cursor does not skip this field and allows you to enter the parent group of each of them.
Items are Addable? (Y/N)
This pertains to information on the Stock Items that you would create under this Stock Group. The Stock Items created under the group should have similar units to be ‘addable’.
Buttons specific to Multi Stock Group Creation screen
F4: Parent
To change the parent entered in the field Under Group when you have sub- groups created under it. the change affects all the sub-groups created under the parent, meaning, they would now belong to the new parent.
F8: Skip Details
If Items are addable is to remain the default, that is, remain the same as specified for the parent Stock Group, and use this button. The cursor skips that column which speeds up data entry.
From the Multi Stock Group Creation screen, you can create any of the Masters listed below with a single click.
- Category
- Items
- Godown
DISPLAYING AND ALTERING STOCK GROUPS
You can display and alter Stock Group in Single mode and Multiple mode.
Displaying Single Stock Group
Go to Gateway of Tally> Inventory Info.> Stock Groups > Display (under Single Stock Group)
Select the Stock Group whose particulars you want to display from the List of Groups. The Stock Group Display screen is displayed. This gives information only on the Stock Group Master and not on any of the balances.
Altering Single Stock Group
Go to Gateway of Tally> Inventory Info.> Stock Groups > Alter (under Single Stock Group)
Select the Stock Group from the List of Groups. The Stock Group Alteration screen displays. Make the necessary changes and accept Yes to save.
You can delete a Stock Group only from the Stock Group Alteration screen. Select a stock group from the list and press ALT+D to delete it.
Note: You cannot delete a Stock Group if it has any sub groups or Stock Items created under it. You need to first delete the sub groups and Stock Items to delete the Stock Group.
Displaying Multiple Stock Groups
Go to Gateway of Tally> Inventory Info.> Stock Groups > Display (under Multiple Stock Group)
Select the Stock Group from the List of Groups. The Multi Stock Group Display screen displays. It displays the entire sub groups of the selected Group. If you select All Items from the List of Groups, all the groups and sub Group created are displayed.
Altering Multiple Stock Groups
Go to Gateway of Tally> Inventory Info.> Stock Groups > Alter (under Multiple Stock Group)
The Multi Stock Group Alteration screen displays. Make the necessary changes and accept Yes to save.
Note: You cannot delete a Stock Group from multiple mode
Stock Categories
The concept of Stock Categories is similar to that of Cost Categories. Refer the section on Cost Categories to understand the similarity/differences.
Note: This option becomes available in the Inventory Info. Menu only if you Set Maintain Stock Categories to Yes in F11: Features.
Stock Categories offers a parallel classification of Stock Items. You can create Stock Categories like Floppy Disks and Floppy Drivers.
Consider the example given in the Stock Groups. You would know bow many 3.5 “floppies of Sony and Maxell are in stock. To know the total stock of floppy disks or any alternative item that could be used, Stock Categories would be the best option to use. Create a Stock Category called Floppy Disks and classify both Sony 3.5” diskettes as well as Maxell 3.5” diskettes under the same. Since the items are substitutes of each other, if one is out of stock, you can offer the other of the same category.
Stock Query option available under Statements of Inventory (Gateway of Tally > Display) revels the strength of Stock Categories.
Note: While configuring F12: Configure and setting F11: Features do not enable features that you do not need.
Go to Gateway of Tally> Inventory Info> Stock Categories
Note: This option is displayed in the Inventory Info. menu only if you set Maintain Cost Categories to Yes in F11: Features.
CREATING A STOCK CATEGORY
You can create Stock Categories and sub categories of Stock Categories to organize your information.
Go to Gateway of Tally> Inventory Info.> Stock Categories >Create (under Single Stock Categories)
The Stock Category Creation screen displays.
A brief description on each of the fields in the Stock Category Creation screen follows.
Name
Enter the name of the Stock Category. Eg: Tablets.
Under
Specify whether it is a primary category or a sub-category of another category. Select Primary from the list, if you do not have a parent group. Use ALT+C to create a parent if you do not have the required category in the list.
Buttons in single mode stock category creation
- Groups
- Items
- Godown
- Budget
- Vch Types
- Units
- Currency
From the Stock Categories Creation screen, you can create any of the Masters listed above with a single click.
CREATING MULTIPLE STOCK CATEGORIES
Go to Gateway of Tally> Inventory Info.> Stock Categories >Create (under Single Stock Categories)
A brief description on each of the fields in the Multi Stock Category Creation screen follows.
UNDER CATEGORY
Select the parent category under which you want the new categories to be created. If you select any category other then All Items, all the categories being created will be created under the selected category. The column Under is filled in automatically with the selected category and the cursor skips this column, which in turn speeds up data entry.
Selecting All Items gives you the flexibility of specifying the parent of each new category created.
S No.
The serial number of the stock category is auto generated.
Name of the category
Specify the name of the Stock Category.
Under
If you have selected All Items in Under Category, you must specify a parent category in this column.
Buttons specific to Multi Stock Category screen
F4: Parent
To change the parent entered in the field Under Category when you have sub-Categories created under it. The change affects all the sub- Categories created under the parent, meaning, they would now belong to the new parent.
F8: Skip Details
If the field under is to remain the same as specified for the parent Stock category, and use this button. The cursor skips that column which speeds up data entry.
From the Multi Stock Category Creation screen, you can create any of the Masters listed below with a single click.
- Groups
- Items
- Godown
DISPLAYING AND ALTERING STOCK CATEGORIES
You can display and alter Stock Categories from Single and Multiple mode.
Displaying Single Stock Category
Go to Gateway of Tally> Inventory Info.> Stock Categories> Display (under Single Stock Group)
Select the Category for which you want to view the display details from the List of categories.
The Stock Category Display screen displays for you to view the details entered in Stock Category Master.
Altering Single Stock Category
Go to Gateway of Tally> Inventory Info.> Stock Categories> Alter (under Single Stock Categories)
Select the Category for which you want to alter from the List of Categories. The Stock Category Alteration screen displays. Make the necessary changes and accept Yes to save.
Deleting a Stock Category
You can delete a Stock Category only if it does not have any sub categories or Stock Items under it.
Select a Stock Category from the list and press ALT+D to delete it.
Displaying Multiple Stock Categories
Go to Gateway of Tally> Inventory Info.> Stock Categories> Display (Under Multiple Stock Categories)
Select the Category for which you want to view the details or select All Items to view the details of all the Categories created, form the List of Categories.
The Multi Stock Category screen displays. You can view the entire details of the Category and that of sub categories if any, in this screen.
Altering Multiple Stock Categories
Go to Gateway of Tally> Inventory Info.> Stock Categories> Alter (under Multiple Stock Categories)
Select the Category for which you want to alter form the List of Categories. The Multi Stock Category Alteration screen displays. You can make changes in the Masters of the selected Category and also of the sub categories. Select All Item to make changes in any desired Category Master as all the Categories created are displayed in this screen.
Note: You cannot delete a Stock Category from multiple mode.
Delete a Stock Category
You can delete a stock category only if it does not have any children under it. The children could be stock category or stock item or both.
Gateway of Tally > Inventory Info> Stock Categories> Single Alter
Press [Alt] + [D] to delete the stock category
Note: You cannot delete a stock category form multiple mode.
Stock Items
Stock Item refers to goods that you manufacture or trade. It is the primary inventory entity and the lowest level of information on your inventory. You have to create a Stock Item in Tally for each inventory item that you want to account for. In other words, you have to create a stock ledger account for each item and Tally calls it Stock Item.
Go to Gateway of Tally< Inventory Info. > Stock Items
Creating a Stock Item
If you are creating Stock Items for the first time, it is advisable to configure the F12: Configure screen before creation any items. You may configure your groups to enable/ disable advanced mode.
Go to Gateway of Tally> Inventory Info> Stock Item> Single Create (under Single Stock Item).
A brief description on each of the fields in the Stock Category Creation screen follows
Name
Specify the name of the Stock Item.
Under
Select the group from the List of Groups. If you do not want to categories it under any particular group that you created, choose Primary.
Press Alt+C to create a parent Group from this field.
Units
Give the units of measurement of the item in this field. You would normally use this unit for trading this item.
Use Alt+C to create a new unit, if you do not have one in the list.
Opening Balance
If you already have stock of this item at the time of creating its account in Tally, specify its balance particulars, i.e., quantity, rate and value.
Buttons in single mode stock item creation
F3: Companies
To switch to another loaded company to create Stock Item.
- Groups
- Category
- Godown
- Budget
- Vch Types
- Units
- Currency
You may choose to create any of the masters listed above with a single click of the buttons.
CREATING MULTPLE STOCK ITEMS
You can create multiple Stock items at a time using this option.
Go to Gateway to Tally> Inventory Info> Stock Items > Multi Create (under Multiple Stock Items)
Under Group
Select the parent group under which you want the new items to be created. If you select any category other than All Items, than all the new items being created, will be created under this Group. Selecting All Items gives you the flexibility of specifying the parent of each new item created.
S No.
The serial number is auto generated.
Name of Item
Specify the name of the stock item. For example, HP Leasrjet
Under
If you select All Items in Under Group field, you must specify a parent group here. Use Alt+C to create a new parent from. If you select a Group in Under Group field, that group displays automatically in this column.
Opening Balance
If you already have stock of this item at the time of creating its account in Tally, specify the balance particulars, i.e., quantity, rate and value.
Buttons in Multi Stock Item Creation screen
F4: Parent
To change the parent entered in the field Under Group when you have items categories under it. The change affects all the items created under the Parent, meaning they would now belong to the new parent.
F8: Skip Details
To avoid the cursor entering the field Opening Qty, use this button. It toggles with Edit Details, which allows you to enter the opening details.
F9: Skip Category
Use this button to avoid the cursor entering the Category field. it toggles with Edit Category, which allows entry of Category details.
From the Multi Stock Group Creation screen, you can create any of the Masters listed below with a single click.
- Groups
- Category (if activated)
- Godown
DISPLAYING AND ALTERING STOCK ITEMS
You can display and alter Stock Items in Single mode and Multiple mode.
Displaying a Single Stock Item
Go to Gateway to Tally< Inventory Info.> Stock Items> Display (under Single Stock Item)
Select the name of the Stock Item from the List of Items. The Stock Item Display screen display. You cannot make any changes in this screen.
DIPALYING MULTIPLE STOCK ITEMS
Go to Gateway to Tally< Inventory Info.> Stock Items> Display (under Multiple Stock Items)
Select a Group from the List of Groups to display all the Stock Items under the selected Group, or select All Items to display all the Stock Items, as the case may be. The Multi Stock item Display screen displays, listing the Stock Items and the corresponding details of the Stock Items.
ALTERING A SINGLE STOCK ITEM
Go to Gateway to Tally< Inventory Info.> Stock Items> Alter (under Single Stock Item)
Select the Stock item you want to alter from the List of Items. The Stock Item Alteration screen displays. Make the necessary changes and accept Yes to save.
You can delete a Stock Item only if you have not used it in any transaction entry.
Press ALT+D from the Stock Item Alteration screen to delete the Stock Item.
Altering Multiple Stock Items
Go to Gateway to Tally< Inventory Info.> Stock Items> Alter (under Single Stock Item)
Select a Group to alter the Stock Item under the selected group. The Multi Stock Item Alteration screen displays. Make the necessary changes and accept Yes to save.
Note: You cannot delete a Stock Item from multiple mod.
Recorder Levels
Reorder Levels signifies the quantity of a Stock Item in hand. After reaching which you must place orders for your supplies. The importance of Reorder Level arises from the desire to have sufficient stocks to service customer orders and, at the same time, not to unnecessarily accumulate stock.
Therefore, the points to be considered while deciding the reorder levels are as follows.
- The lead-time for supplies to deliver the stock
- The delivery time specified by the customer.
- The stock-in-hand to satisfy orders in the meantime.
In simple mode, Tally accepts the quantities that you specify. In advanced mode. It considers the past consumption patterns to suggest reorder levels. You can however, choose to define your own reorder levels. You may also specify the minimum quantity of the item to be ordered, either in simple or advanced mode.
The purpose of specifying reorder levels is to obtain a report that indicates the quantity of a Stock Item that you must order.
SPECIFYING REORDER LEVELS
Go to Gateway of Tally> Inventory Info> Reorder Levels
Select a group of Stock Items from the List of Groups, to specify Reorder Levels for the Stock Items in the Specify Recorder Levels screen.
For each item in stock you can define a Reorder Level and th Minimum Order Quantity. If you click Simple Recorder button, the consumption alternatives will not be available and hence you have to input the quantities.
Note: The Option Reorder Levels is displayed in the Inventory Info. menu only if Allow Purchase Order Processing is enabled in F11: Features.
The Reorder level screen appears as follows:
The options that you have while defining Reorder Level and Minimum Order Quantity for individual stock items are as follows.
Reorder Level/Quantity
Enter the level/quantity in this field.
Advance Parameter for Reorder Level (Consumption for the Late)
This field lets Tally calculate the reorder level/order quantity based on the total consumption in the past for a chosen period.
Period
The choices for periods are: Days, Weeks, Months and Years. Note that it is not the average consumption for the period but total consumption. Enter zero (0), if you do not want Tally to calculate the reorder level based on the consumption of the item in the past.
Criteria
Choose whether you want the higher/lower of the two, i.e., input/calculated level/quantity.
Rounding Method
Specify whether the calculated level/quantity must be rounded and also the method of rounding.
Minimum order quantity
You can specify the minimum order quantity required.
ALTERING REORDER LEVELS AND MINIMUM QUANTITES
There are two ways of altering the Reorder Levels and the Minimum Order Quantities defined earlier.
- Go to Gateway of Tally> Inventory Info> Reorder Levels
Select the Group of the Stock Items from the List of Groups to display the Specify Reorder Levels screen. Make the necessary changes and accept Yes to save.
OR
- Go to Gateway of Tally> Display> Statements of Inventory> Reorder Status
Select the Group of the Stock Items for which you want to make changes to display the Inventory Reorder Status screen. Drill down the fields Recorder Level/Minimum Order Quantity to display the Specify Reorder Levels screen. Make the necessary changes and accept Yes to save.
OBTAIN REORDER STATUS AND QUANTITIES TO ORDER
Go to Gateway of Tally> Display> Statements of Inventory> Reorder Status
Select a Group of Stock Items from the List of Groups. The Inventory Reorder Status screen displays.
This report gives you the reorder status of Stock Items categorized under the selected Group.
Click the button A: Reorder Only to remove those items for which there are no orders to be placed.
A part form identifying the quantity to be ordered, you can move your cursor on the fields and drill down for more information.
Name of Item
Press Enter on this field for information on suppliers of this Stock Item and the details of their previous supplies.
Closing Stock
Drill down of Item Monthly Summary (Inwards and Outwards) and other details.
Pure Orders Pending
Press Enter on this field for details on the pending purchase orders.
Sales Orders Due
Drill down to know the details on the sales orders, which are due, in other words, free stock available for sale.
Reorder Level
Drill down by pressing [Enter] to display the Reorder Level Specification screen for the Stock Item.
Short fall
Tally calculates this value.
Min Reorder Quantity
Drill down by pressing [Enter] to display the Reorder Level Specification screen for the Stock Item.
LOCATIONS/GODOWNS
Locations/Godowns are places where Stock Items are stored. You can specify names where Stock Items are stored such as warehouse, shelf, and so on. In a business, it always becomes necessary to distinguish between the stock held onsite and in the warehouse. You can do this by creating two separate godowns. Tally had a default Godown named Main Location. You may even alter Tally’s default godown. Tally permits creating any number of godowns, which you can group and subgroup to match the structure you need.
Go to Gateway of Tally> Inventory Info.> Locations/Godowns
Note1: The term Locations is displayed in the Inventory Info. menu if International is selected in Use Accounting Terminology of in Gateway of Tally> F12: Configure screen. If India/SAARC is selected, the term Godowns displays.
Note2: You can create Locations/Godowns only if Maintain Multiple Godowns is enabled in F11: Features.
CREATING LOCATIONS/GODOWNS
You can create Locations/Godowns in Single mode and Multiple mode
Creating a Single Location/Godown
Go to Gateway of Tally> Inventory Info.> Locations/Godowns > Create (under Single Godown)
The Location/Godown Creation screen displays:
A brief explanation on each of the fields in Location/Godown Creation screen follows.
Name
Specify the name of the Location/Godown.
Alias
Enter an alias name for the Location/Godown name, if required.
Under
Specify the Location/Godown under which the Location/Godown is to be categorized. Use Alt + C to create the parent Location/Godown if it is not in the list. Select Primary, if it is not a sub Location/Godown of any Location/Godown.
Allow Storage of Materials
Tally permits you to create a Location/Godown, where you may not store materials but treat it as a virtual Location/Godown is useful in cases like Head Office, which may have many different stock points under it that store materials. Hence, Head Office acts like a primary Godown. For instance, designate London as a virtual Godown with Wimbledon Warehouse, Harrow Warehouse and Brixton Warehouse as sub-Godowns. These sub-Godowns will allow storage of materials.
CREATING MULTIPLE LOCATIONS/GODOWNS
Go to Gateway of Tally>Inventory Info.> Locations/Godowns> Create (under Multiple Godowns)
The Multi Godown Creation screen displays:
Under
Select the parent group under which you want the new Godown to be created. If you select any Godown other than All Items, than all the new Godown being created, will be created under this Godown. Selecting All Items gives you the flexibility of specifying the parent of each new Godown created.
S No
The serial number is auto generated.
Name
Specify the name of the Godown.
Under
If you select All Items in Under field at the top, you must specify a parent Godown hers. Use All + C to create a new parent from this field. if you select a Godown in Under field, that Godown displays automatically in his column.
DISPLAYING AND ALTERING STOCK LOCATIONS
You can display/alter the Godown in single and multiple modes. It is similar to Displaying/Altering Stock Groups in single and multiple modes.
To display a single stock Lactation/Godown
Go to Gateway of Tally>Inventory Info.> Locations/Godowns> Display (under Single Location/Godown)
To display a Multiple stock Lactation/Godowns at a time
Go to Gateway of Tally>Inventory Info.> Locations/Godowns> Display (under Multiple Location/Godowns)
To alter a single stock Lactation/Godown
Go to Gateway of Tally>Inventory Info.> Locations/Godowns> Alter (under Single Location/Godown)
To alter a Multiple stock Lactation/Godowns at a time
Go to Gateway of Tally>Inventory Info.> Locations/Godowns> Alter (under Multiple Location/Godowns)
You can delete a stock location via Single Location Alter by pressing [Alt] + [D]. However, you cannot delete a stock location with sub-locations. The lower levels must be deleted first.
UNITS OF MEASURE
Stock items are purchased or sold on the basis of quantity. The quantity is measured by Units. Hence, it is necessary to create Units of Measure. You need to create Units of Measure for all the Stock Items. You can have simple units such as numbers, meters, kilograms, and pieces or compound units like box, where, say, one box equals ten pieces.
Go to Gateway of Tally > Inventory Info.> Units of Measure
CREATING A UNIT OF MEASURE
Go to Gateway of Tally > Inventory Info.> Units of Measure > Create
The Unit Creation screen displays
A brief explanation on each of fields in Unit Creation screen follows.
Type
Symbols are of two types: Simple and Compound.
Simple units are considered as specified by you; Tally just checks for duplication. Tally defaults to Simple, and if you want to change to Compound, use [Backspace] to go back and select Compound from the Types of Units list.
Symbol
Define the symbol of the unit, e.g., Nos. This symbol is used in all displays and printouts.
Formal Name
Specify the formal name of the symbol, e.g. Numbers. This explains the symbol, which is also used during the consolidation of data of different companies, where the symbols might be the same but are assigned to different units. The formal name will be used to match them.
Number of decimal places
If you want to use the unit in fractions, say for a kilogram you may have to use grams as well, specify the number of decimal places. For kilogram, you would give three decimal places to accommodate up to 999 grams. You do not normally want a decimal place for units like numbers; you can specify 0 in such cases.
Note: You can specify 0 to 4 decimal places. The Unit of Measure cannot be translated or transliterated but will appear in the Language created.
Compound Units
A Compound Units is a relation between two Simple Units. Hence, before you create a Compound unit, ensure that you have already created two Simple Units. For example, there are two Simple Units Nos (Numbers) and Doz (Dozen). Now define the relation between Nos and Doz, as one dozen equals twelve numbers.
Note: Use the Up arrow or Backspace key to highlight the Type field. Select Compound from the popup menu.
Select Compound from the Types of Units in the Type field. Select Doz in the First Unit from the Units list. Enter 12 in the Conversion field and select Nos in the Second Unit field. Accept Yes to save.
DISPLAYING AND ALTERING UNITS OF MEASURE
To display Units of Measure.
Go to Gateway of Tally > Inventory Info.> Units of Measure> Display
Select the Unit of Measure you would like to view from the Units list. You can select a compound unit or a simple unit from the list. The unit Display screen displays. In display mode it is not possible to make any changes.
To alter Units of Measure
Go to Gateway of Tally > Inventory Info.> Units of Measure> Alter
Select the Unit of Measure you want to alter from the Units list. The Unit Alteration screen displays. Make the necessary changes and accept Yes to save.
You can delete a Unit of Measure from this screen by pressing Alt + D. However, you cannot delete a Unite of Measure that is part of a compound measure. You must delete the compound measure first.
Price List
Price Lists are useful for orders and invoices. An up-to-date price list helps in decision making even at the lower levels of the organization and quickens the sales process. Tally assists in creating quantity based pricing with complex discount structure. Price Lists are available only for inventory items and hence the feature is available only for inventory and invoicing are activated for the company.
You can have one or more price lists. You require more than one price list, when you have different price structures/levels for different purposes, usually, different groups of customers requiring different discounts or dealing in different products.
PRICE LEVELS
In Tally, you can assign specific price lists called Price Levels to customers, so that only the relevant prices are used during entry of orders and invoices.
Before you begin to create Price Lists, you should decide whether you want different price levels. You might want different price levels for various purposes, such as different types of customers like wholesale customers, retail customers, and export customers and so on. Each customer type could have a different discount structure.
Creating Price Levels
Ensure that you have set the company for Accounts with Inventory.
Set the following fields to Yes in F11: Features > F2: Inventory screen.
- Allow Invoicing (If you do not set this field to Yes, the options for Price Lists will not be available.)
- Set Use Multiple Price Levels to Yes.
- Type out the price levels, one by one, in the Company Price Levels screen.
- Press CTRL + A to accept the screen and return to the Company Operations. Alteration screen (F11: Features). Set the other options as required and accept yes to save.
ALTER PRICE LEVEL NAMES
Follow the same procedure to alter the name of a price level. You can simply overwrite the names you specified previously and save the changes.
ASSIGNING LEDGER ACCOUNTS TO PRICE LEVELS
Creating Price Lists in Tally provides an option in party (debtor and creditor) ledger accounts, with the help to which you can assign/tag a specific Price Level to the account. You can assign only one Price Level to an account.
You can choose the Price Level that you want to assign to the Ledger by selecting the Price Level from the Price Levels list in the Pricing Level Applicable field. Select Not Applicable if you do not want to assign any Price Levels to the Ledger.
If you want assign Price Levels to ledgers created earlier, alter the ledger account, tab down to Pricing Level Applicable field and select the applicable Price level form the list.
Tab down to Pricing Level Applicable and select Export. Set the other options required. Accept Yes to save.
The Pricing Level can be changed to reflect the current circumstances. For this, simply alter the ledger account and ledger account and select a different Pricing Level option.
CREATING AND USING PRICE LISTS
The Price List option appears in the Inventory Info. menu only if you have already created Price Levels.
Go to Gateway of Tally > Inventory Info.>Price List
Select a group from the List of Groups.
Under Group
This is the Stock group of the Stock Items for which you want to define the Price Lists.
Price Level
Select a Price Level to assign to the Stock Group.
Applicable From
Specify the date from which the Price List is applicable
.
The columns you see are as follows.
Sl. No
This column has auto-generated serial numbers to track the number of items in the Price List.
Name of Item
This column has the name of the Stock Item. You can define the Price List for each item.
Quantities – From & Less Than
These fields are repeated for an item and begin with a blank for 0 items and end with a blank for any number of items. This is useful for quantity based pricing and discounts. You can create a staggered quantity price structure, if required.
If you do not require quantity based pricing, leave From and Less Than fields blank.
Rate & Discount (if any)
For each quantity band, give a specific price or maintain the same price for all bands, but define differnt5 discounts. You can use different methods for different items.
Historical Details (Rate and Disc %)
If you have a different Price List on a date before the Applicable From date, Tally displays it here.
Cost Price
In this column, the Cost Price (based on the Costing Method set for it) of the item is displayed to help decide the prices.
Price Levels in Voucher Entry – Invoicing
The price levels that you define automate the invoice pricing and help to avoid errors. You can configure the entry so as to prevent the usage of a different price list than the one that is set.
To configure for preventing changes made to the price level settings in a voucher
Go to Gateway of Tally> F12: Configure> Invoice/Orders Entry
Set Allow modification of ALL fields during entry to No to prevent changes made to prices. If you set it to Yes, you can override the price already defined.
Consider the following example
- Go to Gateway of Tally> Accounting Vouchers> F8: Sales
- Select As Invoice
During voucher creation, there is an additional field Price Level and it is already set for the selected party on the basis of assignment made earlier (the cursor skips the field). if you had not assigned any Price Level for the ledger earlier, the cursor moves to this field, allowing you to make a choice. On selecting the stock item and the quantity, the price is filled in automatically and the cursor skips the Rate and Amount fields also.
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