Storage and Classification of Inventory
Tally is an accounting software that is commonly used by businesses to manage their financial transactions and inventory. To store and classify inventory in Tally, you need to follow these steps:
- Create Stock Items: Go to Inventory Info > Stock Items > Create. Enter the name, unit of measurement, and other relevant details for each stock item that you want to track in Tally.
- Create Stock Groups: You can group similar stock items under a common category or group. Go to Inventory Info > Stock Groups > Create. Enter the name of the group and select the appropriate parent group (if applicable).
- Set up Units of Measure: Tally allows you to set up different units of measure for your stock items, such as kilograms, pieces, liters, etc. Go to Inventory Info > Units of Measure > Create. Enter the name of the unit, its abbreviation, and the conversion factor to the base unit.
- Set up Godowns: If you have multiple locations or warehouses where you store your inventory, you can set up godowns in Tally to track stock movements. Go to Inventory Info > Godowns > Create. Enter the name of the godown and other details, such as the address, contact information, etc.
- Enter Opening Balances: If you have existing inventory that you want to track in Tally, you need to enter the opening balances for each stock item. Go to Inventory Info > Stock Items > Alter. Select the stock item and enter the opening balance, rate, and other relevant details.
- Record Transactions: Once you have set up your inventory in Tally, you can record transactions, such as purchases, sales, transfers, etc. Go to Inventory Vouchers > Select the appropriate transaction type > Enter the details, such as the stock item, quantity, rate, and other relevant information.
- Generate Reports: Tally allows you to generate various reports related to your inventory, such as stock summary, stock item wise report, godown summary, etc. Go to Inventory Info > Reports > Select the appropriate report type.
By following these steps, you can effectively store and classify your inventory in Tally and keep track of your stock movements and balances.