Stock Items are one of the most important masters in TallyPrime, representing the individual inventory products that a business buys, sells, or manufactures. Over time, you may need to update details such as item name, unit of measure, GST rates, item group, or opening balances. TallyPrime provides an easy way to alter or edit existing […]
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Stock items are the actual products or goods you buy, sell, or manufacture in your business. In TallyPrime, we create stock items to manage inventory properly. But sometimes, you may create a stock item by mistake, or it may no longer be in use. In such cases, you can delete that stock item to keep
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If you are starting with Tally and already have products in stock, it’s important to record them correctly. In TallyPrime, this is done using Stock Items with Opening Balance. This blog will guide you in simple steps to create stock items along with their quantity and value. Example: If you have: 10 pieces of iPhone
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The ultimate goal of accounting is to prepare financial statements that provide a clear picture of a business’s financial health. The two primary financial statements are: A balance sheet provides a snapshot of a business’s financial position at a specific point in time. It lists assets, liabilities, and equity. Assets are what the business owns (e.g.,
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The Profit and Loss Account shows the operational results over a given period. It lists out the Incomes and Expenditures based on the Primary Groups of Tally and the Profit & Loss Account in Tally is updated instantly with every transaction voucher that is entered and saved. Step 1 Click on Profit & Loss A/c here
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When a business has more than one place to store goods (like shops, warehouses, or branches), it becomes important to track stock location-wise. In TallyPrime, this is done using Godowns. A Godown in TallyPrime is a place or location where stock is stored.It can be: A warehouse A retail shop A branch office A
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If you run a business, you buy and sell products. These products are called Stock Items in Tally. TallyPrime helps you to manage your stock/inventory, so you always know how much quantity you have, what is the rate, and how much profit you are making. 📦 For example: A shoe shop sells Shoes –
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If you’re learning TallyPrime for inventory management, one of the first things you need to understand is the Unit of Measure (UOM). It’s a small but very important part of stock and inventory handling in Tally. In simple words, Unit of Measure refers to how you count or measure a stock item. Stock Items are
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A Stock Category in TallyPrime helps to classify items across different Stock Groups based on common features. Stock categories is the categorization of the stock items of similar features belonging to different stock groups. Eg: If the company is dealing with Smartphones. The company’s inventory might consist of Smartphones of different brands like Samsung,
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A Stock Group in TallyPrime is used to classify similar stock items under a common category. Just like Ledger Groups for accounts, Stock Groups are for inventory items. Example: Let’s say you run a computer accessories store. You can group stock items like this: Stock Group: Keyboards Stock Items: Dell Keyboard, Logitech Keyboard
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