Managing inventory is one of the key functions of Tally Prime, and it allows a company to keep an adequately high inventory position and handle orders in the most efficient manner. As a trader, wholesaler, or manufacturer, it is significant to be informed on how to handle inventory in Tally Prime so as to deal with hassle-free operations.
Why Use Tally Prime for Inventory?
Tally Prime offers a powerful, flexible, and controlling inventory system that integrates seamlessly with taxation, accounting & compliance tools. Here are some key benefits:
- Real-time stock updates
- Multiple warehouse management
- Godown-wise stock summary
- Batch and expiry date tracking
- Flexible stock valuation methods
All these features make inventory in TallyPrime an ideal solution for growing businesses.
How to Activate and Manage Inventory in Tally Prime
To begin using inventory Tally Prime features, you must first enable the inventory module.
Enable Inventory Features
- Open Tally Prime and go to Gateway of Tally > F11: Features.
- Under Inventory Features, enable the option “Maintain Accounts with Inventory”.
- You can also configure advanced options like batch-wise details, expiry tracking, multiple godowns, and stock categories.
This is a crucial step to start recording your TallyPrime inventory details accurately.
Create Stock Groups
Stock groups help you organise similar inventory items. Here’s how to create one:
- Go to Gateway of Tally > Create > Inventory Masters > Stock Group
- Enter the name (e.g., “Electronics”), set the under group (like Primary), and enable required configurations.
- Save the settings.
Create Units of Measure
Units define how your stock is measured (e.g., Nos, Kg, Litre).
- Navigate to Gateway of Tally > Create > Inventory Masters > Units
- Choose between Simple or Compound units
- Define symbols like “Nos” for quantity and save
Create Stock Items
Now, create individual items for tracking.
- Go to Gateway of Tally > Create > Inventory Masters > Stock Item
- Enter the item name (e.g., “Samsung Monitor”)
- Choose the stock group, units, and applicable GST
- Add opening balance if available
This allows you to track stock inventory in TallyPrime item-wise.
Recording Inventory Transactions
You can now use vouchers like:
- Purchase Voucher (F9): Record stock purchases
- Sales Voucher (F8): Track sales and reduce inventory
- Stock Journal: Transfer stock between Godowns or units
These vouchers help keep your inventory in Tally Prime updated in real-time.
Additional Inventory Features in Tally Prime 6.1
If you’ve recently decided to buy TallyPrime 6.1, you get access to enhanced inventory features like:
- Integrated GST with Inventory
- Improved Invoice Customization
- Flexible Inventory Reports
- Advanced Godown Management
These new functionalities make inventory tracking even more seamless and user-friendly.
Tally Software Services: Stay Updated
To enjoy the full benefits of the inventory TallyPrime, make sure you subscribe to Tally Software Services (TSS). TSS gives you access to:
- Product updates
- Online data synchronization
- Remote access
- Banking features
- Support services
Whether you’re managing a small business or a large enterprise, TSS ensures your inventory remains efficient and up-to-date.
