The term Inventory includes all form of Stock such as Raw materials, Work-In-Progress, Finished Goods, Catalysts, Preservators, Firewood, Stores & Spares and Consumables. Inventory can be classified based on their usages, place of storage, suppliers and so on. Units of Measurements need to be defined so as to weigh the stock items. Setting information about all these is known as inventory info.
Stock Groups:
A Trader or a Manufacturer need to face two type of people namely Suppliers and Consumers. Normally, Suppliers are identified with a Brand. A Supplier / Brand owner may have variety of Stock Items with varied usages and specification than a brand. In order to deal with these two types of people, inventory needs parallel classification viz brands and purposes.
In Tally, Stock Groups are meant for brands. Like Groups in Accounts info, Stock Groups are also meant for display purposes and not for entering Vouchers directly under them. By default, Tally will not create any group. So user has to create necessary Stock Groups.
Stock Categories:
Stock categories are meant for usages / product specifications. E.g.: Semi / Fully Automatic Washing Machine, DVD player, Dot matrix / Laser Printers, 42” Full / Half sleeve Shirt. By default Tally’s stock query option will show details of the selected stock item along with items with same categories as alternates. That is why brands are to be treated as Groups and Usages as Categories. In other words, this can be described as parallel analysis of stock items.
To enable stock category, Press F11, F2 keys and set ‘Yes’ to Maintain Stock Categories’.
Godowns:
Godown refers to any place of Storage. It need not to be a Warehouse. A Floor of a Departmental Store, a Shelf of a Video Library, even a Virtual Storage like Computer Hard Disk of a Software Vendor can be created as a Godown.
As usual, F11, F2 keys will help to reach ‘Maintain Multiple Godowns option wherein user has to set ‘Yes’.
Unit of Measure:
Units are needed to quantify Stock Items. They must be created before Stock Item creation. In Tally, Units can be of two types namely Simple and Compound. Compound unit is a combination of two Simple units with a conversion factor.
Stock Items:
Like Ledgers in Accounting Books, Stock Items are meant for Inventory Voucher entry. A Ledger needs to be placed under any one Accounting Groups, whereas a Stock Item can be independent from Stock Groups / Categories. In other words, a Stock Item can be a Primary item shown directly in the Stock Summary.
may be entered in and for Alternate Units also. Tally will keep Alternate Units and on the other hand will convert them into Primary units.
Integration of accounts with inventory:
When set ‘Yes’ to ‘Integrate Accounts with Inventory’ in F11: Features, Tally picks up Stock values from Inventory Books and discloses it in Financial Statements. When set ‘No’ to this, Tally allows user to disclose manually calculated stock value.
Chapter – 3 Inventory Info
Exercise:
1. Create a company by name “Inventory slot” with your Regn. No. Ex: “Inventory Info- I — TNG0063”. Choose ‘Accounts with inventory’ and .1.4.20XX. in Maintain and Fin. Year fields. Set ‘Yes’ to Stock Categories. Find out suitable Stock Groups and Categories for the following Stock Items and build a better Chart of Inventory:
1. Samsung 1.5 Tonne Split A/c
2. LG 32″ LCD TV
3. Onida DVD Player
4. Samsung DVDPlayer
5. Onida 1.5 Tonne SplitA/c
6. Samsung LCD TV
7. LG DVD player
8. LG 1.5 Tonne Split A/c
9. V-Guard Stabiliser
2. Create a company by some “Inventory info2” with your Regn. No. Ex: “Inventory Info-2 — TNG0063”. Choose ‘Accounts with inventory’ and ‘1.4.20XX’ in Maintain and Fin. Year fields. Set ‘Yes’ to Multiple Godowns. Create following Stock Items and incorporate corresponding opening stocks:
| Stock Item | Chennai | Trichy | Madurai | Cost |
| Computer Table | 5 | 3 | 1 | 2250 |
| Revolving Chair | 0 | 13 | 5 | 1600 |
| Dining Table | 4 | 2 | 6 | 7200 |
| Study Table | 11 | 6 | 5 | 3420 |
| Plastic Chairs | 30 | 24 | 42 | 165 |
3. Try to incorporate the following opening stocks in “Inventory Info-3 – < Regn. Company which maintains accounts with inventory. Incorporate following C Inventory effective from 01.04.20XX:
| Stock Item | Group | Category | Unit | Alt. Unit | Godown | Qty | Rate | Value |
| Sony CD-10s | Sony | CD | No | Bx(10 No) | Floor 1 | 13 Bx | 11 No | 1430 |
| Moserbear DVD-25s | Moserbear | DVD | No | Bx(25 No) | Floor 1 | 16 Bx | 230 Bx | 3680 |
| Parker Fountain Pen | Parker | Pens | St | Nil | Floor 2 | 5 St | 280 St | 1400 |
| Reynolds Regular -10s | Reynolds | Pens | No | Pkt(10 No) | Floor 2 | 8 Pkt | 32 Pkt | 256 |
| Moserbear CD-10s | Moserbear | CD | No | Bx(10 No) | Floor 1 | 20 Bx | 95 Bx | 1900 |
| Sony CD-25s | Sony | CD | No | Bx(25 No) | Floor 1 | 6 Bx | 260 Bx | 1560 |
| Reynolds Micro | Reynolds | Pens | No | Nil | Floor 2 | 10 No | 20 No | 200 |
| Moserbear DVD-10s | Moserbear | DVD | No | Bx(10 No) | Floor 1 | 16 Bx | 25 No | 4000 |
| Sony DVD-25s | Sony | DVD | No | Bx(25 No) | Floor 1 | 2 Bx | 27 No | 1350 |
| Moserbear CD-25s | Moserbear | CD | No | Bx(25 No) | Floor 1 | 8 Bx | 9 No | 1800 |
| Reynolds Bold-10s | Reynolds | Pens | No | Pkt(10 No) | Floor 2 | 120 No | 5 No | 600 |
| Sony DVD-10s | Sony | DVD | No | Bx(10 No) | Floor 1 | 5 Bx | 275 Bx | 1375 |
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