Stock Categories in Tally Prime for Streamlined Inventory Control



Maintain the following stock category in the books of Swastika Formal & Casuals.

Company Details

SWASTIKA FORMAL & CASUALS
Address 93, Dr Subbarayan Rd, Near State Bank of India, Sivathapuram, Salem, Tamil Nadu-636308
Phone 0427 - 2569874
Mobile No 9786302541
Fax No -
Website swastikagroupsalem.in
Email swastikagroupsalem@gmail.com

Opening Balance

Particular Amount (DR) Amount (CR)
Capital 500000
Bonus Payable 60000
Salary Due 40000
Cash 300000
Indian Bank 250000
Free hold property 40000
Security Deposit 130000
Good will 100000
Rent outstanding 45000
Land & Building 25000
Furniture 20000
Machinery 40000

CREDITORS
Party Amount Bill No Credit Days
Ashoka Textiles 250000 MNS1010 25 days

DEBTORS
Party Amount Bill No Credit Days
Lakshmi Enterprises 150000 SGM1011 25 days
Venkateshwara Shop 100000 SGM1015 30 days

Women’s Wear

DEBTORS
Stock Item Stock Category
Kurta S
Gown
Kurta M
Gown
Kurta L
Gown
Kurta XL
Gown

Men’s Wear

DEBTORS
Stock Item Stock Category
T-Shirt S
Formal Shirt
T-Shirt M
Formal Shirt
T-Shirt L
Formal Shirt
T-Shirt XL
Formal Shirt

JULY 01 Swastika Formal & Casuals purchased the following stock from Super Global Wholesale Ltd, SGL1012.


Stock Item Size Quantity Rate
Kurta S 300 450
Gown 350 550
Kurta M 350 500
Gown 400 600
Kurta L 400 530
Gown 420 640
Kurta XL 430 560
Gown 450 670

JULY 10 Swastika Formal & Casuals purchased the following stock from Meenakshi Men’s and Women’s Wears, and we received discount in 10% of total amount. Invoice no: MKS1015 (30days).


Stock Item Size Quantity Rate
T-Shirt S 200 250
Formal Shirt 250 350
T-Shirt M 270 300
Formal Shirt 300 380
T-Shirt L 400 320
Formal Shirt 420 400
T-Shirt XL 450 380
Formal Shirt 480 420

JULY 17 Swastika Formal & Casuals Sold the following stock to Devi Cloth World, and we received packaging Charges Rs.2500 for Ref.no SFS005


Stock Item Size Quantity Rate
T-Shirt S 75 500
Formal Shirt M 100 570
T-Shirt L 75 420
Formal Shirt 25 470
T-Shirt XL 120 480

AUG 02, Devi Cloth World has settled the entire credit amount via Cheque.

AUG 05, We provided Meenakshi Men's and Women's Wears with a cash settlement.5

Create a New Company

  • Go to the Gateway of Tally.
  • Select "Create Company" or "Alt+ K" (exact wording may vary based on your version).

Fill in Company Information:

  • Enter the following information in the company creation screen:
    • Company Name: SWASTIKA FORMAL & CASUALS
    • Mailing Name: SWASTIKA FORMAL & CASUALS (You can use the same as the company name)
    • Address: 93, Dr Subbarayan Rd, Near State Bank of India, Sivathapuram, Salem, Tamil Nadu-636308
    • Phone: 0427 - 2569874
    • Mobile No: 9786302541
    • Fax No: (Leave it blank, as there is no fax number)
    • Website: swastikagroupsalem.in
    • Email: swastikagroupsalem@gmail.com

Accept the Details:

  • After entering the details, press Enter to accept the information.

Configure Company Features:

  • Tally Prime will prompt you to configure certain company features. Set them according to your business needs.

Configure Goods and Services Tax (GST):

  • If applicable, configure GST details as per your business requirements.

Set Financial Year:

  • Set the financial year for the company.

Complete Company Creation:

  • Once you have configured all the necessary details, save the company by pressing Ctrl + A.

Select the Company:

  • After saving, select the newly created company from the list.
company_creation

Create Ledgers:

  • Select "Create" > "Accounts Masters" > "Ledger" > "Create".

Create Ledgers with Groups:

  • Create ledger accounts for each of the specified accounts with their respective groups.
    • Ledger Name Group Name Amount
    Capital Capital Accounts Rs. 500,000
    Bonus Payable Current Liabilities Rs. 60,000
    Salary Due Current Liabilities Rs. 40,000
    Cash Cash-in-Hand Rs. 300,000
    Indian Bank Bank Accounts Rs. 250,000
    Freehold Property Fixed Assets Rs. 40,000
    Security Deposit Current Liabilities Rs. 130,000
    Goodwill Intangible Assets Rs. 100,000
    Rent Outstanding Current Liabilities Rs. 45,000
    Land & Building Fixed Assets Rs. 25,000
    Furniture Fixed Assets Rs. 20,000
    Machinery Fixed Assets Rs. 40,000

  • Enter Opening Balances for Creditors and Debtors:
    • Now, create ledgers for Creditors and Debtors with the respective groups.
      • For Creditors:
        • Create a ledger account named "Ashoka Textiles" under the group "Sundry Creditors."
        • Enter the opening balance (Rs. 250,000) along with the Bill No (MNS1010) and Credit Days (25 days).
      • For Debtors:
        • Create ledger accounts named "Lakshmi Enterprises" and "Venkateshwara Shop" under the group "Sundry Debtors."
        • Enter the opening balances for both debtors with the respective Bill Nos and Credit Days.

Save the Entries:

  • Save all the ledger entries by pressing Ctrl + A.
company_creation

Select Chart of Accounts:

  • Under the "Gateway of tally" menu, choose "Chart of Accounts" and then select "Groups" or "Ledgers."
company_creation

Stock Groups

Go to Gateway of Tally:

  • Navigate to the "Gateway of Tally."

Access Inventory Info:

  • Select "Inventory Master" from the main menu.

Create Stock Group for Women's Wear:

  • Under "Inventory Master," choose "Stock Groups."
  • Enter the name as "Women's Wear" in the "Name of Stock Group" field.
  • Select the parent group if applicable (for example, you can select "Primary" as the parent group).
  • Press Enter to save the Women's Wear stock group.

Create Stock Group for Men's Wear:

  • Follow the same process to create a stock group for Men's Wear.
  • Under "Inventory Master," choose "Stock Groups."
  • Select "Create" and enter the name as "Men's Wear."
  • Choose the parent group (e.g., "Primary").
  • Press Enter to save the Men's Wear stock group.
company_creation

Stock Units

Go to Gateway of Tally:

  • Navigate to the "Gateway of Tally."

Access Inventory Info:

  • Select "Inventory Masters" from the main menu.

Create Stock Units:

  • Under "Inventory Info," choose "Units of Measure."

Enter Unit Details:

  • In the "Symbol" field, enter the abbreviation or symbol for the unit (e.g., "Nos" for Numbers, "Kg" for Kilograms).
  • In the "Formal Name" field, enter the full name of the unit (e.g., "Numbers," "Kilograms").
  • Specify whether the unit is "Decimal Places Applicable" or not (for units like Kilograms, you may want to allow decimal places).
  • Press Enter to save the stock unit.

Save the Changes:

  • After creating stock units and setting default units for stock items, save the changes by pressing Ctrl + A.
company_creation

Create stock Categories.

Go to Gateway of Tally:

  • Navigate to the "Gateway of Tally."

Access Inventory Masters:

  • Select "Inventory Masters" from the main menu.

Create Stock Categories:

  • Under "Inventory Masters," choose "Stock Categories."

Enter Category Details:

  • In the "Name of Category" field, enter the name of the category, for example, "Sizes."
  • Press Enter to save the stock category.

Create Size Subcategories:

  • After creating the main category (Sizes), you can create subcategories for each size (S, M, L, XL).
  • Select the "Sizes" category and choose "Create" to add subcategories.
  • Create subcategories for S, M, L, and XL, pressing Enter after each one.

Set Default Size for Stock Items:

  • When creating or editing stock items, you can specify the default size for each item.
  • In the "Stock Items" section, select the stock item for which you want to set the default size.
  • While creating or editing the stock item, choose the appropriate size from the "Size" field.

Save the Changes:

  • After creating stock categories and setting default sizes for stock items, save the changes by pressing Ctrl + A.
company_creation

Stock Item

Go to Gateway of Tally:

  • Navigate to the "Gateway of Tally."

Access Inventory Info:

  • Select "Inventory Masters" from the main menu.

Create Stock Categories:

  • If you haven't created the stock categories for sizes (S, M, L, XL) yet, follow the steps in my previous response to create them.

Create Stock Items:

  • Under "Inventory Info," choose "Stock Items."
  • Select "Create" (or use Alt + C as a shortcut) to create a new stock item.

Enter Stock Item Details:

  • Enter the details for each stock item based on the given information.
    • Stock Item Stock Category
    Kurta S
    Gown S
    Kurta M
    Gown M
    Kurta L
    Gown L
    Kurta XL
    Gown XL

  • For each stock item, select the appropriate stock category (S, M, L, XL).

Set Default Size for Stock Items:

  • While creating or editing each stock item, you can specify the default size based on the stock category.

Save the Changes:

  • After creating stock items for Women's Wear with different sizes, save the changes by pressing Ctrl + A.
company_creation

TRANSACTION

July 01 Swastika Formal & Casuals purchased the following stock from Super Global Wholesale Ltd, SGL1012

Stock Item Size Quantity Rate
Kurta S 300 450
Gown 350 550
Kurta M 350 500
Gown 400 600
Kurta L 400 530
Gown 420 640
Kurta XL 430 560
Gown 450 670

Go to Gateway of Tally:

  • Navigate to the "Gateway of Tally."

Access Vouchers:

  • Select "Vouchers" from the main menu.

Select Purchase Voucher:

  • From the "Vouchers" menu, choose "F9: Purchase" or navigate to "Voucher Entry" and select "Purchase."

Enter Voucher Details:

  • Set the voucher date as July 01.

Enter Supplier Details:

  • In the "Supplier Invoice No." field, enter the invoice number, which is SGL1012.

Enter Stock Item Details:

  • Enter the details for each stock item based on the given information.
    • Stock Item Size Quantity Rate
    Kurta S 300 450
    Gown 350 550
    Kurta M 350 500
    Gown 400 600
    Kurta L 400 530
    Gown 420 640
    Kurta XL 430 560
    Gown 450 670

  • For each stock item, enter the size, quantity, and rate.

Enter Accounting Details:

  • Enter the accounting details such as the ledger accounts for the purchase, taxes, etc.

Save the Voucher:

  • Press "Ctrl+A" to save the Purchase Voucher.
company_creation

JULY 10 Swastika Formal & Casuals purchased the following stock from Meenakshi Men’s and Women’s Wears, and we received discount in 10% of total amount. Invoice no: MKS1015 (30days).


Stock Item Size Quantity Rate
T-Shirt S 200 250
Formal Shirt 250 350
T-Shirt M 270 300
Formal Shirt 300 380
T-Shirt L 400 320
Formal Shirt 420 400
T-Shirt XL 450 380
Formal Shirt 480 420

Go to Gateway of Tally:

  • Navigate to the "Gateway of Tally."

Access Vouchers:

  • Select "Vouchers" from the main menu.

Select Purchase Voucher:

  • From the "Vouchers" menu, choose "F9: Purchase" or navigate to "Voucher Entry" and select "Purchase."

Enter Voucher Details:

  • Set the voucher date as July 10.

Enter Supplier Details:

  • In the "Supplier Invoice No." field, enter the invoice number, which is MKS1015.
  • Set the credit days to 30.

Enter Stock Item Details:

  • Enter the details for each stock item based on the given information.
    • Stock Item Size Quantity Rate
    T-Shirt S 200 250
    Formal Shirt 250 350
    T-Shirt M 270 300
    Formal Shirt 300 380
    T-Shirt L 400 320
    Formal Shirt 420 400
    T-Shirt XL 450 380
    Formal Shirt 480 420

  • For each stock item, enter the size, quantity, and rate.

Enter Discount:

  • Enter a discount ledger with a negative amount equal to 10% of the total purchase amount.

Enter Accounting Details:

  • Enter the accounting details such as the ledger accounts for the purchase, taxes, etc.

Save the Voucher:

  • Press "Ctrl+A" to save the Purchase Voucher.
company_creation

JULY 17 Swastika Formal & Casuals Sold the following stock to Devi Cloth World, and we received packaging Charges Rs.2500 for Ref.no SFS005


Stock Item Size Quantity Rate
T-Shirt S 75 500
Formal Shirt M 100 570
T-Shirt L 75 420
Formal Shirt 25 470
T-Shirt XL 120 480

Go to Gateway of Tally:

  • Navigate to the "Gateway of Tally."

Access Vouchers:

  • Select "Vouchers" from the main menu.

Select Sales Voucher:

  • From the "Vouchers" menu, choose "F8: Sales" or navigate to "Voucher Entry" and select "Sales."

Enter Voucher Details:

  • Set the voucher date as July 17.

Enter Customer Details:

  • In the "Party A/c Name" field, enter the customer name, which is Devi Cloth World.
  • Set the reference number to SFS005.

Enter Stock Item Details:

  • Enter the details for each stock item based on the given information.
    • Stock Item Size Quantity Rate
    T-Shirt S 75 500
    Formal Shirt M 100 570
    T-Shirt L 75 420
    Formal Shirt 25 470
    T-Shirt XL 120 480

  • For each stock item, enter the size, quantity, and rate.

Enter Packaging Charges:

  • Enter a ledger for packaging charges with a positive amount of Rs. 2500.

Enter Accounting Details:

  • Enter the accounting details such as the ledger accounts for sales, taxes, etc.

Save the Voucher:

  • Press "Ctrl+A" to save the Sales Voucher.
company_creation

AUG 02, Devi Cloth World has settled the entire credit amount via Cheque.


Go to Gateway of Tally:

  • Navigate to the "Gateway of Tally."

Access Vouchers:

  • Select "Vouchers" from the main menu.

Select Receipt Voucher:

  • From the "Vouchers" menu, choose "F6: Receipt" or navigate to "Voucher Entry" and select "Receipt."

Enter Voucher Details:

  • Set the voucher date as August 02.

Enter Customer Details:

  • In the "Received from" field, enter the customer name, which is Devi Cloth World.

Enter Bank Details:

  • In the "Ledger" field, enter the bank account where the cheque will be deposited, which is Indian Bank.

Enter Cheque Details:

  • In the "Cheque/DD No." field, enter the cheque number.
  • Set the amount to the total credit amount being settled.

Enter Accounting Details:

  • Enter the accounting details such as the ledger accounts for the settlement.
    • Dr: Indian Bank
    • Cr: Devi Cloth World

Save the Voucher:

  • Press "Ctrl+A" to save the Receipt Voucher.
company_creation

AUG 05, We provided Meenakshi Men's and Women's Wears with a cash settlement.


Go to Gateway of Tally:

  • Navigate to the "Gateway of Tally."

Access Vouchers:

  • Select "Vouchers" from the main menu.

Select Payment Voucher:

  • From the "Vouchers" menu, choose "F5: Payment" or navigate to "Voucher Entry" and select "Payment."

Enter Voucher Details:

  • Set the voucher date as August 05.

Enter Supplier Details:

  • In the "Paid to" field, enter the supplier name, which is Meenakshi Men's and Women's Wears.

Enter Cash Details:

  • In the "Ledger" field, enter the cash account from which the payment is made.

Enter Accounting Details:

  • Enter the accounting details for the settlement.
  • Dr: Meenakshi Men's and Women's Wears
  • Cr: Cash

Enter Amount:

  • Set the amount to the cash settlement provided.

Save the Voucher:

  • Press "Ctrl+A" to save the Payment Voucher.
company_creation

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