Inventory Entries in Tally prime

We Have accounting software Tally prime for day-to-day accounting. While we are going to opt for Inventory it registered entries stock-wise. My confusion is that when we are entering entry of sale, the sale price is hitting in closing stock valuation. For example, we purchased 10 Pen @ Rs. 20 total purchase value is Rs.200, the total value of the pen in stock is (Op stock value Rs. 500+ Purchase Rs. 200) Total Rs. 700. Now when we are hitting sale of 10 pens @ sale value Rs.so my closing stock reduces by 300. So the valuation of the Closing stock is (Rs. 700-300)  Rs. 400. Which is not correct. Closing stock value must be cost or NRV whichever is less.  

So how we can do the correct entries or do we need to pass JV for the valuation of stock on the Purchase price or NRV whichever is less?

Replies (4)
Quick Summary
This discussion addresses a common issue in TallyPrime where sales entries incorrectly impact closing stock valuation. The user is seeking guidance on how to ensure closing stock is valued at the lower of cost or Net Realisable Value (NRV), rather than being reduced by the sale price. It's suggested that the stock valuation method needs to be correctly set up in the stock item masters within TallyPrime, and clarification is sought on whether GST should be included in the opening stock rate.

It's settings.. when you define stock items you have to choose stock valuation method

https://help.tallysolutions.com/tally-prime/inventory/stock-valuation-methods-tallyprime/

What is the actual rate for opening stock creation?

Is rate including GST or not?

Please help me!

Originally posted by : Sk sahil Alam
What is the actual rate for opening stock creation?

Is rate including GST or not?

Please help me!

 

Yes GST absorbed into cost. Opening stock is good but closing stock is better.do you know different areas where you have to update. You have to go to stock item masters and update everyday or else the closing inventory will not show. 

Originally posted by : Sk sahil Alam

What is the actual rate for opening stock creation?

Is rate including GST or not?

Please help me!

 

Yes GST absorbed into cost. Opening stock is good but closing stock is better.do you know different areas where you have to update. You have to go to stock item masters and update everyday or else the closing inventory will not show in the balance sheet

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