Inventory Entries in Tally prime

2036 views 4 replies

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)

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

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
13 July 2026
AVP / VP - PCG Advisory

Workforce Connect

Mumbai

MBA

View Details
Company
ARTICLESHIP 30 June 2026
2 posts Article assistant and Articleship completed students

Chirag N Shah & Associates

Mumbai

CA Inter

View Details
Company
16 July 2026
Manager - Finance & Accounts

Aliens Group

Hyderabad

CA Final

View Details
Company
23 July 2026
Semi qualified CA

Garg Bros & Associate CA

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 15 July 2026
CA Articles

Kinjal H Shah & Co.

Mumbai

CA Foundation

View Details
Company
ARTICLESHIP 16 July 2026
CA Article

Pipara & Co. LLP.

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 11 July 2026
Article

SNCO

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 08 July 2026
Article internship

AJAY SINGH AND CO LLP

Thane

CA Final

View Details