Valuation of stock to include Direct Exp.

Originally posted by : Vitrag S Modi
	Dear Sir, I want to value my closing stock. Closing stock valuation always includes all the sum paid to bring the goods in the present location. Now I import goods and pay Clearing duty which I debit as direct exp.. Apart from that I also incur some other direct exp. In Tally, value of stock shows only purchase price. So pls explain me is there any way to include direct exp. into closing stock. At present, I am manually entering value of closing stock directly into P & L A/c. Thanks.

> Press F11, Go to Company Features

> Select Inventory Features

> Activate to Yes for Track Additional cost of Purchase under Purchase Management

> Accept to Yes

> Pass the purchase entry in Voucher Mode instead of Invoice Mode

> Credit Cash/Creditor

> Debit Purchase Ledger

> Select VAT/Tax Class

> Select Item and Enter quantity and amount

> After you enter amount and press enter, one additional screen will pop up for additional cost details for that item.

> In type of cost, select the expense ledger and enter the amount

> Then debit the tax class and accept the voucher

Now check the value of the stock, it will include the value of the expense.

nice explanation ,thanks

Thank You very much Mr. Deepak Gupta.

It is really very nice explantion.

Very well explained by Deepak 

In the explanation given by Mr. Deepak Gupta,

I can add additional cost of purchase but still I am facing one problem and that is, It accepts only one party as sundry creditor.

For example, I have made import of goods costing Rs. 10000/- on which other exp. are Rs. 500/-. I am required to pay Rs. 10000/- to Mr.A and Rs. 500/- to Mr.B. Here, in tally, it accepts only one creditor, either Mr.A or Mr.B.

Originally posted by : Vitrag S Modi
	In the explanation given by Mr. Deepak Gupta, I can add additional cost of purchase but still I am facing one problem and that is, It accepts only one party as sundry creditor. For example, I have made import of goods costing10000/- on which other exp. are500/-. I am required to pay10000/- to Mr.A and500/- to Mr.B. Here, in tally, it accepts only one creditor, either Mr.A or Mr.B.

> Create a new voucher type: Purchase Credit under Journal Type Voucher

> Pass the entry in this new voucher mode, it will accept more than one creditor.

I hope this solves your problem.

Thanx Mr. Deepak Gupta.

Sir, sometimes date of purchase and date of freight bill are different. So i have to make entries on two different dates. Still it is possible to add cost of freight to the cost of inventory. But the problem is, it gets spread over entire stock of respective stock item. But I want to relate only towards a particular purchase.

For example:

I imported goods (100 units @ 50/- p.u. ) on 01.04.11 for which freight bill (Rs. 500) is dated 05.04.11. I again imported same stock item (200 units @ 60/- p.u. ) on 01.05.11 for which freight bill (Rs. 1000) is dated 05.05.11. Now my inventory report should show me cost of inventory as

1. 100 units @ 55 p.u. (5000+500) and

2. 200 units @ 65 p.u. (12000+1000). separeately.

But it showas as 300 units @ 61.67 p.u.

It should be shown separately which will help for showing correct profit on each purchase when i will sell goods.

Thankx.

If you see the stock item monthly summary, it shows 100 units purchased for 5,500 and 200 units for 13,000, but while showing the closing balance it shows rate of 61.67 (18500/300)

Use FIFO Method for Costing Method.

For Example, you sell 100 units @ 56/unit on 05.05.2011, then it will show profit of Rs. 100 (5600-5500) and not loss of Rs. 567(5600-6167) because it calculates the profit based on the costing method selected by you while creating the stock item. In this case it is FIFO, hence first lot is sold and profit of Rs 100 is derived.

If you are not able to see costing method in stock item creation, then

> Gateway of Tally

> F12

> Accts/Inventory Info.

> Under Inventory head - Enable "Allow ADVANCED entries in Masters"

hello sir ,

Please clarify...

My view to include direct expense ( freight  inward) to inventory cost is 

When we are entering purchase entry (voucher mode, after activating inventory options for freight) ... 

1.credit  to the creditor/cash... Eg. 50,000

2. give reference  Eg . New ref

3. Debit purchase   Eg..for Rs. 48000

4.Inventory allocations for purchase  Eg.. Raw material "X"

4. vat classification 

5.Debit expense(freight)      Eg. for Rs 2000

6. Inventory allocations for freight    Eg. Raw material X

   The effect will be  .... Purchase.. Rs.48000/-

                                       Freight Rs. 2000/-

                                       Creditor  Rs.50,000/-

                                      Stock of Raw material X  Rs. 50,000/- 

ie cost of freight  included in inventory. ..

This method will help to enter freight expenses directly ...( also easy to identify total freight incurred )

and also to allocated the cost of bringing the inventory  to particular inventory item

........................Please correct me if it is wrong.............

Hi,

I have the following scenario for stock with inventory:

I purchase 100 units of Item "A", 100 units of Item "B" and 100 units of Item "C" from a party for Rs.100, Rs.200 & Rs.300 respectively and the party levies Rs.20 for postage in the invoice. Total invoice of Rs.620 is sent by the party.

The goods are sent through transport which charges me Rs.200 and I pay it in cash.

How do I include all this in an entry so that the creditor amount remains Rs.620 and the valuation of the stock is shown as Rs.820 (600 basic cost + Rs.20 for postage + Rs.200 for transport)

Thanks in anticipation.

Dear sir,

I am facing one problem regarding tracking additional cost of individual item. please advise me on the following-

I need to maintain the accounts of one client whom have import business and I want to add cost of Transportation Nd custom duty into individual item cost and the problem is that in a single purchase order there is 100 of items are imported and not able to apportioned a fix rate of percentage for allocation of expenses so how can I manage it

Please reply soon

Dear Ankur,
With the help of Additional Cost of Purchases you can easily add other direct expense in the cost of any productive item and increase the cost of item but you can't fixed the apportioned a fix rate of percentage in additional cost.

Hi, In case when the date of purchase transaction and custom duty paid is different and when the custom dury is paid by us and not to the importer, in that case there will be a separate payment entry but cost needs to be tracked to that item. Here when a cost tracking is used, cost is getting added in to the item ledger but at the same time quantity is also getting added resulting in to double quantity. What is the way to do this entry?

Originally posted by : :|)eep @ k Gupt/\
	> Press F11, Go to Company Features > Select Inventory Features > Activate to Yes for Track Additional cost of Purchase under Purchase Management > Accept to Yes > Pass the purchase entry in Voucher Mode instead of Invoice Mode > Credit Cash/Creditor > Debit Purchase Ledger > Select VAT/Tax Class > Select Item and Enter quantity and amount > After you enter amount and press enter, one additional screen will pop up for additional cost details for that item. > In type of cost, select the expense ledger and enter the amount > Then debit the tax class and accept the voucher Now check the value of the stock, it will include the value of the expense.

Sir, I'm trying to follow this process but here I have to input the purchase costs for each item separately; which is very impractical for me because most of my expenses are for bulk. For example, I buy full truck which has several items of varying sizes and costs and my expenses include carriage for the whole truck, parking charges/toll/etc. for the truck, labour charges that are on each truck basis and not item basis, etc, that cannot be apportioned to each item separately without going into several decimal places.

Is there a way to allocate the cost for the entire purchase voucher at once and let tally distribute the costs automatically?