What are the inventory features in Tally?

Tally Customization

New to business? Get to know a software that can make your transaction smooth; Tally ERP 9, but what exactly it is?

Tally ERP 9 is known as an Enterprise Resource Planning Software, which is used for payroll, order management, accounting, inventory management, banking, tax management, and many other business purposes. It handles the daily business processes of a company like recording and maintaining invoices and generating MIS reports.

As it is a software, many versions keep releasing, with new features and improvements.

Tally ERP 9 is the latest version. Over the globe, there are millions of companies that use Tally for daily business management. Tally ERP 9 is now available in 02 new editions which are Gold & Silver. For the single user, you can go with Silver edition, and Gold is specially used for many users across a LAN (Local Area Network).

New Features Of The Latest Version

This version of the software has made business management for the companies more fluid and comfortable with the excellent user interface in the software. Its central Excise, Tally already had an excise feature for traders. But now it provides excise features for manufacturing traders as well. This software handles Basic, Special, Education, and many more types of excise duties.

  • More than one ECC number for a company.
  • An ailment of CENVAT credit.
  • Valuation methods like Ad valorem, value based on MRP, etc
  • Maintaining statutory records and returns reporting.
  • Sequential numbering of excise invoices.
  • This software also handles payments to central excise.

Payroll Statutory Reports.

  • This feature handles forms and reports that are required to submit to the authorities.
  • It now incorporates all types of forms and reports like PF, ESI, and Professional Tax forms and reports.

Tax Deducted At Source.

  • The TDS features in this version cover the entire range of TDS processes.
  • From the totality of a TDS obligation to discharge and creating the e-file of it.
  • Record the liability in one voucher.
  • Create a TDS liability periodically.
  • There is no need to create separate ledgers for payments that come or don’t come under TDS, as the same one can do for both.
  • NRI payments.

Key Features of Inventory Management System.

Inventory is all the stock you have stored for sales in your company or items available in your company for business. With business accounting management, you also need proper inventory management to record the items, raw materials, parts. Other components also include what you have stored and what is currently available in your inventory and what’s missing, what needs to replenish, their categorization, manufacturing cost, valuation, the lifetime of finished goods, etc.

You also need summary reports on your inventory units and track down the locations at which your different product lines have their inventories. Tally ERP 9 facilitates this feature of inventory/multiple stock management in this new release. Any business, small or big can manage their inventories with accurate status reports and summaries, real-time updates on inventory replenishments.

Inventory Management Features of Tally ERP 9

Management of stored stock items in your business is a necessary business management requirement. Tally ERP 9 helps you by providing features in the software that can categorize, segregate your multiple product lines according to the locations of godowns of your inventory or types of items, etc. 

Many businesses have multiple product lines, and each product line needs segregation and categorization for better management. With Tally ERP 9, you can do it efficiently by creating many groups, categories, batches, and locations for your stock. It’s flexible in measurement. 

A considerable amount of stock needs to be quantified well for proper management of stock units. Realtime complexities like buying in one unit and selling in another, profit estimation creates the need for quantifying the stock in more than one group. 

Measuring the unit of stock item with float point conversions now is not a cumbersome task with Tally ERP 9.

There are many flexible units of measures facilitated by Tally ERP 9 with smooth conversions so that stock can be adequately quantified.

  • Manufacturing details
  • Business is about profit, and profit estimation with inventory selling rates is a big-time process. For this, the proper manufacturing details and cost of raw materials involved, by-products yielded, need to be well known.
  • With Tally ERP 9, it is easy to track down and record the entire cycle of manufacturing activity.
  • Record raw materials involved and track the godowns which dispatch the raw materials.
  • Cost involved.
  • Record details of final products.
  • Track the details of by-products and scrap produced.
  • Billing

Bill of Material (BoM), a comprehensive feature provided by Tally ERP 9 facilitates you to define raw materials, assemblies, parts, and components required for manufacturing a product, and the by-products and scrap produced can also indulge under the BoM of finished products.

  • Continuous replenishment of inventory.

With a running business and continuous use of inventory stocks, it’s challenging to keep track of the goods going out of stock with precise quantity. Inventory needs to be refreshed so that the business runs and the customers are happy. 

The reorder level is a feature of Tally ERP 9 that will never let you run out of stock. Know in real-time the category of stock about to finish, and that needs to replenish along with the right quantities, with proper batch level management of stock quantities.

  • Set Reorder level or Minimum level.
  • Automatically status report is generated with shortfall and quantities to order. 
  • Multiple Stock Valuation. 

When you have multiple product lines, you have numerous inventories and big stock and different valuation methods required for different stock units.

With Tally ERP 9, value your multiple stocks using various valuation methods. Set different stock valuation methods for each item based on your needs. 

Following valuation methods are supported by Tall ERP 9 

  • LIFO Perpetual.
  • FIFO
  • FIFO Perpetual
  • Average Cost
  • Monthly Avg. Cost.
  • Last purchase cost
  • At Zero Cost
  • LIFO Annual
  • Std. Cost
  • Invoicing

Under this feature, you can enable some options to generate vouchers in invoice formats.

The following are the options you can mark yes or no for the feature to be active.

  • Enable Invoicing?
  • Record purchases in invoicing mode?
  • Use debit and credit notes?  

Enable this option for credit note and debit note voucher types.

  • Record credit notes in invoice mode?
  • Record debit notes in invoice mode?

Job Work

Manage job work process as Principal manufacturer and job worker with Job Work feature of Tally ERP 9. Record material issues, consumption, etc. supported by job work reports. 

Life of product (Manufacture and Expiry Date)-

Manufacture and expiry date management are crucial for products that have a defined life duration. 

Batch summary report feature of Tally ERP 9 facilitates you to maintain batches of stock with the accurate manufacture and expiry dates with full insights like days left for expiry, manufacturing date, best before days, etc.

To conclude, it would be enough to state that the excellent user interface, inventory features in Tally ERP 9, GST updates and all other relevant attributes that a big, small or any medium-sized business needs can very well be handled and managed by Tally Invoice Customization Tool provided by Smart Sight Innovations.

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