Adequate inventory management is necessary for businesses to optimize inventory levels, reduce wastage, and improve profitability. TallyPrime, a leading accounting and business management software, provides strong inventory management features to facilitate companies to track, manage, and analyze inventory effectively.
Features of Inventory Management in TallyPrime
TallyPrime has multiple inventory management features that simplify tracking stocks and reporting. Some of its core features include:
- Stock Groups & Stock Categories
Helps organize inventory in a systematic way.
Stock groups allow categorization based on the likeness of characteristics.
Stock categories help companies analyze stock based on multiple categorizations.
- Stock Items
Each raw material or product is maintained as a stock item.
Unit of measurement, cost, and selling price information can be stored.
- Godowns & Locations
Handles inventory in more than one storage locations.
Helps companies operate warehouses efficiently.
- TallyPrime has multiple inventory management features that simplify tracking stocks and reporting. Some of its core features include:
- Stock Groups & Stock Categories
Helps organize inventory in a systematic way.
Stock groups allow categorization based on the likeness of characteristics.
Stock categories help companies analyze stock based on multiple categorizations.
- Stock Items
Each raw material or product is maintained as a stock item.
Unit of measurement, cost, and selling price information can be stored.
- Godowns & Locations
Handles inventory in more than one storage locations.
Helps companies operate warehouses efficiently.
- Units of Measurement
Handles different units like kilograms, liters, pieces, etc.
Handles unit conversion from different units.
- Batch-Wise & Expiry Date Management
Suitable for trading companies that deal in perishable products and drugs.
Handles tracking expiry of stock and preventing losses due to obsolete stock.
- Reorder Level & Minimum Stock Management
Use reorder levels to avoid stockouts.
Helps maintain optimal inventory level.
- Bill of Materials (BOM) & Manufacturing Journal
Applicable to organizations involved in manufacturing activities.
BOM helps determine raw materials required for production.
- Inventory Reports
Reports such as Stock Summary, Stock Ageing Analysis, and Movement Analysis.
Helps make intelligent purchasing and sales decisions.
Handles different units like kilograms, liters, pieces, etc.
Handles unit conversion from different units.
- Batch-Wise & Expiry Date Management
Suitable for trading companies that deal in perishable products and drugs.
Handles tracking expiry of stock and preventing losses due to obsolete stock.
- Reorder Level & Minimum Stock Management
Use reorder levels to avoid stockouts.
Helps maintain optimal inventory level.
- Bill of Materials (BOM) & Manufacturing Journal
Applicable to organizations involved in manufacturing activities.
BOM helps determine raw materials required for production.
- Inventory Reports
Reports such as Stock Summary, Stock Ageing Analysis, and Movement Analysis.
Helps make intelligent purchasing and sales decisions.
How to Manage Inventory in TallyPrime
- Enable Inventory Features
Go to F11: Features > Inventory Features and enable advanced options required.
- Set up Stock Groups & Stock Items
Go to Gateway of Tally > Inventory Info > Stock Groups/Stock Items and set up necessary groups and items.
- Setup Godowns/Warehouses
Go to Inventory Info > Godowns to setup locations where stocks are kept.
- Enter Stock Opening Balances
While migrating to TallyPrime, put the opening stock balances for proper tracking.
- Record Stock Transactions
Use Stock Journals, Sales Vouchers, and Purchase Vouchers to capture stock movement.
- Track Inventory through Reports
Stock Summary, Reorder Status Report, and Ageing Reports are reviewed regularly to maintain optimal levels of stock.
Advantages of Inventory Management in TallyPrime
- Eliminates manual errors with automatic stock tracking.
- Minimizes inventory levels by not keeping excess or running out of stock.
- Strengthens decision-making with smart reports and analysis.
- Increases productivity through automated purchase, sale, and stock transfer.
- Supports different business models, including trading, manufacturing, and retail companies.
Conclusion
TallyPrime offers an advanced inventory management system that allows small, medium, and large-scale companies to maintain accurate stock records, automate, and improve efficiency. With the strong inventory feature of TallyPrime, businesses can save money, improve stock handling, and enable hassle-free business operations.For businesses seeking to leverage the full potential of TallyPrime, finding its inventory features and using its reports for better decision-making can prove to be a game-changer in managing inventories
