Inventory Voucher in Tally Prime

An Inventory Voucher in Tally Solutions Tally Prime is used to record and track the movement, adjustment, transfer, or consumption of stock/inventory in a business. Unlike accounting vouchers, which mainly record money-related transactions, inventory vouchers primarily record quantity and movement of goods.

For example, if a business:

• Transfers 20 units from Mumbai godown to Pune godown
• Receives goods into the warehouse
• Sends goods out of the warehouse
• Adjusts physical stock after counting
• Uses raw materials for production

Here is the name as well as examples of inventory voucher.

1. Purchase Voucher
2. Payment Voucher
3. Sales Voucher
4. Receipt Voucher
5. Credit Note Voucher
6. Debit Note Voucher

Inventory Features in Tally Prime

Inventory Features in Tally Prime are the settings that allow a business to maintain, manage, and control its stock and inventory-related activities. These features determine how inventory is recorded, tracked, and managed in the company.

List of Inventory Features in TallyPrime

1. Discount Voucher
2. Zero Values Entry
3. Different Actual and Billed Quantities
4. Additional Cost of Purchase
5. Invoice and POS
6. Physical and Stock Journal

Advanced Inventory Features in TallyPrime

Advanced Inventory Features provide more detailed control over inventory movement, manufacturing, batches, godown, orders, and job work.

These become especially useful for manufacturing, wholesale, distribution, and multi-location businesses.

Some important advanced inventory capabilities are:

1. Batch-wise Details
2. Bill of Materials (BOM)
3. Reorder Levels
4. Job Work / Job Order Processing
5. Purchase Order Processing
6. Sales Order Processing
7. Manufacturing / Production
8. Material In and Material Out

Accounting Features in TallyPrime

Accounting Features in TallyPrime are the settings that allow a business to manage and control different accounting activities, such as cost centres, banking, credit limits, interest calculation, budgeting, and other accounting-related transactions.

List of Accounting Features in TallyPrime

1. Cost Center & Cost Category
2. Import & Export
3. Interest Calculation
4. Credit Limit
5. Banking
6. Budget & Control

Non-Accounting Vouchers in TallyPrime

Non-Accounting Vouchers in TallyPrime are vouchers used to record business information or transactions that do not directly affect the accounting books or financial statements at the time of entry.

They are mainly used to keep track of orders, inventory movements, commitments, and other business activities without immediately creating an accounting entry.

List of Non-Accounting Vouchers in TallyPrime

1. Optional Voucher
2. Memorandum Voucher
3. Reversing Journal
4. Post-Dated Voucher

Payroll in TallyPrime

Payroll in Tally is a feature used to manage employees, salaries, attendance, payroll calculations, deductions, and salary payments within a company. Payroll in Tally is a system for maintaining employee information, calculating salaries, recording attendance, managing salary components and deductions, and recording salary payments. It helps an organization maintain employee records and calculate monthly salary based on attendance, pay structure, allowances, deductions, overtime, and other payroll components.

The payroll process generally includes:

Employee Master → Employee Group → Pay Heads → Salary Details → Attendance → Payroll Vouchers → Salary Calculation → Salary Payment

TDS in TallyPrime

TDS (Tax Deducted at Source) is a system under the Indian Income Tax Act where the person making certain specified payments deducts tax before making the payment to the recipient and deposits that tax with the government.

In simple words:

TDS means deducting a certain amount of tax from a payment at the time of payment or credit and depositing the deducted amount with the government.

What is GST?

GST (Goods and Services Tax) is an indirect tax charged on the supply of goods and services in India. It is a destination-based tax, which means the tax is generally collected where the goods or services are consumed.

GST was introduced in India on 1 July 2017 to create a more unified indirect tax system. It replaced several central and state-level indirect taxes, including VAT, Service Tax and Excise Duty for many transactions.

GST is collected at different stages of the supply chain, but the final burden of the tax is generally borne by the end consumer.

Businesses registered under GST collect applicable GST from customers and pay the tax to the government after adjusting eligible Input Tax Credit (ITC).

MIS Report in TallyPrime

MIS (Management Information System) Reports in Tally are reports that provide useful financial, accounting, inventory, sales, purchase, and business information to management for analysis, monitoring, and decision-making.

In simple words:

MIS reports in Tally help business owners and managers understand the current performance of their business and make better decisions using accounting and business data.

MIS reports can provide information about sales, purchases, expenses, outstanding amounts, cash and bank balances, inventory, profitability, and other business activities.

Backup, Restore and Export in TallyPrime

In Tally Prime, Backup, Restore, and Export are important data-management features used to protect company data, recover data when required, and share information in different formats.

Practice Assignments for Students

This section contains practical purchase voucher assignments designed to help students learn how to record purchase transactions in Tally Prime. Students can practice different types of purchases, including cash purchases, credit purchases, GST purchases, and purchases from different suppliers.

Test Your Tally Skills

The Tally Exam for Students is a practical assessment designed to test students’ knowledge and skills in accounting, Tally Prime, GST, inventory, payroll, and business transactions.