Creating Stock Groups, Stock Items, and Units of Measure in Tally Prime
Managing inventory efficiently is crucial for businesses. In Tally Prime, you can organize inventory by creating stock groups, stock items, and units of measure. This article provides a step-by-step guide with real examples to help you set up your inventory system effectively.
1. What Are Stock Groups, Stock Items, and Units of Measure?
Stock Groups: These are used to classify and group similar stock items for better organization and reporting.
Stock Items: These are the individual products or goods you manage in your inventory.
Units of Measure: These define the measurement units used to quantify stock items, such as pieces, kilograms, or liters.
2. How to Create Stock Groups in Tally Prime
Follow these steps to create stock groups:
Step 1: Open Tally Prime
Launch Tally Prime and go to the Gateway of Tally.
Step 2: Open Stock Group Creation
Navigate to:
Gateway of Tally → Inventory Masters → Create → Stock Group
Step 3: Enter Stock Group Details
Provide the following information:
Name: Enter the name of the stock group. For example, "Electronics."
Under: Specify the parent group if applicable. For example, "Primary."
Set Alteration of Stock Group: Choose "Yes" if you want to configure additional settings.
Press Enter to save the stock group.
Real Example:
Create a stock group called "Electronics" under "Primary." This group will include items like TVs, laptops, and mobile phones.
Name: Enter the name of the stock item. For example, "Laptop."
Under: Select the stock group under which this item will be categorized. For example, "Electronics."
Units: Select the unit of measure. For example, "Nos" (Numbers).
Opening Balance: Enter the initial quantity and rate, if applicable.
Press Enter to save the stock item.
Real Example:
Create a stock item called "Laptop" under the stock group "Electronics" with a unit of measure "Nos" and an opening balance of 10 units at $500 per unit.
4. How to Create Units of Measure in Tally Prime
Follow these steps to create units of measure:
Step 1: Open Units of Measure Creation
Navigate to:
Gateway of Tally → Inventory Masters → Create → Units of Measure
Step 2: Enter Unit Details
Provide the following information:
Type: Select the type of unit. For example, "Simple."
Symbol: Enter the symbol for the unit. For example, "Kg" for kilograms.
Formal Name: Enter the formal name. For example, "Kilogram."
Number of Decimal Places: Specify the precision level. For example, "2" for two decimal places.
Press Enter to save the unit of measure.
Real Example:
Create a unit of measure with the symbol "Kg," formal name "Kilogram," and two decimal places.
5. Summary
Let’s summarize the steps with a practical example:
Create a stock group named "Electronics."
Create stock items like "Laptop" and "Mobile Phone" under the "Electronics" group.
Create units of measure like "Nos" (Numbers) and "Kg" (Kilograms) to quantify the stock items.
6. Conclusion
By creating stock groups, stock items, and units of measure in Tally Prime, you can organize your inventory efficiently and streamline your business operations. These features make it easier to manage and track stock, ensuring accurate records and reporting.