Create Stock Item in Tally Prime Notes for Practice

How to create Stock Group, Unit, Godown and stock item in Tally Prime. Step by Step Notes with practice assignment for Self Study of learners.

Create a New Company for Practice the creation of Stock Group, Godown, Unit and Stock Item

F3  : (Company) > Create Company

Accounting :
Maintain Account	:Yes
Enable bil wise entry	:Yes
Inventory :
Maintain Inventory	:Yes
Integrate Accounts with Inventory	:Yes
Taxation :
Enable GST	:No

Create Stock Group in Tally Prime

Gateway of Tally > Masters > Create > Inventory Masters > Stock Group

Stock Group	Under
System	Primary
Parts	Primary
Mother Board	Parts
CD Rom	Parts
System	Primary
Eight Speed	CD Rom
Ten Speed	CD Roms
System	Primary
Software	Primary
Ace	Software
King	Software
Queen	Software

Create Godown / Location

Gateway of Tally > Masters > Create > Inventory Masters > Godown Main Location exists by default. Create following new Godown

Godown	Under
Onside	Primary
Ware House	Primary

Create Unit

Gateway of Tally > Masters > Create > Inventory Masters > Unit

Symbol	Formal Name
Nos	Number

Type: Simple

Create Stock Item in Tally Prime

Gateway of Tally > Masters > Create > Inventory Masters > Stock item
F12 : Configure > Show More Configuration : Yes
Inventory details : Provide Standard Buying and Selling Rates : (Yes)


During creation of following items use
Units: Nos
Set Standard Rates (Yes) : Provide Rate of respective item from below table.
Opening Balance : Quantity of item
Godown : Onside and Warehouse, as mentioned below (Do’t fill rate here)

Item Name	Under	Standard Cost Rate	Selling Price Rate	Quantity	Onside	Warehouse	Amount
P086 MX	System	750	940	8	7	1	600
P092 MX	System	900	1130	15	2	13	13500
P110 MX	System	1030	1290	12	2	10	12360
MBP 133	Parts	240	320	2	2	0	480
MBP 150	Parts	285	380	6	6	0	1710
MBP 166	Parts	335	450	10	10	0	3350
Gold 8	Eight Speed	45	60	2	2	0	90
Silver 8	Eight Speed	55	70	4	4	0	220
Brown 8	Eight Speed	60	80	4	4	0	240
Gold 10	Ten Speed	75	100	25	25	0	1875
Silver 10	Ten Speed	95	130	20	20	0	1900
Data Base A	Ace	175	250	10	10	0	1750
Speed Short A	Ace	155	220	15	15	0	2325
Data Base K	King	100	150	7	7	0	700
Speed Short K	King	140	200	8	8	0	1120
Data Base Q	Queen	210	306	10	10	0	2100
Speed Short Q	Queen	70	100	4	4	0	280

Go To (Alt+G) : Stock Query : To check individual items
Go To (Alt+G) : Stock Summary > F5 (stock Item wise)

Voucher Entry in Tally Prime

All entries which you made in these given accounting vouchers are effect on your current accounting of your business.

• F4: Contra : Cash deposited into bank and cash withdrawn from bank entries.
• F5: Payment: Cash and cheque payment including cash and bank purchase entries.
• F6: Receipt: Cash and cheque received including cash and bank sales entries.
• F7: Journal: All non-cash transactions entries.
• F8: Sales: Only credit sales entries.
• F9: Purchases: Only credit purchase entries.
• Alter + F7: Stock Journal: Stock transferred and production entries.

Gateway of Tally > Transactions > vouchers

Vouchers Mode Entries

Mode Change for Purchase and Sales voucher
Ctrl +L           : Accounting Invoice       :As voucher

1. Started Business with cash Rs500000                           (Receipt.F6)
2. Open bank account in PNB bank with cash Rs 25000  (Contra.F4)
3. Purchased goods for cash of Rs 50000                         (Payment.F5)
4. Purchased Machinery for Cash Rs 100000                    (Payment.F5)
5. Purchase goods on credit from Mr. Pawan Kumar Rs 60000 (Purchase. F9)
6. Paid discount Rs 2000                                                   (Payment.F5)
7. Sold goods on credit to Mr. SameerAlamRs 72000      (Sales. F8)
8. Purchase goods on credit from Super Pvt. Ltd. Rs 16000  (Purchase. F9)
9. Received cash from Mr. SameerAlamRs 72000              (Receipt. F6)           
10. Paid cash to Mr. Pawan KumarRs 60000                        (Payment.F5)
11. Commission received Rs 5000                                       (Receipt. F6)
12. Electricity bill paid Rs 1000                                            (Payment.F5)
13. Purchased goods on credit from Sona Enterprise Rs 14000  (Purchase. F9)
14. Purchased computer for cash Rs 21000                         (Payment.F5)
15. Deposited cash into PNB bank Rs 10000                       (Contra.F4)
16. Sold goods for cash Rs 80000                                        (Receipt.F6)
17. Paid cash to Sona Enterprise Rs 14000                          (Payment.F5)
18. Depreciation on 10% for Machinery Rs 5000                 (Journal.F7)
19. Interest paid cash on loan Rs 1000                                 (Payment.F5)
20. Withdraw cash into PNB bank Rs 25000                         (Contra.F4)
21. Received Service Charge Rs 18000                                (Receipt.F6)
22. Paid cash to Super Pvt. Ltd. Rs 16000                             (Payment.F5)

Voucher Entry in Tally: Step by Step

Create the required Ledger directly

Press Alt+C after reaching in the entry box below Particulars.
Example : Create Capital Ledger under Capital Account Group
PNB Bank Ledger under Bank Account and so on.

(Receipt.F6)

Cr Capital	500000	Capital Accounts
Dr Cash	500000	Cash in Hand

(Contra.F4)

Cr Cash	25000	Cash in Hand
Dr PNB Bank	25000	Bank Accounts

(Payment.F5)

Dr Purchase	50000	Purchase Accounts
Cr Cash	50000	Cash in Hand

(Payment.F5)

Dr Machinery	100000	Fixed Assets
Cr Cash	100000	Cash in Hand

(Purchase. F9)

Cr Pawan Kumar	60000	Sundry Creditors
Dr Purchase	60000	Purchase Accounts

(Payment.F5)

Dr Discount	2000	Indirect Expenses
Cr Cash	2000	Cash in Hand

(Sales. F8)

Dr SameerAlam	72000	Sundry Debtors
Cr Sales	72000	Sales Accounts

(Purchase. F9)

Cr Super Pvt Ltd	16000	Sundry Creditors
Dr Purchase	16000	Purchase Accounts

(Receipt.F6)

Cr Sameer Alam	72000	Sundry Debtors
Dr Cash	72000	Cash in Hand

(Payment.F5)

Dr Pawan Kumar	60000	Sundry Creditors
Cr Cash	60000	Cash in Hand

(Receipt. F6)

Cr Commission	5000	Indirect Incomes
Dr Cash	5000	Cash in Hand

(Payment.F5)

Cr Cash	1000	Cash in Hand
Dr Electricity Bill	1000	Indirect Expenses

(Purchase. F9)

Cr Sona Enterprise	14000	Sundry Creditors
Dr Purchase	14000	Purchase Accounts

(Payment.F5)

Cr Cash	21000	Cash in Hand
Dr Computer	21000	Fixed Assets

(Contra.F4)

Cr Cash	10000	Cash in Hand
Dr PNB Bank	10000	Bank Accounts

(Receipt.F6)

Cr Sales	80000	Sales Accounts
Dr Cash	80000	Cash in Hand

(Payment.F5)

Cr Cash	14000	Cash in Hand
Dr Sona Enterprise	14000	Sundry Creditors

(Journal.F7)

Dr Depreciation	5000	Indirect Expenses
Cr Machinery	5000	Fixed Assets

(Payment.F5)

Cr Cash	1000	Cash in Hand
Dr Interest on Loan	1000	Indirect Expenses

 (Contra.F4)

Cr PNB Bank	25000	Bank Accounts
Dr Cash	25000	Cash in Hand

 (Receipt.F6)

Cr Commission	18000	Indirect Income
Dr Cash	18000	Cash in Hand

 (Payment.F5)

Cr Cash	16000	Cash in Hand
Dr Super Pvt Ltd	16000	Sundry Creditors

Balance Sheet : Gateway of Tally > Reports > Balance Sheet

Cash in Hand	400000
Bank Accounts	10000
Net Profit	26000
Balance Sheet	526000

Show all Vouchers Entries : Gateway of Tally> Transaction  > Day Book

Groups and Ledgers in Tally Prime

Introduction of Tally Prime

Accounting Fundamental

The Ultimate Guide to Understanding Cr Dr in Tally | How to Use Cr Dr in Tally Like a Pro | The Importance of Cr Dr in Tally for Your Business Accounting | The Role of Cr Dr in Tally in Financial Planning and Analysis

In this Article you will learn The Ultimate Guide to Understanding Cr Dr in Tally | How to Use Cr Dr in Tally Like a Pro | The Importance of Cr Dr in Tally for Your Business Accounting | The Role of Cr Dr in Tally in Financial Planning and Analysis 

Tally Prime is a popular accounting software used by businesses to manage their financial transactions, maintain records, and generate reports. One of the fundamental concepts in accounting is the use of the terms "Cr" and "Dr" to represent credit and debit entries, respectively. In this article, we will explore the significance of Cr and Dr in Tally Prime and how they are utilized within the software.

In accounting, Cr represents a credit entry, which typically indicates an increase in liability, revenue, or equity accounts, or a decrease in asset or expense accounts. On the other hand, Dr stands for a debit entry, which usually signifies an increase in asset or expense accounts, or a decrease in liability, revenue, or equity accounts. These terms are essential for maintaining accurate financial records and ensuring the balance of accounts.

In Tally Prime, the Cr and Dr entries are used when recording transactions. When you create a new voucher in Tally Prime, you will be prompted to enter the relevant information such as the voucher type, date, and account details. Each transaction requires at least one Cr entry and one Dr entry to maintain the balance. For example, when recording a sales transaction, you would credit the sales account and debit the accounts receivable account.

Tally Prime provides a user-friendly interface to facilitate the entry of Cr and Dr values. When creating a voucher, you can select the appropriate ledger accounts from the chart of accounts or create new ones if necessary. The software automatically distinguishes between Cr and Dr entries based on the selected account type. For instance, if you choose a revenue account, the software will automatically assign the Cr option, whereas if you select an asset account, it will assign the Dr option.

The flexibility of Tally Prime allows you to modify or correct entries easily. If you realize that you made an error or need to edit a transaction, you can access the voucher entry screen and make the necessary changes. Tally Prime automatically adjusts the Cr and Dr entries to maintain the overall balance of the accounts affected by the transaction.

In addition to recording transactions, Tally Prime provides various reports that give you insights into your financial data. These reports are generated based on the Cr and Dr entries recorded in the software. Some commonly used reports include the trial balance, profit and loss statement, and balance sheet. These reports help you analyze your business's financial health and make informed decisions.

Tally Prime also offers several advanced features related to Cr and Dr entries. For example, you can set credit limits for your customers and receive alerts when those limits are exceeded. This feature ensures that you maintain control over your receivables and manage credit effectively. Tally Prime also allows you to set reminders for outstanding payments, ensuring that you promptly follow up with customers to receive payments.

Furthermore, Tally Prime enables you to perform various financial operations such as bank reconciliations, tax calculations, and inventory management. These operations involve the use of Cr and Dr entries to accurately reflect the impact on different accounts and maintain the integrity of your financial data.

Installing Tally on Windows 11 | install tally prime | how to install tally prime in laptop | how to install tally prime

Installing Tally on Windows 11

Installing Tally Prime on Windows 11 is a straightforward process. Tally Prime is a popular accounting software used by businesses for managing their financial data, generating reports, and performing various accounting functions. In this guide, I will walk you through the step-by-step process of installing Tally Prime on your Windows 11 computer. 

System requirements for Tally Prime:

Before you begin the installation process, make sure that your computer meets the system requirements for Tally Prime. The minimum system requirements for Tally Prime are as follows: 

1. Operating System: Windows 11 (32-bit or 64-bit) 
2. Processor: Intel Pentium IV or equivalent or higher 
3. RAM: 1 GB or more 
4. Hard Disk Space: 150 MB of free space 
5. Screen Resolution: 1024 x 768 or higher 

Once you have verified that your computer meets the minimum requirements, you can proceed with the installation process:

Installation process: 

Step 1: Download the Tally Prime Installer 

1. Open your web browser and go to the official Tally Solutions website. Click here to open official website.
2. Navigate to the Downloads section and locate the Tally Prime installer. 
3. Click on the download link to begin downloading the installer file. 

Step 2: Run the Installer 

1. Locate the downloaded installer file (typically in your Downloads folder). 
2. Double-click on the installer file to run it. 
3. If prompted by the User Account Control (UAC), click "Yes" to grant permission to run the installer. 

Step 3: Accept the License Agreement 

1. The Tally Prime installer will launch, displaying the welcome screen. 
2. Read the license agreement carefully, and if you agree to the terms, click on the "I Accept" button to proceed. 

Step 4: Choose Installation Location 

1. The installer will prompt you to choose the installation location for Tally Prime. 
2. By default, the installer will suggest a location. If you wish to change it, click on the "Browse" button and select a different folder. 
3. Once you have selected the desired installation location, click on the "Install" button to begin the installation process. 

Step 5: Wait for the Installation to Complete 

1. The installer will now copy the necessary files and components to your computer. 
2. Wait for the installation process to complete. This may take a few minutes. 

Step 6: Launch Tally Prime 

1. Once the installation is complete, you will see a confirmation message. 
2. Click on the "Finish" button to exit the installer. 
3. Tally Prime is now installed on your Windows 11 computer. 
4. You can launch Tally Prime by locating the desktop shortcut or by searching for it in the Start menu.

Step 7: Activate Tally Prime 

1. When you launch Tally Prime for the first time, you will be prompted to activate your license. 
2. Follow the on-screen instructions to enter your license details and activate Tally Prime. 
3. If you do not have a license, you can choose the trial version option to explore the software's features. 

Congratulations! You have successfully installed Tally Prime on your Windows 11 computer. You can now start using Tally Prime to manage your business's accounting and financial needs. Explore the various features and options available in Tally Prime to streamline your financial processes and generate accurate reports. Remember to periodically update Tally Prime to ensure that you have the latest features, bug fixes, and security updates. You can check for updates within the software or visit the Tally Solutions website to download the latest version.