Category: Beginner

LIFO Perpetual (Last In, First Out) in TallyPrime is an inventory valuation method where the cost of the most recently purchased inventory is applied to each transaction as it occurs, in real-time. Unlike LIFO Annual, which is applied at the end of the year, LIFO Perpetual continuously updates inventory costs and Cost of Goods Sold…

LIFO Annual (Last In, First Out) Valuation Method in TallyPrime is an inventory accounting method where the cost of the most recently acquired items is used first when valuing inventory sold or used within a year. The remaining inventory is valued based on the oldest purchase prices. 1. How LIFO Annual Works: 1. Annual Purchase…

Last Purchase Cost Valuation in TallyPrime is an inventory valuation method where the cost of an item is based on the price of the most recent purchase. This method is useful for businesses that want to price their inventory based on the latest market rates. 1. How Last Purchase Cost Works in TallyPrime: When you…

FIFO Perpetual in TallyPrime is an inventory valuation method where the “First In, First Out” principle is applied continuously, in real-time. Every time a transaction occurs (such as purchases or sales), TallyPrime automatically updates the inventory costs based on the FIFO principle. 1. Detailed Example of FIFO Perpetual in TallyPrime: Let’s break down an example:…

FIFO (First In First Out) in TallyPrime is an inventory valuation method where the cost of goods is calculated based on the assumption that the first items purchased (or produced) are the first ones to be sold or used. This method ensures that the oldest inventory costs are charged to cost of goods sold (COGS)…

Average Cost Valuation in TallyPrime is a method used to value inventory by averaging the cost of all units available in stock. This method considers the total cost of inventory purchased divided by the total quantity to determine the per-unit cost. 1. How Average Cost Valuation Works in TallyPrime: 1. Calculation: 2. Automatic Adjustment: TallyPrime…

At Zero Cost costing in TallyPrime refers to recording the receipt of materials without attributing any cost to them. This scenario typically arises when materials are received free of charge or when costing is not required. 1. How to Record At Zero Cost in TallyPrime: 1. Create a Stock Item: 2. Create a Voucher: 3.…

The Material Out Register Report in TallyPrime for Job Work In is a comprehensive report that tracks the materials sent out for job work processes. This report is crucial for businesses that engage in sending materials to external vendors or internal departments for further processing, assembly, or manufacturing. It helps in monitoring the movement of…

The Material Movement Register (Job Work Out) in TallyPrime provides a comprehensive overview of the movement of materials (components and finished goods) related to Job Work Out Orders. Here’s a detailed breakdown of the key columns you’ll typically find in this report: 1. Core Columns in Material Movement Register in TallyPrime 2. Additional Columns (Optional)…

Here’s a detailed explanation on recording payment to a job worker in TallyPrime, including examples: 1. Process Overview: Payment to Job Worker in TallyPrime 2. Steps to Record Payment to Job Worker: 1. Go to Vouchers: Gateway of Tally > Vouchers > Press F5 (Payment) or Alt+G (Go To) > Create Voucher > Press F5…