Set up Godowns for Stock Received from Third Party in TallyPrime

In TallyPrime, you can effectively set up Godowns/Locations to track stock received from third parties.

This allows you to maintain separate inventory records for items you receive from external sources, such as suppliers sending goods on consignment or materials received for job work.

Here’s a detailed guide on configuring TallyPrime for managing stock received from third parties:

1. Creating Godowns for Third-Party Stock:

1. Gateway of Tally (Alt+F12):

Launch TallyPrime and navigate to the Gateway by pressing Alt+F12 or clicking the menu icon (if applicable).

2. Create Menu:

Within the Gateway, locate the “Create” option and either click on it or press the C key.

3. Godowns:

Select “Godowns” from the “Create” menu. This opens the “Create Godown” screen.

2. Configuring Godown for Third-Party Inventory in TallyPrime:

1. Godown Name:

Enter a descriptive name for the godown that reflects its purpose, such as “Raw Materials Received” or “[Supplier Name] Stock.”

2. Under:

Choose “Primary” if this is your main godown for receiving third-party stock.

You can create multiple godowns for different suppliers or types of third-party inventory.

3. Enable Third-Party Stock Details (F12):

Press F12 (Configure) to access configuration options.

Here, enable the option “Enable third-party stock details.”

This activates functionalities specifically for tracking third-party inventory within the godown.

3. Example to Set up Godowns for Stock Received from Third Party in TallyPrime:

You’re setting up a godown to track raw materials received from a supplier named “ABC & Co.”

• In the “Create Godown” screen, enter “Raw Materials – ABC & Co.” as the godown name.
• Choose “Primary” under “Under” if this is your main godown for incoming raw materials.
• Press F12 (Configure) and enable the option “Enable third-party stock details.”

4. Recording Stock Received from Third Party in Tally:

Once you’ve created the dedicated godown, you can use TallyPrime vouchers to record the receipt of stock from third parties:

1. Purchase Voucher (Ctrl+F9):

Utilize this voucher type to record purchases of inventory items received from third parties.

2. Example:

You receive 100 units of “Steel Rods” from “ABC & Co.”

• Create a Purchase Voucher.
• Select “ABC & Co.” as the supplier.
• Add the item “Steel Rods” with a quantity of 100.
• In the Purchase Voucher, you’ll typically have a section or field to select the receiving godown. Choose the newly created godown “Raw Materials – ABC & Co.” from the list.

5. Benefits of Tracking Third-Party Stock in Tally:

1. Clear Inventory Separation:

Maintains a clear distinction between your own inventory and items received from third parties, preventing discrepancies.

2. Improved Reporting:

Enables generating reports that differentiate your owned stock from third-party inventory, providing a clearer picture of your overall inventory position.

3. Enhanced Control:

Offers better control over incoming materials or goods received on consignment from external parties by tracking them within dedicated godowns.

6. Additional Considerations:

• You can utilize features like Stock Enquiry or Godown Summary reports (explained earlier) to analyze the movement and status of stock received from third parties.
• Consider setting up accounts payable for managing your payment obligations to the third-party supplier.

By effectively setting up Godowns/Locations for third-party stock in TallyPrime, you gain a streamlined system for managing inventory received from external sources.

This approach enhances your inventory management practices, improves reporting capabilities, and ultimately strengthens control over your overall stock management processes.