Stock Summary in tally one of my favourite features in tally.
On a single screen, you can view every detail of your stock in tally. This is what tally is known for.
You can see stock categories, stock item name, closing stock value and so much more in stock summary in tally.
In this post, we are going to see every possible functionality about that.
So, let’s start.
What you will learn in this post
- What is Stock Summary in Tally
- How to Display Stock Summary in Tally
- How to maintain Stock/Inventory in Tally
- Closing Stock Valuation in Tally – FIFO, LIFO, WAM etc.
- Export Stock Items from Tally
What is Stock Summary in Tally – Easy Explanation
Stock Summary in tally is the place where you will see all of your stock in tally if you have maintained inventory in tally.
For example, if you purchase 5 mobile phones at ₹10,000 per mobile phone, then you can see that in Tally at a place which is called stock summary.
When, you sell it, you can also see the profit as well as the remaining closing stock in tally.
All these functions are available in stock summary.
Here is what it looks like in Tally ERP 9.
But, where can you see it? Let’s move onto the next topic for that.
How to Display Stock Summary in Tally
It is extremely easy to see stock summary in tally. It is available on the Gateway of Tally as shown in the picture below.
Click on it and you will be in the stock summary.
Now, let’s see the different functions and reports of stock summary in tally.
How to maintain Stock/Inventory in Tally – Reports & Functions
There are many different ways in which you can maintain or manage stock or inventory in tally.
In fact, there so many different reports in stock summary in tally with the help which, it will be extremely easy for you to manage inventory as well.
Let’s see and understand each one of them.
Seeing the Profit in Stock Summary in Tally
You can see the gross profit on the products sold in stock summary in tally.
Just press F7 and you can see the outwards column along with the closing balance column.
You can see quantity, rate, value, consumption, gross profit and gross profit in percentage in the outwards column.
For each of the stock item, you can see profits individually. You can also see the average profit of all the products in tally.
Stock Group Wise Items in Tally
You can also see group wise items in stock summary in tally.Let’s say for example, we have keyboard, mouse and mobiles in our stock. You can group them under electronics for a better view.
Similarly, you can create different groups for different stock items in tally to take decisions based on a group.
If there are more than one groups, you can either create a stock category or another sub stock group in tally for further segregation.
Godown for Stock Items in Tally
If you have enabled godowns in tally, you can easily see in which godown the stock item is located in tally.
This function is also available in stock summary in tally.
Press ALT + F1 which is the shortcut for detailed view in tally.
As soon as you do that, you will see that under each stock item, name of the godown is mentioned.
This can come really handy, if you want to know, for example, where the t-shirts are right now as you want to sell them.
Or, you can see at which godown, more stock is there and on the basis of that, you can shift the stock to another location.
Configuration of Stock Summary in Tally
There are a lot of other options in the configuration menu in stock summary in tally.
Press F12 – which is the shortcut for configuration in tally.
You can set all the options to Yes to see each of detail of every stock item in tally. Just do it to see what happens.
Similarly, you can turn some options off and get the information that you want about your products in tally.
Inventory Reports in Stock Summary in Tally
There are 11 different inventory reports that are directly available in stock summary in tally.
Press F9 and you will be in the inventory reports in tally.
Each of the above inventory report can help you in a different way depending upon your needs.
For example, in movement analysis report, you can see the inwards and outwards of the stock items with effective rate.
In a similar way, you can use different inventory reports and make business decisions based on that.
You can also export or print the inventory reports in PDF or Excel file formats from tally.
Accounting Reports in Tally
There are total 17 accounting reports in tally and you can directly access them from stock summary.
You can go there by pressing F10.
Following are the accounting reports that are available in tally.
- Balance Sheet
- Bills Payable
- Bills Receivable
- Cash/Bank Books
- Cash Flow
- Cost Center Summary
- Day Book
- Funds Flow
- Profit & Loss A/c
- Purchase Orders
- Purchase Register
- Ratio Analysis
- Receipts and Payments
- Sales Orders
- Sales Register
- Trial Balance
You can see all the above reports separately in tally as well but as they are useful while looking at your stock, you can directly access them from stock summary in tally.
Range of Information in Report in Tally
There is one more reporting option in stock summary in tally which is situated at the end of the screen.
It is called Range and you can go in it by pressing ALT + F12 or simply clicking on it.
The function of the range is similar to filter option that we use on e-commerce sites.
For example, if you are buying a t-shirt, you can filter it by colour, size, fabric etc.
Similarly, by using the range report in stock summary, you can filter or in other words, set the range for stock items in tally.
For example, I have set a range for a stock item having closing quantity greater than 5. Tally will show me all the stock items which match the above criteria.
You can also mix and match more than one criteria to exactly see the stock items as per your requirement.
It is upto your creativity how you use it.
Value to Calculate in Report in Tally
This is called as Value Report in tally.
You can go to this option by pressing CTRL + F12 in stock summary in tally.
It is similar to what we have seen above in Range Reports.
The only difference is that in value report, you can only see the balances or the actual values using different conditions in tally.
For example, I have used the option to calculate or display the values of all the stock items which have been bought by a buyer name containing Yash.
So, I can see all the stock items for which I have a buyer named Yash or someone whose name contains Yash.
There is one buyer who has bought t-shirts from me whose name is Yashaswini and now there is rejection voucher in tally against it.
This option or report can be used in all the ways that you can imagine in tally.
Orders in Stock Summary in Tally
Press ALT + F7 which is the shortcut for orders report in stock summary in tally.
You can see the following by using the orders option.
- Nett Stock = Stock in Hand + Purchase Orders – Sales Orders
- Purchase Orders Outstanding
- Saleable Stock = Stock in Hand – Sales Orders
- Sales Orders Outstanding
- Stock in Hand
By using the above Orders option, you can actually see the effects of your orders on your actual stock.
These options are very useful for all of you, who are using orders processing in tally.
Godown Type in Stock Summary in Tally
There are different types of godowns in tally.
You can see the stock information for different godowns by selecting the option of godowns in tally.
You can easily see the below values for godowns in stock summary in tally.
- All Types
- Our stock and third party stock with us
- Our stock with third party
- Our stock with us
- Our stock with us and third party
- Third party stock with us
All of the above options can be really useful, if you are using job work in tally. You can easily see which stock is with you can which stock is with the third party.
Closing Stock Valuation in Tally – FIFO, LIFO, WAM etc.
There are different closing stock valuation methods in tally which are directly available and you can use them.
It is really very easy to get the closing stock valuation as per your required closing stock method, be it FIFO, LIFO, WAM or some other popular methods.
Follow the steps below to see how it is possible in tally.
- Inside the Stock Summary, press ALT + C – which is the shortcut for New Column.
- Choose the dates for beginning and the end. I generally choose a financial year.
- You can also choose the currency, if you have enabled multi-currency in tally.
- Then, select the name of the group, only if you want the closing stock valuation for a particular group, otherwise select Primary in the name of group.
Now, comes the option of method of stock valuation. Select FIFO Perpetual which is required as per the Income Tax Act in most cases.
- Select Stock in Hand as the type of value because we want to value the closing stock which is currently on our hand.
- Press Enter.
You will see two different columns on the screen for the comparison purpose.
On the left hand side, it is the default closing stock valuation method which is used by tally and it is average valuation method.
On the right hand side, you will see it is FIFO Perpetual because we had selected that method.
If you have done enough transactions in tally, you can easily notice the difference in the valuation of closing stock on both the sides.
You can also export or print the closing stock report in FIFO Perpetual from tally.
Stock Summary in Tally – Video
Stock summary is an important part of tally. You cannot imagine tally without stock summary in it.
It is centre for inventory management in tally.
All the effects of inventory vouchers in tally can be seen in stock summary in tally.
You can also see tally notes about inventory management in tally to learn more.
I am sure you must have learnt a lot but still if you have any questions, or suggestions, then you know what to do.
Comment down below and I will be happy to help you.
I reply to every comment. 🙂