Opening Stock and Closing Stock Values

In your business, there may be situations when you will find discrepancies in the actual amount of stock in your godown or shop and the amount recorded in the system due to inventory shrinkage, mismanagement of returns, misplacement of stock items, and other human errors. In such cases, you can enter the actual opening and closing stock for the stock item separately.    

1. Create a ledger for the stock item under Stock-in-Hand group.
   1. Alt+G (Go To) > select Create Master > select Ledger > press Enter.
      Alternatively, Gateway of Tally > Create > select Ledger > press Enter.
   2. Enter the name of stock item.
   3. In the Under section, type or select Stock-in-Hand > press Enter.
2. Enter the amount corresponding to Opening Balance.
3. Accept the screen. As always, press Ctrl+A to save.
4. Enter Closing Balance.
   1. Alt+G (Go To) > select Alter Master > select Ledger > select the ledger you created for stock item > press Enter.
   2. Enter the Date and Closing Balance value. Press Ctrl+A to save

To view the Opening and Closing Balances in your financial report

• Press F11 > set Integrated Accounts with Inventory to No.
• Press Alt+G (Go To) > select Profit & Loss A/c and check Opening Stock and Closing Stock values.

View Edit Log for Stock Items

In your business, there may be situations in which you will need to update the cost of the Stock Item, HSN/SAC code, unit, and other field values. Such changes impact your financial data.

Edit Log tracks all the activities impacting your Company data.  

1. Open the Stock Item.
   1. Press Alt+G (Go To) > type or select Chart of Accounts and press Enter > select Stock Item and press Enter.
      Alternatively, press Alt+G (Go To) > Alter Master > Type or select Stock Item and press Enter.
   2. Type or select the name of the Stock Item and press Enter.
      The Stock Item Alteration screen appears.
      If you drill-down on a deleted Stock Item from Chart of Accounts, then the Edit Log report opens.
2. Press Alt+Q (Edit Log).
   Alternatively, press Ctrl+O (Related Reports) > Edit Log and press Enter.
   The Edit Log report displays Version, Activity, Username, and Date & Time.
   Refer to Activities Tracked Under Edit Log to know more.
3. Bring the cursor to any version and press Enter.
   The Differences Between Edit Log Versions screen appears.
   You can view the details of changes made in the selected version of the stock item as compared to its previous version.TallyPrime highlights the changes made in the stock item as compared to its previous version in red text.
   Similarly, you can drill down to any version and view the comparison between the version and its previous one.
   Note: You will not be able to drill down on the Resaved version as there are no data of changes between the versions.
   To know more about the report, refer to Differences Between Edit Log Versions.
4. Configure the report to compare the versions, as needed.
   1. Press F12 (Configure).
   2. Show altered values only: Yes.
      Subsequently, only the values that you have changed in the stock item will be highlighted in red text.
      For instance, if you had changed Quantity, Rate, or Name of the stock item, then you will be able to view it.
      Set it as No, if you do not want to view those values.
   3. Show configuration-based value (such as Yes/No, or change from blank to Not Applicable/Primary): Yes.
      Subsequently, you will be able to view the difference in the configurations of both the versions.
      For instance, if you had changed fields such as Use Alternate Units and Provide MRP Details under F12 configurations, then you will be able to view it.
      Set it as No, if you do not want to view the difference in the configurations of both the versions.
   4. Show internal fields updated by the application: No.
      As a result of alteration, TallyPrime updates a few internal fields in the application.
      Set is as Yes, if you want to view such fields in the report.
      After configuring as shown above, a sample report appears as shown below.

Classify Stocks Items | Stock Groups and Stock Categories

Managing stock items in groups help in easily locating them, especially when you need to track different stock items sharing a common feature – say a common brand, product type, material used, and so on. You can get a consolidated view of the total stock items available under that group. Stock items under a group need to have the same unit of measurement for consolidation and better management. This also helps in reporting of stock items group-wise in the financial statements.