Top 5 Inventory Management Features in Tally

December 27, 2024

Tally not only simplifies accounting tasks but also provides reliable inventory features. In this blog, we will explore the top 5 inventory management features in Tally & also how you can utilize them in BI Tool.

1. Inventory Classification

Tally Prime allows you to define unlimited stock groups, categories, batches and Godowns. This feature helps businesses to manage their inventory effectively.

Navigation:

1. Go to Gateway of Tally > Select Alter under Masters > Select Stock Groups, Categories, Batches under Inventory Masters.
2. Choose Create to define and organize your inventory.

2. Units of Measure

This is one of the useful inventory management features in Tally. This makes it easy to handle scenarios where stock items need to be bought in one unit and sold in another.

Navigation:

1. Go to Gateway of Tally > Select Alter under Masters > Select Show More option> Select Unit under Inventory Masters.
2. Select Create and define the required units and conversions.
3. Use these units while creating stock items and transactions.

3. Re-order Level

It helps you to avoid running out of stock. It tracks items that need restocking and shows how much to order.

Navigation:

1. Go to Gateway of Tally > Select Alter under Masters > Select Show More option> Select Reorder Level under Inventory Masters.
2. Select the item and enable Re-order Levels.
3. Define the minimum and reorder levels for each item.

4. Tracking Manufacturing and Expiry Dates

With this feature, you can manage stock in batches, track manufacturing and expiry dates, and ensure timely usage of inventory.

Navigation:

1. Go to Gateway of Tally > Select Alter under Masters > Select Stock Item under Inventory Masters.
2. Enable Batch-Wise Details and define expiry dates.
3. Track batches during transactions to maintain stock accuracy.

5. Inventory Management features in Tally: Bill of Materials

This feature lets you define the raw materials, components and quantities required to manufacture finished goods.

Navigation:

1. Go to Gateway of Tally > Select Alter under Masters > Select Stock Item under Inventory Masters.
2. Select the item and enable Bill of Materials.
3. Define the components, quantities and by-products.

How to utilize these Tally Inventory features in the BI Reporting Tool

Tally’s inventory features provide the solution for managing stock efficiently, but to explore advanced inventory reporting, try BI tools such as EasyReports. It integrates with Tally and offers powerful insights into your inventory data.

What EasyReports offers based on these Tally Inventory management features:

EasyReports is a reporting and MIS automation tool for Tally and other ERPs. EasyReports offers various customization reports around different areas of your business including inventory management.

Some of the key Inventory management reports are:

• Stock Clearance: This report is used to identify the customer to whom a particular item can be sold when the stock clearance sale is on. Decide on what rate to offer to the customer based on the last sale date and last sale rate.
• Production Dashboard: Helps to get machine-wise detailed analysis. Track downtime by each machine. Get machine analysis for a particular month or monthly analysis for a particular machine.
• Inventory Performance: This report can be used to analyze the performance of the item in terms of growth and Stock holding days.
• Non-Moving Items: This report helps to identify the items which not moved for “N” number of days. You can also filter items that are not moving for last N days, filter data company-wise, filter for a particular stock category.

These are the top 5 inventory management features in Tally & also how you can use them in BI tools like EasyReports. EasyReports offers you many other standard and customized reports and MIS options. To learn more, feel free to connect with the author at info@orchidtec.in