M.A AUDITS & ACADEMI: Dresses on Rent in Tally

Saturday, September 21, 2013

Dresses on Rent in Tally

Case:- Customer wants to maintain his accounts/inventory of suits that he gives on rent.

The customer would want to keep track of the suits given on rent, and their collection.

Let us see an example :-

We create ledgers

(our customer) – Mr Abc.

The sales ledger:-

The items that we have for renting out are :-

and the second item is

We have created two items in the case. We have the opening qty as 5pcs and 2 pcs for suit type 1 and type 2 respectively.

Enable Tracking of Material (from gateway of tally press F11- and then F2)

Now let’s create a delivery note by the name of dresses given on rent ( Accounts à voucher Type àCreate)

One more voucher type is created as :-

Please note that we have also kept the print formal receipt after saving to yes because when the customer comes to return the dress he had taken on hire, he needs to make payment and then the customer gives me a formal receipt print.

Once the masters are ready, lets pass a voucher. Let’s say ABC comes and takes a suit on rent.

Now let us view the stock once , go to stock summary:- ( the stocks that are with us, we have kept the items in a godown named – shop)

So let’s make a voucher entry so that we can track the no of pcs that have been out on rent.

Come to gateway of tally – press T ( inventory) à press Alt-F8,

Select Dresses given on rent

Select the party ledger as Mr ABC.

Select the item as Suit-Type-1 and let us choose the godown as Main location and not Shop, where the material actually was. This is done so that we can track what all items have been given out on rent. ( shown in the stock summary as –ve stock)

The item cost for rent is Rs. 350 and the entry is completed as shown below.

Select the sales ledger.

The delivery note print may be given as ( pressing ALT-P) and saving the voucher. We may also set print after save option to yes in the voucher type if this has to be done everytime.

Now let us view the report of stock as( stock summary) :-

This clearly shows that suit-type 1 has been out on rent as 1 qty is being shown as –ve.

Currently we have 1 pc of the item at our place. While in total we have 2 such pcs.

This report gives us the status of the inventory at any point of time.

Now let us view the Profit and Loss report

It clearly shows the sales-bills to make is of Rs. 350.

Just drill down from there and get the details as:-

Now since the customer doesn’t need the details of this once the suit is returned back.

Press enter and on the delivery note and change that to a receipt entry by pressing F6. There could be a method of maintain detailed reports but there the customer has to make 2 more entries per transaction and the customer wants to make the minimum no of entries hence this approach has been adopted.

Now we make changes in the receipt voucher as :-

Select End of list because we get two sales as we converted it from the delivery note.

Now we want this inventory to reflect correctly, hence we don’t select the inventory and just press End-of-list.

Now once this is done, make the entry as :-

Here we give the details of the customer, because we won’t be needing the ledger anyway

And they can be deleted. Also if the customer has a huge number of customers then it’s recommended that only one ledger named customer can be created and the details can be provided as per the reference bill only the display.

The info is completely available from sales bill to make as :-