How to track cost for stock item in Tally| stock cost tracking

Stock Cost Tracking for stock item in Tally is now possible with Release 3.0.

Generally Cost tracking is used by companies engaged into manufacturing activities however it is also useful for non manufacturing companies to track costings of various items the company deals into.

 Cost tracking for various expenses per item is a management reporting system whichhelp management to decide the profitability of an item. It helps in a better decision-making process for inventory management Release 3 of Tally.erp 9 help you in the set up

The steps to follow in Tally.erp 9 to track cost per item for each ledger is as under :

 ENABLING  STOCK COST TRACKING

 Go to Main Menu of Tally than go to configuration page e.g. F11

Press F11

Select Inventory Option(F2)

Enable stock cost tracking to yes and accept the Screen

 

 Now you need to set up item master for stock cost tracking.

Go to create a new item master or alter an existing item master

SET UP ITEM MASTER FOR stock cost tracking

 Once you select the item group, you will find a new option as shown in the below screen “Enable cost tracking ? set it to yes and accept the screen.

 Do it for each item for which you want to track cost.This is a one time set up for every item

Now, you need to set up each ledger cost which is related to item production/cost.

go to create a new expenses or alter an existing ledger say production salary

SETTING UP COST LEDGER FOR stock cost tracking

Here you will find a new option allocation for stock item ? set it to yes and it’s all nowyou are ready with the necessary steps