The courseware is designed to equip participants with a profound understanding of Inventory Management. Tally is a revolutionary product which has been created with the objectives of Simplify the Simplest, Greater Flexibility and New Look and Feel, and our course also describes the same. Inventory Management provides a thorough understanding of key concepts and practices essential for effective control and optimization of inventory within organizational settings. The course is designed to equip participants with the knowledge and skills necessary to implement efficient inventory management strategies, ensuring smooth operations and cost-effectiveness.

Inventory Management

Inventory Management
Access provided by Somaiya Vidyavihar University
1,944 already enrolled
22 reviews
Recommended experience
Recommended experience
Intermediate level
Basic understanding of business operations & Knowledge of Inventory Practices
22 reviews
Recommended experience
Recommended experience
Intermediate level
Basic understanding of business operations & Knowledge of Inventory Practices
What you'll learn
Gain expertise in managing and optimizing inventory storage, classification, and movement using Tally.
Learn to track additional purchase costs, understand manufacturing processes, and apply job costing techniques for accurate cost allocation.
Utilizing Inventory Reports: Develop the ability to analyze and leverage inventory reports to make data-driven decisions.
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There are 6 modules in this course
At the end of the module Storage and Classification of Inventory, you will be able to… • Define the importance of efficient inventory storage and classification. • Demonstrate the ability to create, modify, and manage inventory in Tally. • Comprehend the concept of batches in inventory management. • Execute Selling of Stock Items and Identify Expired Batch in Sales Invoice • Generate and Analyze Batch Reports • Implement Price Levels and Price Lists
What's included
25 videos5 readings5 assignments1 discussion prompt
25 videos•Total 81 minutes
- Learning Objectives and Key Insights of Storage and Classification of Inventory•5 minutes
- Introduction To Inventory Masters•3 minutes
- Company Creation in Tally•1 minute
- Introduction of Capital into a Business•3 minutes
- Overview of Inventory Masters Creation•3 minutes
- Creation of Stock Group•2 minutes
- Creation of Stock Category•1 minute
- Creation of Unit•1 minute
- Creation of Stock Item•2 minutes
- Creation of Godown•3 minutes
- Overview Of Tracking Of Movements Of Goods In Batches-Lots•3 minutes
- Activation of Batches/Lots for Stock Items•3 minutes
- Allocating Batch/Lot Details in Purchase Invoice- Allocation of Batch/Lot Details•1 minute
- Allocation of Batch/Lot Details in Purchase Invoice-Recording of Transaction•4 minutes
- Allocation of Batch/Lot Details in Purchase Invoice-Activity•5 minutes
- Selling of Stock Items from Batch/Lot•6 minutes
- Identifying of Expired Batch in Sales Invoice•5 minutes
- Returning of Expired Batch Stock Items•6 minutes
- Batch Reports•4 minutes
- Overview of Price Levels and Price Lists•2 minutes
- Activating Price Lists and Defining of Price Levels•1 minute
- Creation of Price List•6 minutes
- Price Level & Price List usage in Sales Voucher•6 minutes
- Revise Price List•6 minutes
- Key Takeaways and Conclusion•1 minute
5 readings•Total 67 minutes
- Introduction to Storage & Classification of Inventory•5 minutes
- Understanding Inventory Masters in Tally•20 minutes
- Overview of Inventory Movement and Batch Management•20 minutes
- Overview of Price Levels and Price Lists in Tally•20 minutes
- Summary and Conclusion•2 minutes
5 assignments•Total 50 minutes
- Graded Assignment-Storage and Classification of Inventory•16 minutes
- Test Your Knowledge on Introduction of Storage & Classification of Inventory•6 minutes
- Testing Your Knowledge on Inventory Masters in Tally•10 minutes
- Test Your Knowledge on Tracking Inventory by Batches and Lots•10 minutes
- Test Your Knowledge on Price Levels and Price Lists•8 minutes
1 discussion prompt•Total 10 minutes
- You can make use of this Discussion Prompt to introduce yourself.•10 minutes
At the end of the module Purchase and Sales Order Management, You will be able to: • Recognize the crucial role of efficient order management in business operations. • Demonstrate proficiency in creating, modifying, and managing purchase orders. • Demonstrate the ability to create, modify, and manage sales orders. • Track and manage outstanding purchase and sales orders. • Demonstrate the process of setting up and managing re-order levels within Tally. • Demonstrate proficiency in executing godown transfers within Tally.
What's included
22 videos7 readings7 assignments
22 videos•Total 68 minutes
- Introduction to Purchase and Sales Order Management – Learning Objectives•2 minutes
- Overview of Purchase Order Processing•3 minutes
- Recording of Purchase Order•6 minutes
- Recording of Receipt Note Voucher•4 minutes
- Recording Rejections Out Voucher•3 minutes
- Recording Purchase Voucher•3 minutes
- Recording Debit Note Voucher•3 minutes
- Recording Payment Voucher•2 minutes
- Overview of Sales Order Processing•3 minutes
- Recording of Sales Order in Tally•5 minutes
- Printing of Quotation•2 minutes
- Recording Delivery Note Voucher•5 minutes
- Recording Rejections In Voucher•3 minutes
- Recording of Sales Voucher•2 minutes
- Recording Receipt Voucher•2 minutes
- Sales Order Outstanding•4 minutes
- Purchase Order Outstanding•1 minute
- Pre-Closure of Orders•2 minutes
- Reorder Level in Tally•5 minutes
- Display Reorder Status•3 minutes
- Understanding Godown Transfer in Tally•4 minutes
- Conclusion and Takeaways•1 minute
7 readings•Total 39 minutes
- Key Learning Objectives & Overview of Purchase and Sales Order Management•2 minutes
- Understanding Purchase Order Processing in Tally•10 minutes
- Understanding Sales Order Processing in Tally•10 minutes
- Key Concepts of Order Outstandings•5 minutes
- Key Concepts of Re-order Levels in Tally•5 minutes
- Step-by-Step Guide to Godown Transfer in Tally•5 minutes
- Conclusion and Key Insights•2 minutes
7 assignments•Total 48 minutes
- Purchase and Sales Order Management•16 minutes
- Test Your Knowledge on Introduction to Purchase and Sales Order Management.•6 minutes
- Testing Knowledge on Purchase Order Processing in Tally•10 minutes
- Testing Knowledge on Sales Order Processing•6 minutes
- Test Your Knowledge on Order Outstandings•4 minutes
- Test Your Knowledge on Re-order Levels in Tally•4 minutes
- Test Your Knowledge on Godown Transfer in Tally•2 minutes
At the end of the module Tracking Additional Costs of Purchase, You will be able to: • Recognize the significance of accurately tracking and accounting for additional costs in the purchase process. • Demonstrate proficiency in configuring and recording additional costs associated with purchases in purchase voucher mode and item invoice mode. • Execute the creation of Debit Note Vouchers with additional cost details.
What's included
6 videos3 readings3 assignments
6 videos•Total 25 minutes
- Tracking and Managing Additional Costs of Purchases: Learning Objectives•2 minutes
- Configuring Additional Cost of Purchases in Tally•2 minutes
- Purchase Transaction with Additional Cost Details in Voucher Mode•8 minutes
- Purchase Transaction with Additional Cost Details in Item Invoice Mode•8 minutes
- Debit Note Voucher with Additional Cost•5 minutes
- Conclusion and Takeaways•1 minute
3 readings•Total 13 minutes
- Understanding Additional Costs of Purchase: Key Concepts and Introduction•1 minute
- Understanding the Configuration of Additional Cost in Transactions•10 minutes
- Conclusion and Key Insights•2 minutes
3 assignments•Total 24 minutes
- Tracking Additional Costs of Purchase•12 minutes
- Test Your Knowledge on Introduction to Tracking Additional Costs of Purchase•2 minutes
- Test Your Knowledge on Configuring Additional Cost in Transactions•10 minutes
At the end of the module Manufacturing Process-Job Work, You will be able to: • Enable Job Order Processing in Tally • Define and configure voucher types for job work out and in orders. • Implement BOM for accurate listing of components in job work out orders. • Demonstrate proficiency in recording job work out and in order vouchers in Tally. • Execute the recording of material out and in vouchers for job work. • Record and book job work charges accurately. • Account the Payment to Job Worker against Purchase Consideration. • Generate and interpret job work out reports for analysis.
What's included
26 videos6 readings5 assignments
26 videos•Total 80 minutes
- Learning Objectives of Manufacturing Process - Job Work•1 minute
- Introduction of Manufacturing Process - Job Work•3 minutes
- Enabling Job Order Processing in Tally•2 minutes
- Job Work Out Order Processing in Tally•2 minutes
- Voucher Type Set Up•3 minutes
- Auto Listing of Components Using Bill of Materials•7 minutes
- Recording of Job Work Out Order Voucher•7 minutes
- Recording of Material Out Voucher•4 minutes
- Recording of Material In Voucher•3 minutes
- Booking of Job Work Charges (Expenses)•4 minutes
- Accounting of Payment to Job Worker against Purchase Consideration•5 minutes
- Job Work Out Reports•3 minutes
- Cost Estimation•2 minutes
- Job Work In Order Processing in Tally•2 minutes
- Voucher Type Set Up•2 minutes
- Auto Listing of Components Using Bill of Materials•2 minutes
- Recording of Job Work In Order Voucher•4 minutes
- Recording of Material In (Raw Materials) Voucher•2 minutes
- Recording of Stock Journal Voucher for Manufacturing Finished Goods (Manufacturing Process)•4 minutes
- Recording of Material Out (Finished Goods) Voucher•3 minutes
- Recording of Material Out (Scrap) Voucher•3 minutes
- Booking of Job Work Charges (Income)•2 minutes
- Accounting of Receipt from the Principal Manufacturer towards Job Work Rendered•2 minutes
- Job Work In Reports•3 minutes
- Inter-Godown Material Transfer Process•4 minutes
- Conclusion and Takeaways•1 minute
6 readings•Total 39 minutes
- Learning Objectives and Introduction of Manufacturing Process- Job Work•2 minutes
- Step by Step Guide for Enabling Job Order Processing in Tally•1 minute
- Understanding Job Work Out Order Processing•15 minutes
- Understanding Job Work In Order Processing•15 minutes
- Process of Transferring Materials Between Godowns•5 minutes
- Conclusion and Key Insights•1 minute
5 assignments•Total 44 minutes
- Manufacturing Process - Job Work•16 minutes
- Test Your Knowledge on Introduction of Manufacturing Process- Job Work•4 minutes
- Test Your Knowledge on Job Work Out Order Processing•10 minutes
- Test Your Knowledge on Job Work In Order Processing•10 minutes
- Test Your Knowledge on Inter-Godown Material Transfers•4 minutes
At the end of the module Job Costing, you will be able to: • Demonstrate the fundamental concept of job costing in accounting. • Identify the key features and characteristics of job costing. • Create the Chart of Accounts for Job Costing Process. • Recording Job Costing Related Transactions. • Record manufacturing journal entries for the conversion of raw materials into finished goods. • Record stock journal entries for inter-godown stock transfers related to jobs.
What's included
19 videos8 readings7 assignments
19 videos•Total 41 minutes
- Learning Objectives of Job Costing•1 minute
- Introduction of Job Costing•2 minutes
- Features of Job Costing & Types of businesses that use Job costing•3 minutes
- Key Documents in the Job Costing Process•5 minutes
- Setting Up Job Costing in Tally•1 minute
- Creation of Cost Centres as Project/Job•1 minute
- Creation of Godown for Project/Job Location•2 minutes
- Creation of Stock Groups and Stock Items•2 minutes
- Creation of Accounting Masters•3 minutes
- Creation of Voucher Type and Voucher Class under Stock Journal•2 minutes
- Accounting Purchase of Raw Materials•2 minutes
- Accounting Payment for Transportation Charges Incurred on Purchase of Raw Materials•3 minutes
- Accounting Manufacturing Journal for Conversion of Raw Materials to Finished Goods•3 minutes
- Accounting Payment for Expenses Incurred during the Manufacturing Process•2 minutes
- Accounting Stock Journal for Inter-Godown Stock transfer•2 minutes
- Accounting Sale of Finished Goods to the Customer•2 minutes
- Accounting Receipt from the Customer•2 minutes
- Understanding Job Costing Reports in Tally•3 minutes
- Conclusion and Takeaways•1 minute
8 readings•Total 29 minutes
- Learning Objectives and Introduction of Job Costing•2 minutes
- Exploring the Features of Job Costing and Its Applications in Various Business Types•2 minutes
- Understanding the Documents Used in Job Costing•2 minutes
- Step-by-Step Guide to Enabling Job Costing in Tally•2 minutes
- Guide to Set Up the Chart of Accounts in Job Costing•5 minutes
- Recording Job Costing Related Transactions•10 minutes
- Exploring Job Costing Reports in Tally•5 minutes
- Conclusion and Key Insights•1 minute
7 assignments•Total 42 minutes
- Job Costing•16 minutes
- Test Your Knowledge on Job Costing and Its Features•4 minutes
- Test Your Knowledge on Documents used in Job Costing Process•4 minutes
- Test Your Knowledge on Enabling Job Costing in Tally•2 minutes
- Test Your Knowledge on Creation of Chart of Accounts for Job Costing Process•6 minutes
- Test Your Knowledge on Recording Job Costing Related Transactions•6 minutes
- Test Your Knowledge on Job Costing Reports•4 minutes
At the end of the module Inventory Reports, you will be able to: • Generate and interpret the Stock Summary Report to evaluate inventory levels, valuation, and overall performance. • Check godown-wise stock availability for better inventory planning and management. • Analyze inventory movement using the Movement Analysis Report to track stock inflow and outflow. • Use the Stock Query feature to get instant updates on item-wise stock details.
What's included
1 video1 reading1 assignment
1 video•Total 7 minutes
- Overview of Inventory Reports in Tally•7 minutes
1 reading•Total 5 minutes
- Understanding Inventory Reports in Tally•5 minutes
1 assignment•Total 4 minutes
- Test Your Knowledge on Inventory Reports•4 minutes
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Tally Education and Distribution Services Private Limited, is a group company and an education initiative of Tally Solutions. We are the designers of Tally, the simplest and most widely used business software in the nation. We deliver the best-in-the-industry learning and certifications on Accounting with TallyPrime thanks to our years of domain expertise! The in-demand Tally Certifications enhance skills, increase chances of higher pay, get a better job offer, and open new career opportunities.
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