At present, Tally.ERP 9 is one of the most popular accounting software that handles all the day to day routine operations of any business organization effectively.
It is widely accepted for its user friendly nature. Tally provides different accounting and inventory features that allows the user to maintain their books of accounts.
Accounting Additional Cost of Purchase / Solutions for importing business
In most cases, more than one item is purchased, which is charged at a lump sum amount. However, in order to give an effective cost including the expenditure made for each item, an additional cost of purchase option is used.
This process is automated and the allocation of the expense to the inventory item can be done in a predefined way.
This feature is only available on the Purchase Vouchers. When we purchase something the additional costs can be charged such as VAT, labour fee, discount, shipping charges etc.
All these costs will be added to the stock and will increase the cost of the particular item. Before selling the stock, we must determine the actual Price / stock unit by following the Additional cost of purchase.
It is specially designed for Importers where additional cost is payable to the vendor other than the product supplier. It generates accurate O/s payable balance of product Supplier.
It will also give you proper Profit & Loss Account with the additional cost. It is useful when product Supplier is not given additional cost of purchase in the same invoice.
Advantages of the Tally Customization:
- Get accurate cost of the product even with the additional cost incurred.
- Get accurate payable of the Supplier for only product Value. It will ignore the additional cost of the same purchase which is payable to other vendors.
- Get Accurate Profit & Loss Account for the additional cost.
- It generates separate report of total Cost of the purchase including additional cost of purchase with Reference number.
In this purchase entry the product value is SAR 10, 000.00
Let’s take additional cost such as customs, Freight and Shipping cost of SAR 3000 in the same above purchase entry with our customized screen as shown below;
Your Stock Value in the Stock summary with above entry will look like below.
Each Product wise Stock summary will look as shown below;
Payable of the supplier looks as shown below:
Our MIS shows the report as shown below:
Profit & Loss Account looks as shown below: