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3.     Creating Masters for Job Costing in Tally.ERP 9

Creating masters for Job Costing is similar to creation of other ledgers. The masters for job work analysis are:

3.1.    Creating Cost Centres for Job Costing

3.2.       Creating Godowns for Job Costing

3.3.       Creating Stock Items for Job Costing

3.4.       Creating Party Ledger for Job Costing

3.5.       Sales and Purchase ledger accounts

3.6.       Expenses and Income Accounts

3.7.       Stock Journal Voucher class

·         Transfer voucher class

·         Consumption voucher class

 

3.1. Creating Cost Centers for Job Costing

Creating Cost Centres for Job Costing is similar to creation of other Cost Centres. Refer Cost Centres for additional Information.

Go to Gateway of Tally > Accounts Info > Cost Centres > Create

1.    Enter the name of the Cost Centre in the Name field. Eg: Project 1.

2.    In the Under field select Primary from the List of Options.

3.    Set the option Use for Job Costing to Yes. This cost centre will then be available in the drop down for the Job Work Analysis report.

4.    Click Accept to save the settings.

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3.2. Creating Godowns  for Job Costing

For creating Project / Job Location use Godown Creation.

Once Godown is allocated to the Job/Project, it is taken into account that all the materials issued or received for that particular Job/Project and will reflect in the reports. It is always advised to create separate godowns for each Job/Project.

Go to Gateway of Tally> Inventory Info. > Godowns > Create

1.    In the Godown Creation screen, Allow Storage of Materials is automatically set to Yes. Ex: Bangalore.

2.    An additional field Set Job/Project Name for Job Costing is displayed. Press the spacebar in the field and the list of Cost Centres for which Use for Job Costing was set to yes is displayed in the List of Cost Centres sub-screen.

3.    Select the Cost Centre to which the Godown is associated.

4.    Click Yes to Save.

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Note:              Refer Create a Location for more details on Creating Godown. When the Godown is configured for Job Work cursor will not move to Use for 

3.3. Creating Stock Items for Job Costing

Stock items are goods that you manufacture or trade (sell and purchase). It is the primary inventory entity. Stock Items in the Inventory transactions are similar to ledgers being used in accounting transactions.

Two Modes of Stock Item Creation:

1.    Normal Mode

2.    Advance Configuration Mode.

Creation of Stock item in Normal Mode:

To create a Stock Item,

Go to Gateway of Tally > Inventory Info > Stock Item > Single Create (under Single Stock Item)

Stock Item creation is displayed as shown:

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A brief description of each field in the Stock Item Creation screen follows:

Name

Specify the name of the Stock Item.

Alias

Specify the Alias name of Stock Item (if required).

Under

This field will show the List of Groups. Here you can select the Stock Group to which the Stock Item belongs. By default, Primary Stock Group appears in this field.

Note:           You can create a new stock Group by pressing ALT+C at this field.

Units

This field will show the Unit List. Here you can select the Unit of measurement applicable for the stock item. By default, Not Applicable appears in this field.

Note:              You can create a new Unit by pressing ALT+C at this field.

Rate of duty

Specify the Rate of Duty applicable for the stock item. This field is used for the calculation of excise duty or if duty is based on item rate. During Invoicing, whenever you select a Stock Item, the Rate of duty entered here is displayed in the Invoice creation screen.

 Note:            In F11 Inventory features, if Allow Invoicing is set to No then Rate of Duty field will not be visible.

Tariff Classification

Specify the Tariff Classification for the item, if applicable. Tariff Classification can be created or used when Excise features is activated for the company.

Opening Balance

Specify the details of Opening Stock, if any, for the Stock Item as on the date of Beginning of Books.

1.    In the Quantity Field, specify the stock item Quantity, say 5 Nos.

2.    In the Rate Field, specify the stock item Rate, say Rs. 8000 per piece.

3.    In the Value Field, Tally.ERP 9 automatically calculates the value by multiplying the Quantity and Rate. You can also edit the value, Tally.ERP 9 automatically refreshes the Rate field accordingly.

Note:           If Unit field is Not Applicable then the cursor will move from Quantity and Rate Field.

 

Buttons specific to Single Stock item creation:

Buttons

Short Cut Keys

Description and Use

G: Groups

CTRL+G

Allows you to Create a Stock Group.

I: Items

CTRL+I

Allows you to Create a Stock Item.

U: Units

CTRL+U

Allows you to Create a Unit of Measure.

O: Godown

CTRL+O

Allows you to Create a Godown.

V: Vch Types

CTRL+V

Allows you to Create a Voucher Types

 

Note:              Category and Godown buttons are visible only if you opted for the same in F11: Features.

3.4. Creating Party Ledgers for Job Costing

Party Accounts should be opened under Sundry Debtors or Sundry Creditors group with whom your company is trading.

Customers (Sundry Debtors) who buy goods or services for cash or on credit. Suppliers (Sundry Creditors) who supply goods and services for cash or on credit.

To create a Party Ledger,

Go  to Gateway of Tally > Accounts Info > Ledgers > Create

After entering relevant details, the completed ledger is as shown below:

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Each option in the Party Ledger Creation screen is explained below:

Currency of Ledger: Tally.ERP 9 allows you to maintain Ledgers in any currency and the amount is reflected in the selected currency. But it is strongly advised that you maintain the currency of the Ledger as the Base currency.  

Only foreign currency bank accounts are maintained in foreign currency and other ledgers are maintained in Base Currency. Nevertheless you can enter transactions in any other currency.

To create/maintain ledgers in multiple currency, set Allow Multi Currencies to Yes under F11: Features.

You can always create a new currency from this field by pressing Alt+C.

For more information on Currencies, refer Multi-Currency.

Maintain Balances Bill-by-Bill: This option is applicable when you want the balances to be maintained Bill by Bill or Bill wise. Normally, this option is useful for Ledgers falling under Sundry Debtors & Sundry Creditors. If you set this option to Yes, while entering the opening balance in the Opening Balance field at the end of Ledger Creation screen and pressEnter, the Bill-wise Breakup screen of the Ledger created is displayed as shown:

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Date: Since you are giving the break-up of the Opening Balance, the date of the bill would naturally be prior to the accounting period. By default Tally.ERP 9 takes last date of your previous accounting period, e.g., 31 March 2008. Change it, if necessary.

Name: Enter a Name to which you can later refer when adjusting the bill. You can enter the Bill number or Document number.

Due date (or credit days): For the Ledgers under Sundry Debtors and Creditors, give the credit period or the date when the bill is due.

Note:              During transaction entry, there would be another concept-that of effective date. If you opt for using effective dates instead of bill dates the due date would be calculated accordingly.

Amount: For the amount of the bill due, you can give particulars of all the pending bills one by one.

If the total amount of all your bills covers the Opening Balance, the On Account becomes NIL. You could have Bills totaling beyond the Opening Balance. In the screen shown below, there are two bills 50,000, 25,000. Now, if the balance brought forward is 1,00,000/- , the On Account amount will reflect 25,000/-. If you obtain the bill particulars at a later date, you can alter the ledger to enter these details, which will nullify On Account.

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Default Credit Period:

The Credit period may be given for Sundry Debtors and Sundry Creditors. The number of Credit days or period can be defined in various ways:

·         Days:  If there is no suffix given to the number of credit days, then it is taken as Days. For Ex: If you enter just the number 5, then it is considered as 5 Days.

·         Weeks:  If W is given as suffix to the number of credit period, then it is taken as Weeks. For Ex: If you enter 5 W, then it is taken as 5 Weeks.

·         Months: If M is given as suffix to the number of credit period, then it is taken as Months. For Ex: If you enter 5 M, then it is taken as 5 Months.

·         Year: If Y is given as suffix to the number of credit period, then it is taken as Year. For Ex: If you enter 5 Y, then it is taken as 5 Years.

Inventory values affected: This is applicable for Companies maintaining Accounts with Inventory. Inventory allocation is required for Accounts like Sales, Purchase, Receipt note, Delivery note, etc.. However, Tally.ERP 9 does not restrict you to particular accounts as you may have the need to affect inventory with accounts like Customs Duty, and perhaps, direct expenses related to purchases such as Freight Inwards.

Cost Centres are applicable: Tally's concept of Cost Centres  allows an additional dimension to a transaction.

You have set Maintain Cost Centres to Yes in F11: Features:F1:Accounting Features, to get this option in the Ledger creation screen. If any of the transactions need to be allocated to any particular Cost Center (Which involves this ledger) set this option to Yes.

Activate Interest calculation: Set this option to Yes to enable Tally.ERP 9 to calculate interest automatically based on the interest rate and style of calculation specified for this ledger account.

Use advanced parameters: The advanced parameters are particularly useful where interest rates change from time to time. Set this option to Yes to enable this.

Statutory Information: This functionality is available only, if you have enabled at least one of the options under F11: Features> F3: Statutory & Taxation. Based on the options enabled under F3: Statutory & Taxation, the respective fields will be displayed in the Statutory Information section.

Mailing Details: is applicable only for party accounts like Sundry Debtors, Creditors and Branch Divisions, Branch/Divisions, Bank & Bank OCC A/c, Loans & Advances Assets, Loans & Advances Liabilities, Secured & Unsecured Loans, etc. These are used in mailing outputs like statement of accounts.

Provide Bank Details: The option has to be enabled to define Bank Details for the Party. On setting this option to Yes, the Bank Details screen appears. Enter Bank Details as shown below:

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B: Hide Beneficiary Code can be clicked to hide the Beneficiary Code. To display the Beneficiary Code, click B: Show Beneficiary Code

To configure more than one Bank for a Party ledger, press Enter and record Bank details in the relevant fields, as required.

Tax Information: The Tax Information consists of the default fields PAN/IT No., Name on PAN/IT No. and the TIN/SALES Tax No. Based on the features you enable in F11: Features> F3: Statutory & Taxation, additional fields will appear under Taxation.

Other Information: In this section information of the relationship and enterprise type of the party with whom the transaction carried out is entered.

Note:           Other Information section will be displayed in Ledger Master Creation screen only when the option Use Other Information for Ledger Accounts is set to Yes in F12: Ledger Configuration

·         Is Related Party: If the party under creation is related to the business organisations set the option to Yes. Other wise it will be retained as No. If the option is enabled, theRelated Party Details screen appears. Enter the Relationship Details here.

·         Enterprise Type: In this field select the enterprise type from the Type of Enterprise as information collected from the party.  

·         Registration Number: Enter the Party's Registration Number here

3.5. Creating Sales & Purchase Ledger Accounts for Job Costing

Purchase / Sales ledgers are required for trading, repacking or for usage in manufacturing products. Sales and Purchase account groups are meant for revenue accounts and are reflected in the Profit & Loss Account.

To create a Purchase / Sales Ledger,

Go  to Gateway of Tally > Accounts Info > Ledgers > Create

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Inventory values affected: This is applicable for Companies maintaining Accounts with Inventory. Inventory allocation is required for Accounts like Sales, Purchase, Receipt note, Delivery note, etc. However, Tally.ERP 9 does not restrict to particular accounts as you may have the need to affect inventory with accounts like Customs Duty, and perhaps, direct expenses related to purchases such as Freight Inwards.

Cost Centres are applicable: Tally's concept of Cost Centres  allows an additional dimension to a transaction. .

You have set Maintain Cost Centres to Yes in F11: Features:F1:Accounting Features, to get this option in the Ledger creation screen. If any of the transactions need to be allocated to any particular Cost Center (Which involves this ledger) set this option to Yes.

Activate Interest calculation: Set this option to Yes to enable Tally.ERP 9 to calculate interest automatically based on the interest rate and style of calculation specified for this ledger account.

Use advanced parameters: The advanced parameters are particularly useful where interest rates change from time to time. Set this option to Yes to enable this.

Provide Bank Details: This option allows you to set your Bank Details such as the A/C number, Bank Name, IFSC code, BSR etc.

3.6. Creating Expenses and Income Accounts for Job Costing

Expense ledgers must be created for each of the expense account separately.

To create a Expenses / Income ledger,

Go  to Gateway of Tally > Accounts Info > Ledgers > Create

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Inventory values affected: This is applicable for Companies maintaining Accounts with Inventory. Inventory allocation is required for Accounts like Sales, Purchase, Receipt note, Delivery note, etc. However, Tally.ERP 9 does not restrict you to particular accounts as you may have the need to affect inventory with accounts like Customs Duty, and perhaps, direct expenses related to purchases such as Freight Inwards.

Cost Centres are applicable: Tally's concept of Cost Centres  allows an additional dimension to a transaction. .

You have set Maintain Cost Centres to Yes in F11: Features:F1:Accounting Features, to get this option in the Ledger creation screen. If any of the transactions need to be allocated to any particular Cost Center (Which involves this ledger) set this option to Yes.

Activate Interest calculation: Set this option to Yes to enable Tally.ERP 9 to calculate interest automatically based on the interest rate and style of calculation specified for this ledger account.

Use advanced parameters: The advanced parameters are particularly useful where interest rates change from time to time. Set this option to Yes to enable this.

3.7.         Creating Stock Journal Voucher class for Job Costing

Stock Journal classes allow you to handle transfers from one location (Godown) to another, for companies having Multi-Location Inventory and at least two location/Godowns. Once the class is selected, you will need to specify the Destination and provide the list of items to be transferred. Through this class all items/batches thus selected will be exactly mirrored to the destination, including Batch Number, Rate and Value.

The user can either alter the existing Stock Journal or create a new voucher type based on the requirements.

Go to Accounts Info > Voucher Types > alter > Stock Journal

Enter a name in the field  Name of Class. (Eg: Transfer)

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Class: The Transfer screen is displayed. To create a class for inter - godown transfer, set the option Use Class for Inter -Godown Transfer to Yes.

Stock Journal classes allow you to handle transfers from one location (Godown) to another, for companies having Multi-Location Inventory and at least two locations/Godowns created. It also allows you to track transfer of materials for consumption.

 Note :          Refer to Voucher Classes for Stock Journals for additional information.

 Go to Gateway of Tally > Accounting Info or Inventory Info > Voucher Types > Alter > Stock Journal  > under ‘Name of Class’ give the name as ‘Transfer’:

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1.    Below ‘Transfer - Name of Class’ give the name as Consumption’.

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 The Stock Journal Voucher screen, which contains both Transfer and Consumption voucher class is displayed as shown.


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Installation of Tally.ERP9
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Shortcut Keys in Tally.ERP9
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Maintaining Company Data
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Creating Masters
5a. Accounts Information [Creating Masters]
5b. Inventory Information [Creating Masters]
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Voucher Entry
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Reports in Tally.ERP9
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Short Cut Keys Command in Tally.ERP9
Reorder Levels & Reorder Quantity
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Job Costing in Tally.ERP 9
Interest Calculations in Tally.ERP 9
Features (F11) of Tally.ERP 9
Configuratioin (F12) of Tally.ERP 9
Data Migration in Tally.ERP 9
Cost Categories and Cost Centers
Budgets in Tally.ERP 9
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