How to Reduce the Quantity and the Value of Closing Stock in Tally.ERP 9

Query

How to reduce the quantity and the value of closing stock in Tally.ERP 9?

Answer

Tally.ERP 9 facilitates the reduction of the value as well as the quantity of closing stock.

Illustration:

On 6th August, 2011, ABC Company made a physical verification of its stock and found that the closing balance of Item A was 290 nos.,but the same as per books was 300 nos. ABC Company wants to reduce the closing balance of Item A accordingly.

The Stock Summary of ABC Company appears as shown:

Reduce the Quantity and the Value of Closing Stock in Tally.ERP 9

Follow the given steps to reduce the quantity of closing stock:

To reduce the quantity of closing balance,

Go to Gateway of Tally > Inventory Vouchers > Physical Stock Journal

·         Select the stock item for which the closing balance needs to be reduced (from the above illustration, Item A).

·         Enter the actual quantity in the Quantity field (from the above illustration, 290 nos.).

·         Press Enter to accept.

The completed Physical Stock Journal appears as shown:

Reduce the Quantity and the Value of Closing Stock in Tally.ERP 9

Go to Gateway of Tally > Stock Summary.

The closing balance quantity of the selected stock item appears reduced, as seen here:

Reduce the Quantity and the Value of Closing Stock in Tally.ERP 9

To reduce the value of the closing balance,

In case, ABC Company were to find that the quantity of stock as per books and quantity as per physical verification were the same, but the value of the stock had to be reduced, the following should be done to effect the same:

Go to Gateway of Tally > Inventory Vouchers > click on F10: Rej Out or press Alt + F10 for the Rejections Out Voucher.

  • Select any party’s ledger or even Cash ledger under Ledger Account and give the appropriate stock item under Name of Item (from the above example, Item A).
  • Enter only the amount to be reduced and press Enter to accept.
Reduce the Quantity and the Value of Closing Stock in Tally.ERP 9

Go to Stock Summary (Gateway of Tally > Stock Summary)

The closing balance value of Item A is reduced as shown:

Reduce the Quantity and the Value of Closing Stock in Tally.ERP 9
Note: Before making an entry in the Rejections Out Voucher to reduce the value of the closing balance, ensure that the option Allow Zero valued entries in F11: Features > F2: Inventory Features is set to Yes.
 
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