How to Track Additional Cost of Purchases in Taly.ERP 9 ?
The cost of an item is the rate at which it is purchased. However, there are other expenses which add to the cost of purchasing the item. The additional costs therefore are to be included in the actual cost of purchase.
The additional costs are different in nature and are mentioned in the purchase invoice/bill – like, sales tax on purchases, packing charges, cartage incurred, etc. There are other costs involved which are being incurred separately, like freight inwards, cost incurred to bring the items/goods from the Customs or Transport company.
To calculate the actual cost of purchase, these additional costs/expenditure incurred are to be added.
In Tally.ERP 9 the additional costs are accounted as mentioned below:
- By using “Track Additional Cost of Purchases”, available in F11: Features (F2: Inventory Feature).
- By appropriating the additional costs to the stock items based either on value or quantity.