GST implementation is a revolutionary step in the field of indirect taxes in India. After implemented GST in India, Tally is the pioneer accounting software in the field of ERP based accounts. Tally ERP 9 software package is most popular accounting software in India. Today we are going to discuss its unique and important feature multiple price level and price list. Using this option we can create price levels for our customers based on their turnover, their sales invoice value. We can use to allow the discount to our customers on particular stock items.
Need of Price List and Price Levels in Organization-
When our customer gives us the order to supply the goods and if we have price list then it plays an important role to quicken the sales process in our organization. It also helps them to improve the decision-making process in the company at various department levels such as purchase department, sales department management, and even accounts departments.
What is Multiple Price Levels in Tally?
Suppose different supply chain exists in our business i.e.-some of our customers are our distributors, some are a wholesaler, some are a retailer and some of them are our customers. Based on these different customer based if we want to create a price list for them then we can use multiple price level and create a separate price list for distributors, wholesalers, retailers, and customer. Using this price list and price level we can also offer different discounts. Discount is allowed when they purchase a certain quantity of the stock item from us. Let us explore more about this feature.
What is Price list in Tally ERP 9?
Tally ERP 9 allows us to create quantity based price list with the discount structure for our valuable customers. In the new release of Tally, this option is available only for the Stock item, hence available only when we create a stock group and stock items in the tally company. So we can say a tally price list is a list which contains price and discount allowed on a stock item to a particular level of our customer, which we defined already such as distributors, wholesaler, retailer, and customers. Based on different groups of customers we can create more than one price list having different price structures and levels in it.
How to Activate GST in Tally-
First of all, create a new company in tally and activate GST option. To activate GST you can follow process-
Go to Gateway of Tally >Press F11 > Statutory and Taxation > Enable GST and fill GST Registration Detail.
Use Multiple Price Levels and Price List in Tally-
- In Gateway of Tally> Press F11 > Inventory Features > Enable separate discount column in invoice option
- Inventory Features > Enable use multiple price level option>Press Enter> Set different Price Level Groups such as distributors, wholesaler, retailer, and customers.
To create Stock Group and Stock Items
Gateway of Tally > Inventory Info > Stock Group > Stock Item.
To create price lists-
Go to Gateway of Tally> Inventory Info. > Price List.
- Select the Price Level.
- Enter the applicable from the date and input Quantity, rate and discount in the price list. If you don’t want to give a quantity-based discount and skip the quantity field and simply fill the rate and discount.
- In price list, the Cost Price column is updated based on the stock purchased rate.
- price list structure with the discount shown in below picture.
To post sales entries based on price levels and price lists-
Gateway of Tally > Accounting Vouchers > press F8 for sales voucher.