How Godown Summary Helps in Better Inventory Management

Tally Solutions |Updated on: August 24, 2021

Inventory and stock management is the heartbeat of every business. Especially businesses who are players in the retail sector, need to diligently manage their stock position for the entire company as well as stock-in-hand at each location. While there are several inventory reports which give you a detailed summary of the stock, Godown Summary is one such report which drills down to display the available stock at each location where your business operates and helps you take crucial inventory-related decisions seamlessly.

4 Key Benefits of a Godown Summary Report

1. Access to stock-in-hand at different locations

Companies use the Godown Summary report to track inventory within factory premises at various manufacturing stages or workstations. The statement provides current stock position for any godown or location at any time. The benefit of having enough stock-in-hand is to meet the demand of your customers. With this report, business owners can seamlessly decide on how to use the stock accurately. Since the statement will give you the location details, you can decide how and where to use the stock without spending any extra amount in the transportation from one location to another.

2. Compare Stock Balances

Efficient stock control allows you to have the right amount of stock in the right place at the right time. It ensures that capital is not tied up unnecessarily, and protects production if problems arise with the supply chain. Godown Summary report gives you a thorough comparison between the stock balances or stock item quantities, rate and value with other godown(s)/location(s) for the different periods which lets you clearly draw comparisons between the stock available in different godowns. This report will also enable you to assess the slow- and fast-moving stocks over a period of time which is helpful for crucial decision making at an inventory level.

3. Stock Visibility

With the help of a Godown Summary report, you can non-transacted stock to alternate units to third-party stock which is in the warehouse. There could be numerous reasons why you might have sent stock to a third-party vendor and vice versa. The Godown Summary report will help you get a consolidated view of the stock whether physical/non-physical, which will further reduce working capital and increase profitability.

4. Customer Satisfaction

When you get a consolidated report of where your stock is physically, you can easily decide on the customers when the demand increases. Instead of informing your customer about the unavailability of the stock, you can advise him to approach the nearest warehouse as per his suitability where the stock is available. You can also take important decisions like how much time and money would you require to invest in order to deliver the stock to your consumer. Basis this, you can even communicate the timeline to your consumer which results in increased customer satisfaction as you can deliver the desired product as per the promised time.

How TallyPrime's Godown Summary report helps your business improve its inventory management process

TallyPrime summarises the details of stock items available in each Godown in the Godown/Location Summary report. If you have created location in a hierarchy, the report gives you a consolidated view of the stock available. 

By default, you get a consolidated view of the stock you have been maintaining in the godowns. If you have stock items of the same unit of measurement (UoM) in different godowns, the report shows the consolidated quantity, rate, and value of the items available in all godowns. For godowns having items with different UoMs, the report will not show the quantity and rate; however, you can still see the value of the items in each godown. 

You can further explore more details in the report by simply pressing Shift+Enter on the selected godown to see the next level of data for that godown on the same screen. You can move to any of the lines in the next level and further explode the selected line using Shift+Enter.

If you press Shift+Enter on Main Location till the last level, the report will display the stock item as shown below:

In addition to the Godown Summary report, TallyPrime has other reports where you can view location-related details, such as Stock Summary, Batch Summary, and Stock Ageing Analysis to name a few.

In TallyPrime, you can also compare data for different companies, godowns, periods, valuation methods, and so on, by adding columns in the reports. For example, if you want to compare the stock value and quantity in different godowns, press Alt+C (New Column) in Godown Summary and select the godown. 

TallyPrime‘s robust feature takes care in efficiently managing such inventory through the Godown Summary report. Find this feature interesting? Take a Free Trial and see how this particular report will help in your everyday business activities.