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FAQs

Closing stock in Tally is the most common goal in all businesses. It is not easy to get it, but when you do, it will be a big boost for your business. It has proven to be more effective than writing down objectives and goals and putting them into action. Press F4 (Group) and select a stock group to view the closing balance of the items under that stock group.

A compound unit is a relation between two simple units. Hence, before you create a compound unit, ensure that you have already created two simple units. 1. Go to Gateway of Tally > Inventory Info > Units of Measure > Create. Create. The Unit Creation screen is displayed Then Click on Type field or Press SHIFT + TAB . 2. In Types of Units Select Compound and press Enter. The Conversion field will be displayed for creating Compound unit. 3. Select the First unit from the Units List. 4. Specify the Conversion Factor. 5. Specify the Second Unit from the Units List. 6. Use CTRL + A or Accept the Screen for Saving of Compound Unit Creation.

The Closing Stock or the closing inventory Formula is Opening Stock + Purchases – Cost of Goods Sold. This is the cost of goods which will be available for sale. Then, multiply the gross profit percentage by the sales to find the required cost of goods sold. We have just talked about inventory. When we are talking about inventory, we are also talking about the opening inventory. After this, subtract the cost of goods available for sale from the cost of goods sold to get the ending or the closing inventory. Achieving the end inventory is not easy. For instance, the average closing inventory is $10,000. This inventory should be reduced to $8,000. As it appears that everything will be sold out at the end of the year, this would mean that $2,000 would be added to the inventory at the end of the year.

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