Cost Centre and Cost Category in Tally Prime

 

Cost Center and Cost Category in Tally Prime

This feature of Tally Prime allows to an organisation which costs, Revenue and Non-Revenue or expenses can be allocated during transactions of Items to parallel sets of Cost Centers.

Example: Suppose we want to Pay Advertisment cost Rs. 60,000/- in three different Cost centres. (i.e. For Print Media--> Rs. 20,000/-, Electronic Media for Rs. 30,000/- and for Wall Painting Rs. 10,000/-).
Steps
1. Create New Company using Company Info --> Create Company
 Enabling and creating Cost Category in Tally

GOT --> Master--> Create--> Show More--> Show Inactive

 Click on Cost Category--> Create New--> Y

 Name: Advertisement

* Press Ctrl+A to Save it.

3. * Name: Advertisement
    * (alias): Skip field

Enabling and creating Cost Centre in Tally

4. GOT --> Master--> Create--> Show More--> Show Inactive

 Click on Cost Centre--> Create New--> Y

Category: Advertisment
* Name: Print Media
* (alias): Skip field
* Under: Select Primary from List of Cost Centres

* Similarly create following Cost Centres.
* Electronic Media and Wall Painting.

Applying Cost Centres to Ledger Accounts

5. Now create Ledger of Advertisement A/c Under Indirect Expenses(GOT--> Create-->Ledger)

During Ledger creation Click on More Details Press Ctrl+i

Set Cost Centres are Applicable to Yes.

 Now perform transaction in Payment Voucher which shown in figure below:

GOT--> Voucher-->F5

To Display Sumamry of Cost Centres we use GOT--> Display--> Statement of Account--> Cost Centres--> Category Summary

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