Recording Manufacture of Finished Goods (Excise for Manufacturer)

When goods are manufactured, the same can be brought into the books as finished goods by recording a manufacturing journal.

Using the raw materials purchased, ABC Company manufactured Oval Eye Glasses - T1234, 500 Nos.

Recording the manufacture of stock items is done in two steps:

Creating of the Stock Item and BOM

Recording a Manufacturing Journal

Creating of the Stock Item and BOM

To create the stock item (finished goods)

1. Go to Gateway of Tally > Inventory Info. > Stock Items. > ( Single Stock Item ) Create .

2. Click F12: Configure and enable the option Allow component list details (Bill of Materials) .

3. Enter the Name of the stock item.

4. Select the required stock group in the field Under .

5. Select the required unit of measure in the Units field.

6. Enable the option Set Components (BOM) .

7. Enter the BOM Name as Spectacles .

8. Press Enter .

9. Enter components for the stock item as shown below:

10. Select Applicable in the field Is Excise Applicable?

The Excise Details screen with all the tariff details appear as shown below:

11. Select the Type of stock item as Finished Goods .

12. Enter the Conversion factor as 1 No = 1 U .

13. Press Enter .

14. Select Applicable in the field Is VAT Applicable? , if required.

15. Press Enter .

16. Press Enter to save.

Recording a Manufacturing Journal

To record a manufacturing journal

1. From Gateway of Tally > Inventory Vouchers > F7 : Stock Journal .

2. Select Manufacturing Journal as the Voucher Type .

3. Select ABC Company as the Tax Unit .

4. Enter details as shown below:

5. Press Enter to save.