Creating Stock Item

To create a stock item

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

2. Enter the Name of the stock item.

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

4. Select the required Unit of measure.

5. Select Applicable in the field Is Excise Applicable?

6. Set the option Set/Alter Excise details to Yes.

   To set excise/tariff details

   1. Enter Tariff Name.

   2. Enter HSN Code.

   3. Select the Reporting UOM.

   4. The cursor skips the field Valuation Type. To modify it, click F12: Configure.

   5. Enter the Rate of duty.

   6. Press Enter to save.

7. Enter the Conversion Factorto convert the unit of measure defined in the Units field to the Reporting UOM predefined in the selected Excise Classification. .

8. Enable the option Vat Applicable, if required.

9. Enable Set/Alter VAT Details, if required.

10. Enter the Opening Balance, if required.

The completed stock item creation screen appears as shown below:

11. Press Enter to save the stock item.