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:
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.
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.
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