Stock items are tradeable goods. You can create a stock item inventory master, and select the same in transactions. Stock items can be created with MRP applicable globally or for specific state.
To create a stock item
1. Go to Gateway of Tally > Inventory Info. > Stock Items > Create.
2. Enter the Name of the stock item.
3. Select the required group in the Under field.
Note: If the stock group is predefined with tax rate and commodity details, the same gets applied to the stock. If it is set to Primary, tax and commodity details specific to the stock item can be defined.
To specify the VAT rate for the stock group in the VAT Details screen
● Select a user defined VAT classification.
To create a user defined classification
1. Go to Gateway of Tally > Accounts Info. > Statutory Info. > VAT Classifications > Create.
2. Enter the Name of the new classification.
3. Enter the applicability date with the corresponding tax rates in Applicable From and Tax rate columns.
4. Press Enter to save.
To define Nature of Transaction in the Stat Classification Creation screen
1. Click F12: Configure.
2. Set the options Enable nature of transaction? and Provide commodity details? to Yes.
3. Press Ctrl+A to accept and return to the Stat Classification Creation screen.
4. Select the required Nature of Transactions.
5. Enter the Commodity Name and Commodity Code.
6. Select the required Reporting UoM.
7. Press Enter to save.
o On selecting a user defined VAT classification, the Stock Item Creation screen is displayed.
● Specify VAT details.
o Select the option Undefined in the Classification field of VAT Details screen.
o Enter the Tax rate. If the Tax rate entered is above 0, the Tax type automatically appears as Taxable.
o Enter 0 as the Tax rate, to select Exempt or Tax Free as the Tax type.
4. Select the required unit of measurement in Units field.
5. Set the option VAT Applicable to Applicable.
6. Enable the option Set/alter VAT details? if the item is not grouped under stock group predefined with tax details.
To specify the VAT rate for the stock item in the VAT Details screen
1. Set the Classification option in VAT Details screen to:
o Undefined if unique tax rate and commodity details have to be defined.
Or
o Any of the user-defined classification.
Note: Once the classification is applied, the other options disappear and the cursor returns to Stock Item Creation screen. Click here to view the detailed procedure of creating VAT Classifications.
2. Select the Type of goods.
3. Select the Nature of goods.
4. Enter the Commodity name.
5. Enter the Entry No..
6. Select the Calculation Type. If the Calculation Type is selected as On Quantity, select the Reporting unit of measure.
7. Enter the Tax rate.
8. Select the Schedule.
9. Press Ctrl+A to accept the VAT Details screen.
The Stock Item Creation screen appears as shown below:
7. Press Enter to save.
To create item with maximum retail price (MRP)
1. Click F12: Configure in Stock Item Creation screen.
In the Configuration screen,
1. Enable the option Allow MRP/Marginal for stock item?.
2. Press Ctrl+A to accept the Master Configuration screen.
2. Enable Set/alter MRP details? in Stock Item Creation screen.
3. Set the option Allow MRP modification in voucher to Yes, to enable altering the MRP rate while recording the voucher.
4. Enter the MRP Rate. The MRP Details screen appears as shown below:
5. Press Enter to return to Stock Item Creation screen.
6. Press Ctrl+A to accept the item master.
To enter MRP applicable on the stock item in different states
1. Click F12: Configure in MRP Details screen of stock item master.
In the Configuration screen,
o Enable Allow state-wise MRP? and press Enter.
2. Enter the Applicable From date.
3. Select the State Name from the List of States.
4. Enter the MRP Rate for each state.
The MRP Details screen appears as shown below:
5. Press Ctrl+A to accept.
To create item with VAT applicable on quantity
1. Go to Gateway of Tally > Inventory Info. > Stock Items > Create.
2. Enter the Name of the stock item.
3. Select the required group in the Under field.
4. Select the required unit of measurement in Units field.
5. Set the option VAT Applicable to Applicable.
6. Enable the option Set/alter VAT details? to open the VAT Details screen.
o Set the Classification option in VAT Details screen to Undefined if unique tax rate and commodity details have to be defined.
o Select the Calculation type as On Quantity.
o Select the Reporting unit of measure.
o Enter the Tax rate.
o Select the Schedule.
The VAT Details screen appears as shown below:
o Press Enter to save the VAT Details screen.
7. Press Ctrl+A to accept the stock item master.
Note: Set the option Enable VAT calculation on quantity? to Yes in Company VAT Details screen for creating masters with VAT on quantity.
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