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 get applied to the stock items. If it is set to Primary, tax and commodity details which are specific to the stock item can be defined.
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 display the VAT Details screen. To specify the VAT rate for the stock group,
1. Set the Classification option in VAT Details screen to:
o Undefined if unique tax rate and commodity details have to be defined.
o Any of the user-defined Classification. Once it is applied, rest of the options will disappear and cursor will return to Stock Group Creation screen. Click here to view the detailed procedure of creating VAT Classifications.
2. Select the Calculation type as:
o On Quantity, if the tax is charged as a fixed amount on each unit. For example, if Rs. 3,000 has to be entered as the tax amount for each unit, select the Calculation type as On Quantity and enter the Tax rate as Rs. 3,000 per unit and Surcharge as 10%.
o On Value, to enter the rate of VAT ad surcharge applicable on the stock item.
If tax rate entered in more than 0, the Tax Type is displayed as Taxable. If tax rate is 0, the Tax Type can be selected as Exempt or Tax Free.
To select type of goods, commodity and VAT schedule
1. Click F12: Configure in VAT Details screen, and set the following options to Yes:
o Set type of goods?
o Provide Trade Name?
o Provide commodity details?
2. Press Ctrl+A to accept the Configuration screen.
3. Select the Type of goods as required.
4. Press Ctrl+C to select the Trade name.
5. Select the Commodity name.
6. Enter the Commodity code.
7. Select the Calculation type.
8. Enter the Tax rate and Surcharge based on the Calculation type.
9. Press Enter to save.
The Stock Item Creation screen appears as shown below:
10. Press Enter to save.
To enable MRP feature in stock item master
1. Click F12: Configure in the Stock Item Creation screen. In the configuration screen,
o Enable the option Allow MRP/Marginal for stock items?.
o Press Ctrl+A to accept the Master Configuration screen.
2. Enable Set/alter MRP details? in the 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 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.
2. Enable Allow state-wise MRP?
3. Enter the Applicable From date.
4. Select the State Name from the List of States.
5. Enter the MRP Rate. The MRP Details screen appears as shown below:
6. Press Ctrl+A to accept.
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