Each item is required to be accounted for, and receipt or issue needs to be created. In fact, you will create a stock ledger account for each item and Tally calls this account Stock Item.
To create the stock item
1. Go to Gateway of Tally > Inventory Info. > Stock Items > Create.
2. In Name field enter the stock item Name. For example, Aluminium Scrap.
3. Group the stock item Under the stock group Scrap (if stock group is not created use Alt+C from Under field to create the stock group).
4. In Units field select the applicable unit of measurement. For example, Gm.
5. Press Enter to save
1. Go to Gateway of Tally > Inventory Info. > Stock Items > Create.
2. Enter the Stock Item Name, Group, Units, and enable the option Set/alter excise details.
3. In Excise Details screen select Reporting UOM, enable Set/Alter Duty Details to select the duties applicable for the stock item and select the Stock Item Type - others.
4. Press Enter to save.
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