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. 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 which are specific to the stock item can be defined.
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 Enable commodity details to Yes.
3. Press Ctrl+A to save and return to the Stat Classification Creation screen.
4. Select the required Nature of Transaction.
5. Enter the Commodity Name and Major Commodity.
6. Press Enter to save.
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
● Select a user defined VAT classification.
o On selecting a user defined VAT classification, the Stock Item Creation screen is displayed.
OR
● Specify VAT details
o Press Enter.
o Enter the Tax Rate and Cess. If the Tax Rate entered is above 0, the Tax Type automatically appears as Taxable.
o Enter 0 as the Tax Rate, to select the Exempt or Tax Free as the Tax Type.
To specify the Type of Goods, Nature of Goods, and Commodity Name
1. Press F12: Configure in the VAT Details screen.
2. Set the options Enable type of goods, Enable Nature of Goods, Provide commodity details to Yes.
3. Press Ctrl+A to save the screen and return to the VAT Details screen.
4. Select the required option in the Type of Goods and Nature of Goods fields.
5. Enter the Commodity Name and Major Commodity.
7. The Stock Item Creation screen appears as shown below:
8. 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.
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 Enter to save.
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?.
o Select the option On Quantity in the field Calculation type.
o Enter the Tax rate.
o Press Ctrl+A to accept the VAT Details screen.
7. Press Ctrl+A to save.
Note: The option Enable VAT on quantity? has to be set to Yes, in Company VAT Details screen for creating masters with VAT on quantity.
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