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Creating Stock Item (scrap, by-products, co-products)

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

Scrap - if Excise Applicable

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.