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 selected stock group is predefined with tax rate and commodity details , the same gets applied to the stock item. If it is set to Primary , tax and commodity details 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? if the item is not grouped under a 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
2. 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 .
o Enter the Tax type .
o Select the Schedule , as required.
To specify the Type of Goods, Nature of Goods, Commodity Name and Code
1. Click F12: Configure in the VAT Details screen.
2. Set the options Provide commodity details and Provide schedule details to Yes .
3. Press Ctrl+A to save the screen and return to the VAT Details screen.
4. Press Ctrl+C to select the Commodity name .
5. Enter the Commodity Code .
6. Select the Reporting unit of measure .
7. Enter the Tax rate .
8. Select the Schedule .
The Stock Item Creation screen appears as shown below:
7. 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.
T o enter MRP applicable on the stock item in different states
1. Click F12: Configure in the MRP Details screen of the stock item master, set the option 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 as shown below:
5. Press Ctrl+A to accept.
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