Creating a Stock Item

Stock items are goods that you manufacture or trade (sell and purchase). It is the primary inventory entity. Stock Items in the Inventory transactions are similar to ledgers being used in accounting transactions.

Two Modes of Stock Item Creation:

1. Normal Mode

2. Advance Configuration Mode.

Creation of Stock item in Normal Mode:

To create a Stock Item,

Go to Gateway of Tally > Inventory Info > Stock Item > Single Create (under Single Stock Item)

Stock Item creation is displayed as shown:

A brief description of each field in the Stock Item Creation screen follows:

Name

Specify the name of the Stock Item.

Alias

Specify the Alias name of Stock Item (if required).

Under

This field will show the List of Groups. Here you can select the Stock Group to which the Stock Item belongs. By default, Primary Stock Group appears in this field.

Note: You can create a new stock Group by pressing ALT+C at this field.

Units

This field will show the Unit List. Here you can select the Unit of measurement applicable for the stock item. By default, Not Applicable appears in this field.

Note: You can create a new Unit by pressing ALT+C at this field.

Rate of duty

Specify the Rate of Duty applicable for the stock item. This field is used for the calculation of excise duty or if duty is based on item rate. During Invoicing, whenever you select a Stock Item, the Rate of duty entered here is displayed in the Invoice creation screen.

 Note: In F11 Inventory features, if Allow Invoicing is set to No then Rate of Duty field will not be visible.

Tariff Classification

Specify the Tariff Classification for the item, if applicable. Tariff Classification can be created or used when Excise features is activated for the company.

Opening Balance

Specify the details of Opening Stock, if any, for the Stock Item as on the date of Beginning of Books.

1. In the Quantity Field, specify the stock item Quantity, say 5 Nos.

2. In the Rate Field, specify the stock item Rate, say Rs. 8000 per piece.

3. In the Value Field, Tally.ERP 9 automatically calculates the value by multiplying the Quantity and Rate. You can also edit the value, Tally.ERP 9 automatically refreshes the Rate field accordingly.

Note: If Unit field is Not Applicable then the cursor will move from Quantity and Rate Field.

Buttons specific to Single Stock item creation:

Note: Category and Godown buttons are visible only if you opted for the same in F11: Features.