Stock items are the primary entity for trade (sell and purchase). 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 selected stock group is predefined with tax rate and commodity details, these are applied to the stock item. If Primary is selected, the 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.
7. Enter the VAT Details. The Stock Item Creation screen appears as shown below:
8. Press Enter to save.
To enable the MRP feature while creating a stock item
1. Click F12: Configure in Stock Item Creation screen.
2. Enable the option Allow MRP/Marginal for stock item.
3. Press Ctrl+A to save the screen and return to the Stock Item Creation screen.
4. Enable Set/alter MRP details.
5. Enter the MRP Rate. The MRP Details screen appears as shown below:
6. Press Enter.
To specify the MRP for a stock item in different states
1. Click F12: Configure in MRP Details screen of the stock item master.
2. Enable the option Allow state-wise MRP.
3. Enter the Applicable From date.
4. Select the State Name from the List of States.
5. Enter the MRP Rate. The MRP Details screen appears as shown below:
6. Press Ctrl+A to save.