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 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 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 stock group predefined with tax details.
The Stock Item Creation screen appears as shown below:
7. Press Enter to save.
To create item with maximum retail price (MRP)
1. Click F12: Configure in Stock Item Creation screen.
2. Enable Set/alter MRP details? in 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 Enter to return to Stock Item Creation screen.
6. 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.
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 Ctrl+A to accept.
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? to open the VAT Details screen.
o Set the Classification option in VAT Details screen to Undefined if unique tax rate and commodity details have to be defined.
o Select the Calculation type as On Quantity .
o Select the Reporting unit of measure .
o Enter the Tax rate .
o Select the Schedule .
The VAT Details screen appears as shown below:
o Press Enter to save the VAT Details screen.
7. Press Ctrl+A to accept the stock item master.
Note: Set the option Enable VAT calculation on quantity? to Yes in Company VAT Details screen for creating masters with VAT on quantity .