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 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.
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.