Create Stock Item in TallyPrime (Excise for Manufacturer)
While creating an excise stock item, duty details and conversion factor can be configured. In case the stock item is created under a group which as excise tax details, the same is inherited by the stock item. However, you can overwrite tax details at the item level which will take precedence in transactions.
To create Stock Item in TallyPrime in case of excise for manufacturer, follow the steps given below.
Create a Stock Item
- Gateway of Tally > Create > type or select Stock Item.
Alternatively, press Alt+G (Go To) > Create Master > type or select Stock Item.
- Enter the Name of the stock item.
- Select the required stock group in the field Under.
- Select the required units of measure in the field Units.
- Select Applicable in the field Is Excise Applicable.
- Enable the option Set/Alter Excise details.
- Select the Type of stock item, as required.
- Enter the Conversion Factor. To convert the unit of measure defined in the Units field to the Reporting UOM predefined in the selected Excise Classification.
- Enable the option Is inclusive of duties and taxes.
- Enter Opening Balance, if required. The completed stock item creation screen appears as shown below:
- Press Enter to save.
Allocate Customs Duty to the Cost of Stock Items
TallyPrime allows you to allocate the expense incurred in lieu of customs duty paid to the cost of the stock item. The configuration to allocate the customs duty expense can be made in ledger masters used in recording transactions involving custom duty.
- Gateway of Tally > Create / Alter > type or select Ledger.
Alternatively, press Alt+G (Go To) > Create Master / Alter Master > type or select Ledger
- Press F12 (Configure) > set the option Select Appropriation Methods to allocate Additional Costs (in Invoice Mode for Purchases only) to Yes.
- Press Ctrl+A to accept.
Now customs duty can be allocated to the cost of an item.