Dear Friends, Here is guide to create Stock Items in Tally. you know very well that Tally is accounting cum inventory software which provide different accounts, inventory features which different taxation part. You can also prepare payslips, attendance sheet and many more in the payroll report. Tally is widely used in different countries due to its user friendly features.
You known very well that inventory or stock items in Tally is an important part of our business without any information of inventory you not able to calculate how much profit or loss you have on particular stock item. So today we talk about How to create any stock item in Tally software to maintain stock. Stock Item is goods that are used either for manufacture or trading purpose in your business. It is the main part of inventory and it has information like stock item name, qty, rate and amount of your inventory.
You have to take the following steps to create stock items in tally…..
How to create stock items in Tally:
After opening any company in the Tally software, you have to click on the Inventory Info window > then click on the “Stock Items” option > now, click or select “Create” option.
Note: Stock items are the actual items for which you wish to maintain Accounts. Like any accounts ledger, stock items are accounted for.
Creation of Stock Items Name: Type the name of the Stock Item.
Alias: Alternate name (It’s an optional)
Part No: This field will appear if you have configured so press F12: Configure. Use Part Numbers for Stock items?.You can give Part No, Style No, Design No, Bin-Card No etc.,
Alias: Alternate for Part No.
Description: This option will be available if you have activated the option Use Description for Stock Items? Under F12: Configure. You can give descriptive details for stock Items which will be optionally printed in Invoice also.
Under: Select the Stock Group under which the Item should be placed. If you want to create the item independent of any Stock Group, select Primary here.
Category: This field appears if you activated Stock Category under F11: Features. Select the Stock Category from pop-up for the Item you are creating. If you do not want to categorize the item Select Not Applicable from list
Remarks: This field appears if you have configured so under F12: Configure. Enter Remarks for the Item so that while looking for the item you will get this additional information. You can also write information about the item.
Units: Select Unit of Measure applicable for the Item. You can skip it by selecting Not Applicable from the list.
Alternate Units: If you configure under F12: Configure, this additional option is available. Enter alternate Unit of measure for the item.
How To Maintain Stock Items in Batches?
If you activate under F11: Features, this option is available. Respond yes for those items you wish to track batch-wise details.
If you set Maintain in Batches to Yes, you get the following additional options,
Track Date of Mfg.? Give yes if you require tracking date of manufacturing for the item.
Use Expiry Date? Give yes to set expiry dates for items (Applicable to drugs/medicines)
Enter Standard Rates?
This option will appear if you have configured under F12: Configure Allow Standard Rate for Stock Items. You may value your Closing Stock in different methods including Standard Purchase Cost or Standard Sales Price. These rates may vary periodically. By setting yes, you can enter Standard Purchase Cost and Sales Prices on different dates. Also you must select a Unites of Measure in order to give rates.
These rates becomes standard price list rates, i.e., while entering sales or purchase entries for this item, rates of the day will be automatically picked up.
Rate of Duty: Specify Rate of Duty applicable for the Item
Tariff Classification: Enter Tariff classification under which the item falls. This field will appear when you enter a valid value in the Rate of Duty above.
Set Components (BoM)?
For items which are manufactured or assembled if you wish to input component details (Bill of Materials) set yes. Which pops up a screen to enter component details?
Opening Balance: Enter opening stock details for the item. If you have activated all the features, you will be asked to enter Quantity, Godown, Batch/Lot No., Rate, Per and Value. You can split opening stock into multiple batch-wise, Godown wise.
If you set Allow Advanced entries in Masters under Inventory Masters in F12: Configure to Yes, you may specify following additional information.
For default closing stock value, select one of the Valuation method from the pop-up list which displays following options
Average Cost: Value is re-calculated after every transaction
FIFO (First in First Out): Considers sale of oldest stock first
Last Purchase Cost: Values at latest purchase price
LIFO Annual: Considers sale of latest goods first taking into account the current financial year.
LIFO Perpetual: It is similar to LIFO perpetual but last purchase continues from previous financial year
Standard Cost: As you enter in Stock Item at Standard Rates
Market Valuation Method: While Costing Method Computes cost of Stock, by Market Valuation, you determine the worth of stock. Select the method from the following.
Last Sale Price
Ignore difference due to Physical counting?
Respond Yes if you want to ignore difference in stock according to books and actual stock that you may enter in Physical Stock Voucher. Before setting to Yes, consider the consequences.
Ignore Negative Balance?
Set to yes if you want to ignore negative stock balance in stock reports.
Treat all Sales as New Manufacture?
If you follow the principle, all Sales are Manufacture, set it to Yes which will update the quantity manufactured as soon as you enter sales. The advantage is you will never get a report showing Sales in excess of Manufacture / Purchase.
Treat all Purchase as Consumed?
If you follow the principle, all purchases are consumed, set it to Yes. Then you need not keep track of issues and obviously closing stock for the Item will always be NIL
Treat all Rejections Inward as Scrap?
If you treat all stock that comes back as rejected is scrap, set this to Yes.
Allow Use of Expired Batches?
This option is available if you have set for Maintain in Batches and Use Expiry Dates. If you set this option to No, expired batches will not be considered in stock reports nor you can allocate expired batches in Inventory allocations in Voucher Entry.
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