Stock item creation in tally basic & with GST
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In the last two lessons we were learning Stock group creation and unit of measure in tally. Knowledge in both the lessons is mandatory here in creating stock items. Stock items are the goods we manufactured, purchased and sold. To raise item invoice we must create stock item in tally, also to using various inventory options stock item is mandatory.
As such other masters, creating a stock is also having two different methods in tally. The first one is Normal mode with default options and advance mode with activated options.
Stock item in normal mode
Let’s create a stock item Computer under stock group ACER (Classified based on brand name ) below is the screen displayed for creating stock.
To create go to
- Gateway of tally>>Inventory Info>>Stock Items>>Create Or Use Hot Key I > I > C From the gateway of tally.
- Name: Type stock item name in our case Computer.
- Alias: It is the additional name for the same stock item; you can access an item either by typing name or alias. Alias in stock item is the most useful field, You can create a number system or coding system for the stocks of goods in the business.
- Under : Here we are grouping stock items based on its brand, so create a stock group in its brand name “Acer “.If you don’t know how to create stock group click here . You can create stock group right from this screen by using shortcut key Alt+C, the screen will return back after creating the group. If you do not wish to place under any group simply select ‘Primary‘.
- Units: Computer can be sold in the units Numbers or pieces, Lets choose PCS here, if you don’t know how to create units go here . You can create units right from this field by using shortcut key Alt +C.
- Rate of Duty: leave blank.
- Opening Balance: This might be the stock in hand at the end of previous financial year or just before you computerizing the accounts.
- Enter the opening quantity and rate the value will be calculated automatically, Press enters to save the stock item created.
Hit enter to save and accept the screen.
Stock item creation for GST
Let’s create the same stock item computer with GST, The current GST rate of computer is 18 %. HSN : 8471
If you activated GST, You will have the statutory information option as shown in the below second image. Under statutory information you will find.
- GST Applicable : Applicable
- Set alter GST details : Yes , Hit enter you will get a GST details screen where you can set GST rate ,HSN SAC code only if you are setting GST details at stock item level.
You can get more option By pressing F12 configure from this screen. Enter HSN Code, calculation type. taxability as required save the screen. you will back to stock item creation screen.
Save and accept the screen by pressing ENTER.
Stock item in advance mode
We can also create stock items in advance mode, where there are number of options available for various business needs. Here we are discussing the basics of advance stock item creation; each and every item will be discussed in separate posts later.
How to activate advance mode ?
Go to stock item creation screen
Gateway of tally>>Inventory Info>>Stock Items>>Create
In the item creation screen Press F12 Function key from key board or Click on configuration buttons on the right bottom of the screen, a stock item configuration screen will appear. Inside the configuration screen there are several options available, Set Yes or No as per your company requirements.
By enabling “Allow ADVANCED entries in masters” will bring some more advanced feature like costing method, market valuation method and many more options in to stock item creation screen.
Options from F11 inventory feature
Now again from the screen Press F11, You will get a screen, where inventory features are available, in this screen you can see some settings of related features, You will see maintain stock stock category, activating this will bring additional field in the stock item creation screen.
By enabling these options, Stock creation screen will look like below, Each and every options is required a detailed explanation, that will be following this lesson. Hence I am concluding this post with the screenshot of stock item creation in advanced mode.
Press enter and save the screen and creation of stock.
Multiple mode stock item creation
Multiple mode stock creation is another useful feature of tally.You can create unlimited number of items from a single screen is the pros of this feature. But you will not have the access of many other features while creating is the cone.You can create stock items under single and multiple stock group.
Example of multiple mode creation
Create the following under single group.
Samsung galaxy s9 Mobiles
Apple iphone 8 Mobiles
LG G7 thinq Mobiles
Asus Zenfone 5Z Mobiles
Honor 10 Mobiles
- Gate way of tally > Inventory Info > Stock item > Create or Use hot keys I I R
- Under group : Mobiles
- enter name of item
- if you selected under group at the top, tally will skip group field.
- select units, opening quantity, rate, amount.
Hit enter key and save.
Stock creation under various group example.
Samsung galaxy s8 Mobiles
Philips Fidelio X2 Headphones
Hako Pb200 Power bank
Select All item under group.
Now you can select group for each items as shown below.
Hit enter and save and accept the screen.