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

EXAMPLE

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.

stock item creation screenFill up  the field as follows

  • 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.

basic stock item creation

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.

  1. GST Applicable : Applicable
  2. 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.

GST Details screen

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.

stock item creation with gst

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.

stock item configuration

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.

inventory f11 features

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.

advance mode stock item creation

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.

Product                                        Group

Samsung galaxy s9               Mobiles

Apple iphone 8                        Mobiles

LG G7 thinq                               Mobiles

Asus  Zenfone 5Z                    Mobiles

Honor 10                                    Mobiles

  1. Gate way of tally > Inventory Info > Stock item > Create   or Use hot keys I I R
  2. Under group : Mobiles
  3. enter name of item
  4. if you selected under group at the top, tally will skip group field.
  5. select units, opening quantity, rate, amount.

Multiple stock item creation

Hit enter key and save.

Stock creation under various group example.

Product                                                          Group

Samsung galaxy s8                                   Mobiles

Philips Fidelio X2                                      Headphones

Hako Pb200                                                  Power bank

Select All item under group.

all item group

Now you can select group for each items as shown below.

stock item under multiple group

Hit enter and save and accept the screen.

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13 comments

  • tawfeeq yousuf

    sir

    when we create a stock items with opening balances

    while in manual accounting in the beginning of accounting period the opening stock is debited and capital account is credited which appears in balance sheet as stock in assets side and same amount as capital.

    but while in tally same transaction , stock in assets side but in liability side it shows it as difference of opening stock and closing stock.

    sir plz clear it to me.

    Reply
  • dinesh

    could u plz guide how to create vat accounts in tally.we deal items n 4% and 13.5% vat category.plz help as to how to create different vat ledgers and how to post entries in them.i am giving you a transaction plz help with the corresponding entry in tally for the same:
    mx456 sold to shanti traders for rs10500 including vat @13.5%.

    Reply
  • Rahees.

    what is the need to create stock group and stock category together

    Reply
  • RKGupta

    we are a manufacturing company, Please tell us that when we use raw material for making finished goods then how we control this process.

    Reply
  • R.DUTTA

    Hi,
    I wanted to know to entered Finish goods in daily basis.
    Thanks and regards,
    R.Dutta

    Reply
  • Rs.330000/- NEFT sent SBI current A/C by Raju how to creat voucher?

    Reply
  • Reeja

    Dear sir

    How to create same stock item name with different part numbers in tally(Because we are supplying same item to different clients with different part number).

    Kindly do the needful at the earliest.

    Reply
  • Munna

    Dear sir
    How to create same stock item name with different part numbers & different groups in tally(Because we are supplying same item to different clients with different part number & different groups).
    Kindly do the needful at the earliest.

    Reply
  • Jimmy

    Hi experts,

    I need your help in setting up tally for a electronic product manufacturing industry. Tally is used in the organisation but manufacturing planning is done in excel. I want to streamline the process and depend on tally for all manufacturing activities, material planning etc.

    I have expertise in SAP but a novice in Tally and have clear understanding of manufacturing process in SAP.

    Where do I get the expert online guidance on tally? one of my query is given below.

    How raw materials are created in tally? Need clarfication on coding of raw material (character length of partnumber, character length etc).

    Regards,

    Jimmy

    Reply
  • Seraj Shereef

    Sir,
    When i create an stock item, i couldn’t find the purchase and the sales price! for example, i bought a mouse and it coasted me $10 and i want to sale it with the total cost $12. Please some one advise me, i really need it ASAP.
    Thanks

    Reply
  • chandara mohna

    dear sir
    How to crate stock items for water based industry like mineral water selling and procured from underground.pl advise thanks chandra mohan

    Reply
  • akshit bansal

    Sir,
    We are having a cold storage(warehouse) where only potatoes are stored of farmers. I want a help from you how can I maintain inward and outward stock with payments

    Reply

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