11-Practical Assignment-TallyPrime-Creating Stock Items - Products - Goods

TallyPrime Assignment-11 [CREATING STOCK ITEMS / PRODUCTS / GOODS ]

Creation of Stock Items

Stock items are goods that you manufacture or trade (sell and purchase). It is the primary inventory entity. Stock Items in the Inventory transactions are similar to ledgers being used in accounting transactions.

  1. Gateway of TallyCreate > type or select Stock Item > and press Enter.

Alternatively, press Alt+(Go To) > Create Master > type or select Stock Item > and press Enter.

[47-Practical Assignment-TallyPrime]

  1. Name & alias: As in other masters, you can specify multiple aliases for the stock item.
  2. Under: Select Primary or an existing Stock Group. If you have not created any Stock Group, you can create one in TallyPrime to assign to the stock item.

As always, press Alt+C, to create a master on the fly. Alternatively, press Alt+G (Go To) > Create Master > type or select Stock Items > press Enter.

  1. Units: Select the unit of measurement applicable for the stock item. If the unit is not listed, you can create the unit of measurement in TallyPrime to assign to the stock item.

As always, press Alt+C, to create a master on the fly. Alternatively, press Alt+G (Go To) > Create Master > type or select Units > press Enter.

  1. Statutory Details: Set the applicable Taxability option for the stock item under Statutory details, The option will depend on the option enabled in the F11 (Features) screen.
  2. Opening Balance: Specify the opening balance for the Stock Item as on the date of Beginning of Books.

Quantity: Specify the stock item Quantity.

Rate: Specify the stock item Rate.

Value: TallyPrime automatically calculates the value by multiplying the Quantity and Rate. You can also edit the value, TallyPrime automatically refreshes the Rate field accordingly.

  1. Accept the screen. As always, press Ctrl+Ato save.
See also  TallyPrime Assignment-10 [CREATING UNIT OF MEASUREMENT]

Apply GST Rate and HSN/SAC Details in Stock Item

If your business deals with many unique stock items that have their own tax rates and HSN/SAC details, then you can directly update the details in the stock item master. After that, you only have to select the required stock items while recording transactions. The corresponding tax rates and HSN/SAC details will be picked up easily.

  1. Gateway of TallyCreate/Alter Stock Item (under Inventory Master).

Alternatively, press Alt+G (Go To) > Create/Alter Master > Stock Item.

  1. Select the stock itemfrom the List of Stock Items, or create a new one, as needed.
  2. Fill in the relevant details for HSN/SAC and GST.
    1. HSN/SAC & Related Details: You have three options to choose from.
      1. Specify Details Here: Once you select this option, you will be able to enter the relevant details right here in Stock Item Creation/Alteration.
      2. Use GST Classification: This option allows you to select a previously created GST Classification, or create one on the spot. The details will be applied accordingly.
      3. Specify in Voucher: If you are not aware of the details at the moment, and if you want to add the details directly in the transaction, then you can select this option.
    2. GST Rate & Related Details: Like in the previous field (HSN/SAC Details), you have the same three options to choose from.

Select Specify Details Here and enter the relevant information.

[48-Practical Assignment-TallyPrime]

Select Taxable for goods and services that are classified as taxable type of supply under GST. Select Exempt , if the type of supply is exempted from tax under GST, or select Nil Rated , if the tax rate applicable to the type of supply is 0% under GST.

  1. Press Ctrl+A to save the details.
  2. Specify the details of Opening Balance , if any, for the Stock Item as on the date of Beginning of Books.
    • In the Quantity Field, specify the stock item Quantity.
    • In the Rate field, specify the stock item Rate.
    • In the Value field, TallyPrime automatically calculates the value by multiplying the Quantity and Rate. You can also edit the value, TallyPrime automatically refreshes the Rate field accordingly.
See also  TallyPrime Assignment-15 [PURCHASE VOUCHER OF NIL-RATED, EXEMPTED ITEMS]

The Stock Item Creation screen appears as shown:

[49-Practical Assignment-TallyPrime]

[Practical Assignment]

Create the following Items and Goods with all Details given…like Stock Group, HSN Code, GST Rate, Opening Quantity with Rate:

Name of Items Unit Alt Unit Con. Factor HSN Taxability GST Rate Op. Qty. Rate Per Value
COOKING OIL
Fortune Mustard Oil- 1L Pcs Box 10 1512 Taxable 12% 50 105 5250
Saffola Gold Edible Oil Jar- 5L Pcs 1512 Taxable 12% 3 500 1500
Aadhar Refined Sunflower Oil -1L Pcs 1512 Taxable 12% 20 120 2400
Fortune Soyabean Oil -1L Pcs Doz 12 1512 Taxable 12% 24 110 2640
Sundrop  Rice Bran Oil -1L Pcs 1512 Taxable 12% 15 125 1875
ATTA AND RICE
Fortune Besan -500g Nos. 1101 Taxable 12% 10 46 460
Fortune Chakki Atta-10kg. Bag 1101 Taxable 12% 15 315 4725
Daawat Basmati Rice- 5kg. Bag 1006 Taxable 5% 5 400 2000
India Gate Basmati Rice- 1Kg. Pcs. 1006 Taxable 5% 20 75 1500
Kohinoor Brown Basmati- 1Kg. Pcs. Box 20 1006 Taxable 5% 25 150 3750
PULSES
Tata Sampan Toor Dal -1Kg. Pcs Box 20 0713 Taxable 5% 50 130 6500
Chana Dal -1Kg. Pcs 0713 Exempt 20 80 1600
Moong Dal -500g.. Pcs 0713 Exempt 25 60 1500
Black Chana- 1Kg. Pcs 0713 Exempt 30 90 2700
Kabuli Chana- 1 Kg. Pcs 0713 Exempt 15 110 1650
PERSONAL CARE
Colgate Toothbrush – 4 Pcs Pack Pcs Doz 12 3305 Taxable 12% 60 95 5700
Closeup Toothpaste- 150g. Pcs 3305 Taxable 12% 50 70 3500
Pepsodent 2 in 1 Toothpaste -100g. Pcs 3305 Taxable 12% 30 60 1800
Listerine Mouthwash -500ml Pcs 3305 Taxable 12% 40 220 8800
Whisper Clean and Fresh -20N Pcs 3305 Taxable 12% 10 100 1000
BODY CARE
Shampoo With Tea Oil –100ML Pcs 3304 Taxable 18% 20 110 2200
Perfumed Deo Spray-150ML Pcs 3304 Taxable 18% 15 160 2400
Hair Oil With Conditioner -100 ML Pcs 3304 Taxable 18% 25 90 2250
Perfumed Body Talc- Dreams – 100 G Pcs 3304 Taxable 18% 20 60 1200
Face Wash Oil Clear For Men -50 g. Pcs 3304 Taxable 18% 10 110 1100
See also  Practical Assignment-7 [CREATING SALES & PURCHASE LEDGER]

 

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