Create Stock Items as Raw Materials in TallyPrime: With Excise

Here’s how to create Stock Items – Raw Materials in TallyPrime with examples:

1. Accessing Stock Item Creation in TallyPrime:

There are two ways to access Stock Item creation:

  • Gateway of Tally: Go to Gateway of Tally > Stock Items > Create.
  • Shortcut: Alternatively, press Alt+G (Go To) > Create Master > type or select Stock Item > press Enter.

2. Creating a Raw Material Stock Item in TallyPrime:

  • Name & Alias: In the “Name” field, enter the name of your raw material. You can also specify aliases (alternate names) for the item.
  • Example: Name: Steel Plate (10mm x 20mm)
  • Stock Group: Select the appropriate Stock Group where this raw material belongs. Stock Groups help categorize your inventory.
    • If you haven’t created any Stock Groups yet, you can create one on the fly using Alt+C in the “Under” field.
    • Example: Under: Raw Materials (if the group exists)
  • Unit: Choose the Unit of Measurement (UOM) applicable to your raw material. This could be kgs, meters, pieces, etc.
    • Example: Unit: Kg
  • Enable Cost Tracking: Set this option to “No” for raw materials, as you typically track the cost during purchase.
  • Saving the Stock Item: Once you’ve filled in the details, press Enter to save the raw material Stock Item.

Example: Creating a Stock Item for Steel Plate in Tally

Creating a Stock Item for Steel Plate (10mm x 20mm):

  • Name: Steel Plate (10mm x 20mm)
  • Alias: (leave blank)
  • Under: Raw Materials (assuming the group exists)
  • Unit: Kg
  • Enable Cost Tracking: No
  • Press Enter to save.

3. Additional Considerations (Optional):

1. Excise Applicable:

If your raw material is subject to excise duty, you can enable excise details during creation.

  • In the Stock Item Creation screen, set “Set/Alter Excise Details” to “Yes”.
  • This will involve specifying details like Reporting UOM, Duty details, and Stock Item Type (Principal Inputs).

By following these steps, you can create Stock Items for all your raw materials in TallyPrime, allowing for better inventory management and tracking.

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