Go to Gateway of Tally > Inventory Info. > Stock Items > Create
1. Name: Olive Oil
2. Under: FMCG. (Press ALT+C to create stock group FMCG under primary)
3. Units: Bottle. (Press ALT+C to create a simple unit of measure Bottle)
4. Set Standard Rates?: Yes. Tally.ERP 9 displays a screen where the standard rates can be specified.
- Applicable from: 1-4-2009.
- Under Standard Cost, specify the rate as 125 and under Standard Selling Price specify the rate as 150.
The Standard Rates screen appears as shown :