Get.. Tally.ERP9 Book @ Rs.550 and TallyPrime Book @ Rs.600 TallyPrime Book @ Rs.600 Tally.ERP9 Book @ Rs.550



TallyPrime Book @ Rs.600
Tally.ERP9 Book @ Rs.550

 


 
 

Creating Stock Groups and Stock Items for GST Compliance

Stock Groups in Tally.ERP9

The main concept of Trading activities are receipt of goods and delivery of goods. We generally call them PURCHASE or SALE  activities. The trading items can be RAW MATERIAL, FINISHED GOODS, SEMI-FINISHED GOODS, etc. For better Organization you can use the group and sub-group for classification of the trading item.

Stock Group in Tally.ERP9

Inventory Info Menu

You can create the inventory from this menu, which contains the following options :

  • Stock  Group : Create your group here, for example, Raw Materials, Work-in-progress, Finished Goods, etc.
  • Stock Items : Create your Stock Items here, for example, TV, Sound System, VCD, etc.
  • Voucher Types
  • Unit of Measurement : Create your measurement Unit for Items, for example, LTR. MTR, PCS, BOX etc.
  • Quit : Exit from the menu.

Before creating the Inventory info menu we should know what stock groups, stock items and units of measurement are.

What are Items, Groups and Units ?

Definitions:

Stock Items :
Stock items are the primary inventory entity, like Ledgers. Usually it means Item or Product, which can be buying, selling or issue for production purpose. Each item is required to be accounted for, and receipt or issue needs to be created. In fact, you will create a stock ledger account for each item and Tally.ERP9 calls this account “Stock Item”.

Stock Units of Measure:
Stock Items are mainly purchased and sold on the basis of quantity. The quantity in turn is measured by units. You can measure the Stock Item by Units, like money is measured in Currency. For example, Liters, Meters, Kilograms, Pieces, Box, Dozen, etc. Units can be classified under the following types :

  • Single / Simple Units : When only one Unit is used for receipt and issue of stock items. Above-mentioned are all example of Single Units.
  • Compound Units: When two different types of Units can be used for receipt and issue of the Stock item is called compound unit. For example :

First Unit

Conversion Factor

Second Unit

Dozen

12

Pcs.

Meter

1000

Millimetres

Box

30

Pcs.


Stock Group :           
Stock Groups in Inventory are similar to Groups in Accounting Masters. They are helpful in the classification of Stock Items.

As per requirement of the business numerous items can be created, but to generate a report on similar types of stock items you need the classification of stock items. This classification will help you to get stock report  in an organized manner. For example, Raw Material, WIP, Finished Goods, Hardware, Software, Electrical, Electronics, etc.

Grouping enables you to locate Stock Items easily and report their details in statements.

1. Creating a Single Stock Group

From this screen you can create a single stock group in the following manner :

  • Gateway of Tally.ERP9 g Inventory Info g Single Stock Group g Create.

Stock Group in Tally.ERP9
2-Stock Group in TallyERP9

  • Enter the name of the Group.
  • Select the group under which this group will be classified.

Know this :

Alias
Enter additional name apart from primary name [if required]. You can create any number of additional names.

Under
Specify whether it is a primary group or a sub-group of another group, by selecting from the list.
Press Alt+C to create a parent group, if you do not have it in the list.

Can quantities of items be ADDED?
This field pertains to information on measuring the units of the Stock Items that you would categories under the Stock Group.

The Stock Items categorised under the group should have similar units for them to be added up. You cannot add quantities in Kgs to quantities in Pcs.

Any modifications such as name, change of parent group is possible here.

Set / Alter GST Details :
This Option is applicable when all the items under such Groups having the Same HSN Code and Same GST Rate. Otherwise, this option should be No if multiple GST Rates of Items under this group are there.

If this option is set to Yes, the Set / Alter GST Details for Stock Group screen will be as below :

Stock Group in Tally.ERP9

Taxability :
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.

Integrated Tax :
When you enter the integrated tax, state tax and central tax are calculated as half of the integrated tax specified. You can change state tax or central tax by using F12 configuration.

Press Ctrl+A to save.

Note: Category and Godown buttons are visible only if you opted for the same in F11: Features.

2. Displaying a Stock Group

You can display the existing Stock Group in Single mode and multiple mode, since it is only display Tally.ERP 9 does not allow you to alter any information in display mode.

Gateway of Tally.ERP9 g Inventory Info g Single Stock Group g Display

3. Modifying / Deleting a Single Stock Group

Gateway of Tally.ERP9 g Inventory Info g Single Stock Group g Alter
For deleting a group from the list the key combination is ALT + D. Remember that the group should be empty, which means that no stock item is under this group.

4. Creating a Multiple Stock Group

Gateway of Tally.ERP9 g Inventory Info g Multiple Stock Group g Create.

  • Select / Create the group (for creation press ALT+C)
  • Enter the name of the groups

For Example: The Group ‘Accessories’ having different types of Groups

Accessories: Cabinet, CD Drive, Keyboard, Mother Board, Mouse, Processor

Stock Group in Tally.ERP9

Items are Addable? (Y/N)
You can select whether units of the Stock Items under Stock Group are to be added or not.

Do it ... Yourself !

Create the following Stock Groups either in Single Mode or Multiple Mode but without GST Details :

> COOKING OIL
> ATTA AND RICE
> PULSES
> PERSONAL CARE
> BODY CARE

 

Stock Items in TallyERP9

The main concept of Trading activities are receipt of goods and delivery of goods. We generally call them PURCHASE or SALE  activities. The trading items can be RAW MATERIAL, FINISHED GOODS, SEMI-FINISHED GOODS, etc. For better Organization you can use the group and sub-group for classification of the trading item.

Stock Item in TallyERP9

Inventory Info Menu

You can create the inventory from this menu, which contains the following options :

  1. Stock  Group : Create your group here, for example, Raw Materials, Work-in-progress, Finished Goods, etc.
  2. Stock Items : Create your Stock Items here, for example, TV, Sound System, VCD, etc.
  3. Voucher Types
  4. Unit of Measurement : Create your measurement Unit for Items, for example, LTR. MTR, PCS, BOX etc.
  5. Quit : Exit from the menu.

Before creating the Inventory info menu we should know what stock groups, stock items and units of measurement are.
What are Items, Groups and Units ?

Definitions:

Stock Items :
Stock items are the primary inventory entity, like Ledgers. Usually it means Item or Product, which can be buying, selling or issue for production purpose. Each item is required to be accounted for, and receipt or issue needs to be created. In fact, you will create a stock ledger account for each item and Tally.ERP9 calls this account “Stock Item”.

Stock Units of Measure:
Stock Items are mainly purchased and sold on the basis of quantity. The quantity in turn is measured by units. You can measure the Stock Item by Units, like money is measured in Currency. For example, Liters, Meters, Kilograms, Pieces, Box, Dozen, etc. Units can be classified under the following types :

  • Single / Simple Units : When only one Unit is used for receipt and issue of stock items. Above-mentioned are all example of Single Units.
  • Compound Units: When two different types of Units can be used for receipt and issue of the Stock item is called compound unit. For example :

First Unit

Conversion Factor

Second Unit

Dozen

12

Pcs.

Meter

1000

Millimetres

Box

30

Pcs.

 

Stock Group :           
Stock Groups in Inventory are similar to Groups in Accounting Masters. They are helpful in the classification of Stock Items.
As per requirement of the business numerous items can be created, but to generate a report on similar types of stock items you need the classification of stock items. This classification will help you to get stock report  in an organized manner. For example, Raw Material, WIP, Finished Goods, Hardware, Software, Electrical, Electronics, etc.
Grouping enables you to locate Stock Items easily and report their details in statements.

5. Creation of Single Stock Items one-by-one

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.            Go to Gateway of Tally > Inventory Info. > Stock Item > Create (under Single Stock Item ).

Stock Item in TallyERP9

2.            Enter the Name of the Stock Item.

3.            Enter the Alias name of Stock Item (if required).

4.            The field Under will show the List of Groups . Here you can select the Stock Group to which the Stock Item belongs. By default, Primary Stock Group appears in this field.

Note: You can create a new stock Group by pressing Alt+C at this field.

5.            This field will show the Unit List . Here you can select the Unit of measure (UoM) applicable for the stock item. By default, Not Applicable appears in this field.

Note: You can create a new UoM by pressing Alt+C at this field. For stock items without UoM, the cursor will not move to the Quantity field during voucher entry.

6. Setting GST Details in Stock Item ( Tax On Value)

6.            If GST is enabled, set GST Applicable to Applicable and enter the GST details by enabling the option Set/alter GST Details  to Yes. You will get the window of GST Details for Stock Item as below:

Stock Item in TallyERP9

Taxability :
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.

Integrated Tax :
When you enter the integrated tax, state tax and central tax are calculated as half of the integrated tax specified. You can change state tax or central tax, and manage other GST details by using F12

configuration.
Stock Item in TallyERP9

Press Ctrl+A to save.

7.            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, Tally.ERP 9 automatically calculates the value by multiplying the Quantity and Rate. You can also edit the value, Tally.ERP 9 automatically refreshes the Rate field accordingly.

The Stock Item Creation screen appears as shown:

Stock Item in TallyERP9

7. Setting Slab-wise GST Details in Stock Item (Tax On Item Rate)

1.            Go to Gateway of Tally Inventory Info. Stock Items Alter > select the item.

2.            Set/Alter GST Details Yes .

3.            Calculation type On Item Rate .

Stock Item in TallyERP9

The Tax on Item Rates screen appears.

  • Consider additional expense/income ledger for slab rate calculation - Set this option to Yes when you want to apportion additional expenses in slab rate calculation for a stock item.
  • Under Rate , set the slab rates in Greater than and Up to .
  • Set the Tax Type and Integrated Tax Rate . The Central Tax Rate and State Tax Rate will get automatically calculated.

Stock Item in TallyERP9

  • Press Ctrl+A to accept.

4.            Press Ctrl+A to accept the GST Details screen.

5.            Save the details in the Stock Item Alteration screen.

Do it ... Yourself !

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

CO123

Taxable

12%

50

105

5250

Saffola Gold Edible Oil Jar- 5L

Pcs

-

-

CO123

Taxable

12%

3

500

1500

Aadhar Refined Sunflower Oil -1L

Pcs

-

-

CO123

Taxable

12%

20

120

2400

Fortune Soyabean Oil -1L

Pcs

Doz

12

CO123

Taxable

12%

24

110

2640

Sundrop  Rice Bran Oil -1L

Pcs

-

-

CO123

Taxable

12%

15

125

1875

ATTA AND RICE

 

 

 

 

 

 

 

 

 

Fortune Besan -500g

Pcs

-

-

AR123

Exempt

-

10

46

460

Fortune Chakki Atta-10kg.

Pcs

-

-

AR123

Nil Rated

-

15

315

4725

Daawat Basmati Rice- 5kg.

Pcs

-

-

AR123

Taxable

5%

5

400

2000

India Gate Basmati Rice- 1Kg.

Pcs

-

-

AR123

Taxable

5%

20

75

1500

Kohinoor Brown Basmati- 1Kg.

Pcs

Box

20

AR123

Taxable

5%

25

150

3750

 

 

 

 

 

 

 

 

 

 

PULSES

 

 

 

 

 

 

 

 

 

Tata Sampan Toor Dal -1Kg.

Pcs

Box

20

PL123

Taxable

5%

50

130

6500

Chana Dal -1Kg.

Pcs

-

-

PL123

Exempt

-

20

80

1600

Moong Dal -500g..

Pcs

-

-

PL123

Exempt

-

25

60

1500

Black Chana- 1Kg.

Pcs

-

-

PL123

Exempt

-

30

90

2700

Kabuli Chana- 1 Kg.

Pcs

-

-

PL123

Exempt

-

15

110

1650

 

 

 

 

 

 

 

 

 

 

PERSONAL CARE

 

 

 

 

 

 

 

 

 

Colgate Toothbrush – 4 Pcs Pack

Pcs

Doz

12

PC123

Taxable

12%

60

95

5700

Closeup Toothpaste- 150g.

Pcs

-

-

PC123

Taxable

12%

50

70

3500

Pepsodent 2 in 1 Toothpaste -100g.

Pcs

-

-

PC123

Taxable

12%

30

60

1800

Listerine Mouthwash -500ml

Pcs

-

-

PC123

Taxable

12%

40

220

8800

Whisper Clean and Fresh -20N

Pcs

-

-

PC123

Taxable

12%

10

100

1000

BODY CARE

 

 

 

 

 

 

 

 

 

Shampoo With Tea Oil –100ML

Pcs

-

-

BC123

Taxable

18%

20

110

2200

Perfumed Deo Spray-150ML

Pcs

-

-

BC123

Taxable

18%

15

160

2400

Hair Oil With Conditioner -100 ML

Pcs

-

-

BC123

Taxable

18%

25

90

2250

Perfumed Body Talc- Dreams – 100 G

Pcs

-

-

BC123

Taxable

18%

20

60

1200

Face Wash Oil Clear For Men -50 g.

Pcs

-

-

BC123

Taxable

18%

10

110

1100

 


Get.. TallyPrime Book (Advanced Usage) @ Rs. 600

Get..Tally.ERP9 Book (Advanced Usage) @ Rs. 550


 

Get..TallyPrime Book (Advanced Usage)
@ Rs. 600 !

17 Chapters in TallyPrime Book + 45 Practical Assignment with GST in TallyPrime & All features are described with Practical Problems with Solutions.

Buy Now

TallyPrime Book (Advanced Usage) @ Rs.600

Get..Tally.ERP9 Book (Advanced Usage)
@ Rs. 550 !

18 Chapters in Tally.ERP9 Book + 46 Practical Assignment with GST in Tally.ERP9 & All features are described with Practical Problems with Solutions.

Buy Now

Tally.ERP9 Book (Advanced Usage) @ Rs.550

Disclaimer :
The names of Companies and persons used in this Website have been used for illustrative purposes only.
The visitors may visit www.tallysolutions.com , the web site of Tally Solutions Pvt. Ltd. for resolving their doubts or for clarifications

Trademark :
Tally,TallyPrime,Tally GST,TallyERP9 GST, Tally9, Tally.ERP, Tally.ERP –9, Tally.Server 9, Tally.NET & Power of Simplicity are either registered trademarks or trademarks of Tally Solutions Pvt. Ltd. in India and/or other countries. All other trademarks are properties of their respective owners. This Website is not associated with any product or vendor mentioned in this Website.
SWAYAM EDUCATION
Mandal Bagicha, Hemkapada,
Sunhat, Balasore-756002 ( Odisha )-India
eMail ID : tallyerp9bookorder@gmail.com
Web : www.tallyerp9book.com
Mob : 09437264738

| About | Privacy Policy | Tally.ERP 9 Book ORDER | TallyPrime Book ORDER |
© 2021 : www.tallyerp9book.com