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ALT+I : Raw Materials (Input), Finished Goods, Capital Goods and Other Stock Items

(Quick Setup for Excise for Manufacturer in Tally.ERP 9)

To create Stock Items (Raw material/ Finished goods/ Capital Goods/ Others) press Alt+I or select the option I: Raw Materials (Input), Finished Goods, Capital Goods and Other Stock Items and press Enter to view Stock Items Setup screen.

Creating Raw Material (Input)

In Stock Items Setup  screen

1.    Enter the name of the Stock Item e.g. Pet Bottles - 1Ltr in the Name of Item field.

2.    Select the Group Name e.g. Primary in the Under field.

3.    In Tariff Classification field select the applicable tariff classification e.g. Plastic Bottles from the List of Tariff Classifications

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4.    Select the unit of measurement e.g. U (Numbers) of the stock item in the Units field (Use Alt +C to create Unit of Measurement).

5.    In Opening Stock field specify opening stock of the stock item

6.            In Rate field specify the rate of the opening stock, if any. Amount will be calculated and displayed automatically.

7.    Enable the option Set/Alter Excise Details to Yes to view Excise Details screen.

6.    In Excise Details Screen

·         Excise Unit Name: By default Tally.ERP 9 displays ABC Company as Excise Unit Name.

Note:  In Tally.ERP 9 excise units (Dealer/manufacturer) created  are identified as godowns. When the option Maintain Multiple Godowns/Excise Units is not enabled in F11: Features > Inventory Features (F2) by default Tally.ERP 9 identifies the excise unit name with the Default Godown named - Main Location

·         Reporting UOM: Select Kg as Reporting UOM. All the reports will display the Stock item details based on the reporting UOM selected. (Use Alt +C to create Unit of Measurement)

Note: As Per Central Excise Act, in all the reports relating to stock items are required to be indicated with the relevant Unit of Quantity as specified underCentral Excise Tariff Act. The Applicable Unit of Quantity for Bottles is ‘Kg (Kilograms)’, so it is must to select Kg (Kilograms) as the Reporting UOM.

·         In Conversion Factor field Set as 1 Kg = 100 U

Note: Tally.ERP 9 prompts the user to select the Conversion Factor only when the unit of Measurement selected in Units field and Reporting UOM is different.

·         Set/Alter Duty Details: Set this field to Yes to view the Duty Details screen

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·         In the Duty Details screen

o    In Valuation Type select Ad Valorem from List of Valuation Type.

o    Select the Basic Excise Duty in the Type of Duty filed from the List of  Excise Duty Classifications

o    In Applicable From field mention the Date from when the specified Rate of Duty is applicable

o    Specify the Rate of Duty as 10%

o    Select the Education Cess as the second duty  in the Type of Duty filed from the List of  Excise Duty classifications

o    In Applicable From field mention the Date from when the specified Rate of Duty is applicable

o    Specify the Rate of Duty as 2%

o    Select the Secondary and Education Cess as the third duty in the Type of Duty filed from the List of Excise Duty classifications.

o    In Applicable From field mention the Date from when the specified Rate of Duty is applicable

o    Specify the Rate of Duty  as 1%

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o    Accept to save Duty Details screen.

·         In Excise Details screen, under Stock Item Type field select as Principal Input from the List of Item Types.

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Note: You can create multiple stock items from Multi Stock Item Alteration screen. While creating Finished goods or Capital Goods etc. select the appropriateStock Item Type.

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8.            Press Enter to save.

Note: You can also create Stock Item from Gateway of Tally > Inventory Info. > Stock Items

          To know more on creating items from Stock Items menu refer the topics -

1. Stock Item Raw Materials

2. Stock Item Finished Goods (Advalorem)

3. Stock Item Finished Goods (Quantum)

4. Stock Item Finished Goods (MRP)

5. CENVAT Credit on Capital Goods

 
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