Creating Opening Stock in Tally. ERP 9

Tally.ERP 9 allows you to maintain a record of Excise Opening Stock Balance of the Excise Stock Items

To create an Excise Opening Stock:

Go to Gateway of Tally > Inventory Info > Update Excise Info. > Dealer Excise Opening Stock

Note: Dealer Excise Opening Stock option will be displayed under Excise Info. menu only on creation of Excise Purchase voucher type by setting the option Use for Excise to Yes.

Creating an Excise Opening Stock

You can track the Excise Opening Stock by entering the Stock Item Purchase details in the Dealer Excise Opening Stock voucher.

Let’s consider an Example: ABC Company buys 500 kgs of Hot Rolled Coil from Sterling Steel Industries.

The Opening Stock carried forward for the current year is 100 kgs of Hot Rolled Coil. To record this Excise Opening Stock balance, you need to follow the below procedure:

Go to Gateway of Tally > Inventory Info > Update Excise Info. > Dealer Excise Opening Stock

  1. Enter the purchase Invoice Number of the Stock Item in the field Supplier Invoice No.

  2. Select the Party’s A/c Name from the List of Ledger Accounts

  3. Enter the Party details in the Party Details sub form

  1. Accept the above screen and select the Nature of Purchase from the list

  1. Select the Purchase Ledger from the List of Ledger Accounts

  2. Select the Stock Item from the List of Excise Stock Items for the Item Allocations screen to appear

  3. Enter the Purchase Quantity in the field Quantity, i.e. quantity purchased from the supplier

  4. Enter the purchase Rate (Rate is inclusive of Duty amount)

  1. Press Enter from Amount field to view Excise Details screen

  1. Enter the Supplier Invoice Number and Supplier Invoice Date

  2. Enter the PLA RG 23 Sl. No. if any

  3. Enter the Quantity on hand in the field Excise Opening Stock and accept the Excise Dealer sub form

  4. In Assessable Value field enter the amount on which the manufacturer has paid the duty while removing the goods. Here Sterling Steel Industries have paid duty on the assessable value of 37,50,000. Hence the manufacturer assessable value has been entered for appropriate duty calculation.

Note: For accurate Duty calculations, all the fields in the above screen have to be accepted.

  1. Press Enter to accept the screen.

Note:

 

1. The opening stock accounted through Opening Stock Voucher will update the Excise Stock Register only.

 

To affect the books of accounts Opening stock quantities and Rate needs to be updated in the Stock Item Master separately

 

2. To edit the Excise Opening Stock Details which was recorded from Gateway of Tally > Inventory Info >Update Excise Info. > Dealer Excise Opening Stock

  

- Go to Gateway of Tally > Display > Day Book

OR

- Go to Gateway of Tally > Display > Exception Reports > Optional Vouchers


www.tallysolutions.com