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Unit 5 – Masters 85

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Unit 5 – Masters 85

Print Name

Enter print name for the item in this data field.

Group

Select the Item group under which the item falls. For example, for item LG AC 1.5 ton, you can specify Group as Air Conditioners. If you want to use an Item Group, which is not yet created then you can create Item Group from Group data field itself by pressing <F3> key.

Main Unit Details

Under this group, you can specify details about the Main unit of the item. Various data fields under this group are:

Unit

Select the unit in which the item will be measured. For example, unit for item LG AC 1.5 ton can be Pieces, for item Speakers unit can be Pair or Set and so on.

Op. Stock (Qty)

Specify the opening stock of the item in this data field. If you have some pending stock of item in the previous financial year then you can specify that stock quantity in this data field.

Op. Stock (Value)

This data field gets active if you enter a value greater than zero in Op. Stock (Qty.) data field. Specify value of opening stock in this data field. For example, cost of one AC is Rs. 25,000 and you have opening stock of 10 pieces then you can specify value as Rs. 2,50,000.

Item Price Info

Under this group, you can specify various item prices such as Sales Price, Purchase Price and so on.

Various data fields under this group are:

Sales Price

Enter sale price of the item in this data field. By default, this price will be displayed as sales price in the Sales voucher.

Sales Discount

Enter rate of discount to be given on sale of the item.

Purchase Price

Enter purchase price of the item in this data field. By default, this price will be displayed as purchase price in the Purchase voucher.

Purchase Discount

Enter rate of discount to be received on purchase of the item.

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M.R.P.

Enter maximum retail price of the item in this data field.

Minimum Sale Price

Enter minimum sale price of item in this data field. The relevance of this data field is with the Warning Alarm option (See Unit 4) of the Configuration menu. If you have set Warning Alarm for Minimum Sale Price then in Sales voucher, on entering a sale price less than the value specified in this data field, a message box asking you to enter a higher price will be displayed.

Self Val. Price

Enter price to be used for valuation of closing stock of this item. This option is useful only when you have specified the stock valuation method as Self-Evaluation in Administration à Configuration à Features / Options à Inventory tab.

Item Description

Under this group, four lines appear for entering a description about the item. You can enter item description regarding the manufacturing, warranty, size, color or any other description in the data fields.

Sales Tax / VAT Info.

This group is active only if Sales Tax / VAT is enabled for the company. Under this group, you can provide various Sales Tax / VAT related details. Various data fields under this group are:

Rate of Tax (Local)

Specify rate of tax to be charged / paid when the item is sold / purchased locally.

Taxation Type

This data field gets active if you have specified tax rate as zero in Rate of Tax (Local) data field. Select the type of taxation from the list. Basically, you have to select the reason for zero percent tax rate. In the list, three options are provided i.e. Tax Free, Exempted and Tax Paid.

Surcharge %

This data field appears if you have enabled Additional Tax / Surcharge for the company and have specified a tax rate other than ‘0’ in the Rate of Tax (Local) data field. Specify local rate of Additional Tax / Surcharge applicable for the item.

Rate of Tax (Central)

Specify rate of tax to be charged / paid when the item is sold / purchased centrally i.e. from some other state.

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