what is standard rate in tally?
The standard rate in tally help you set the standard Cost and standard selling price for a stock item. So it consists of two rates.(in stock item). (don’t mistake with standard exchange rate in multi currency in tally ).
1) standard Cost (multiple rate in multiple effective dates).
2) standard selling price (multiple rate in multiple effective dates)
As shown in the picture. but you have to enable this option as show in the picture below.
Note: standard rate in tally in tally is disable in tally by default.
How to enable it?
From the Gateway of Tally -> Inventory Info -> Stock Items -> Create/alter.
Now you are in the stock item master screen. now press F12 to go master configuration screen. As shown in the picture enable the standard rates.
Now in the item master screen standard rates option is available.
The standards are effective from the specified dates and they continue to be used at these rates until the next date, where the standard rate changes. The standard Cost applicable for the purchases and the standard selling price applicable for the sales.