Inventory
Can I use inventory to keep track of our stock value in myob? We purchase materials in bulk and use those materials in odd amounts as an 'ingredient' to manufacture custom products, each with a cust...
Forum Discussion
Thanks Bruno
is there a step-by-step process to entering the purchase invoice and then entering the usage of portions of that stock? (What codes to use etc)
I haven't been able to find anything on myob website.
We recommend talking to your accountant to see what is the best setting for you, but often, when setting up an item that you buy and sell at a profit, 3 accounts need to be set at the item level:
- Under the "I track stock for this item" section, an asset account, ie inventory 1-1320
- Under "I sell this item" section, an income account, ie 4-1400 Sales, and a COGS account, ie 5-0100.
Once you create a purchase order, the system will automatically allocate the purchase order line to its respective asset account. In the same way, when you process an invoice, the system will split the value automatically between your income and COGs account