Amending an item to show as an inventoried item.
Hello Brains trust.
So in my business I purchase items and then auto build them using the components as inventory items. Other products we purchase in as item "A" and then sell them as item "B" again using the auto build function.
However I recorded a sale (or several) and did not have the purchased item "B" as an inventoried item, (I do have item "A" as an inventoried item.
So if I try to change item "B" to an inventoried item and use auto build it comes up with " you have sales or purchases for this item"
So apart from creating a new item "B" is there any way around this?
And when I look in the reports it shows my sales as item "B" without and cost of t he item attached and shows a "profit" of the actual sales price. Will this affect my taxable rate?
If I do make a new sales item can I move across the sales or just adjust the inventory to match what I actually have in stock?
Thanks in advance
Hi Mark299
Using 'I Inventory' significantly complicates managing a MYOB file. Some users select this without a good grasp of the consequences, and end up with a huge mess. So be sure you 'need' to use I Inventory. Spend some time reading in the MYOB Support section on 'I Inventory' if you are unsure about how it works and what it entails.
With 'I Inventory', MYOB will manage your stock on hand and your Cost of Sales calculation. It will 'usually' manage this properly provided you use inventory correctly and maintain Inventory Value Reconciliation regularly.
The biggest hurdle for most is that MYOB will not allow you to process a Sale of an inventoried Item, unless there is sufficient stock on hand. If you haven't maintained your inventory properly and you have a customer at the counter and MYOB won't allow you to generate a Sales Invoice, even though you physically have the stock on hand, expect a level of frustration.
To answer you specific questions:
- once you have used an Item in a transaction, MYOB will not allow you to change the 'I Inventory' setting. It can be done by a 3rd party MYOB specialist however not by the user. You would need to create a new item or get specialist to change the setting for you. Send me an email if you want contact details.
- When an item is not inventoried, it is expensed when the Purchase or Build is made, not when the sale takes place. Sales will not show any Cost of Sales. Examine the purchase or build transaction to see how it was expensed.
- I do not understand your last sentence, you may need to rephase or hope another reader can answer.
Regards
Gavin
