Forum Discussion

jeanneevans's avatar
jeanneevans
Experienced Cover User
3 years ago
Solved

GST

Hi.   We are entering new items into MYOB inventory - the standard cost entered is $1050.  this is a tax exclusive price. When we enter it into the Purchase Orders (with tax inclusive button not c...
  • Steven_M's avatar
    Steven_M
    3 years ago

    Hi jeanneevans 

     

    The screenshots are not that clear and easy to make out via the Forum due to their size. However, from what I can make out in Company file 1 the Last Purchase Price of the item is $16.50? If so, you likely do not have Setup>>Preferences>>Inventory>>Use Standard Cost as the Default Price on Purchase Orders and Bills enabled in that file. Having that Inventory preference enabled will make the Standard Cost be used which in this case would be $15 (tax inclusive). So when processing the transaction it would be showing $13.64 tax exclusive ($15 tax inclusive).  In your case, you have the preference disabled so it would be $16.50 (tax inclusive) or $15 (tax exclusive).

    Company file 2 does have that preference enabled thus the Standard Cost is being used. This way the price is of the item is $15 and when you have tax inclusive on the transaction disabled the price is $13.64.

     

    So based on the settings both company files appear to be working as I would expect from the product. However, you may want to review your settings and the standard cost you are entering as this should be the Tax Inclusive price.

jeanneevans's avatar
jeanneevans
Experienced Cover User

I am not sure if you can see this well enough.. 2 screen shots - 

Company 1 on left - Company 2 on right.

We run 2 MYOB files for 2 different companies and some of the same inventory is sold from either company.

The older file company 1 does it correctly and company 2 file which is new - does not.

It replicates in sales orders as well. so it will take the sell price and minus GST when we do not want it to.

Hope this makes sense..

 

Steven_M's avatar
Steven_M
Former Staff
3 years ago

Hi jeanneevans 

 

The screenshots are not that clear and easy to make out via the Forum due to their size. However, from what I can make out in Company file 1 the Last Purchase Price of the item is $16.50? If so, you likely do not have Setup>>Preferences>>Inventory>>Use Standard Cost as the Default Price on Purchase Orders and Bills enabled in that file. Having that Inventory preference enabled will make the Standard Cost be used which in this case would be $15 (tax inclusive). So when processing the transaction it would be showing $13.64 tax exclusive ($15 tax inclusive).  In your case, you have the preference disabled so it would be $16.50 (tax inclusive) or $15 (tax exclusive).

Company file 2 does have that preference enabled thus the Standard Cost is being used. This way the price is of the item is $15 and when you have tax inclusive on the transaction disabled the price is $13.64.

 

So based on the settings both company files appear to be working as I would expect from the product. However, you may want to review your settings and the standard cost you are entering as this should be the Tax Inclusive price.

  • jeanneevans's avatar
    jeanneevans
    Experienced Cover User
    3 years ago

    Um yes, that was the problem.  Standard cost was checked in my company 2.

    thanks so much for your help!