cost of sales calculating incorrectly on credit note

Question

Hi - I have just noticed that for some reason the COS was recorded as an amount inclusive of GST when a credit note was done. Prior to doing the credit note, the inventory item had zero in stock and a zero value and the last purchase price was $2.717 including GST (i.e. $2.47 ex GST), so I would have expected that when I returned 12 of this item to stock, the new inventory value would be $29.64, but MYOB has recorded it at $32.60 which is the GST inclusive value. This is therefore causing the stock to be over-valued by the amount of GST. Anyone else notice this?

mike_james · Answer

Hi&nbsp;sascaro&nbsp;, this is a long-standing issue (I first noted it in 2014), which occurs only when there is no stock on hand at the time of the credit, and the last cost includes GST (I think). If necessary, you will have to make a manual inventory adjustment.&nbsp;

gavin12345 · Answer

Hi&nbsp;sascaro&nbsp;&nbsp;This is just one of over a hundred known issues MYOB isn't doing anything about:(&nbsp;RegardsGavin

sascaro · Answer

Ineresting. Thanks for the information. If this is a known issue for 8 years, why aren't MYOB doing anything about it?

fnaf · Answer

Thank for your info.&nbsp;&nbsp;five nights at freddy's

lcentral · Answer

We also have this issue.&nbsp; Have you found a solution?&nbsp;&nbsp;

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cost of sales calculating incorrectly on credit note

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