Inventory Value Reconciliation Error

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davegoodo
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Inventory Value Reconciliation Error

Hello,

 

I'm new, my first post.   This is all to do with the initial setup of a MYOB AccRight19.8 Student Edition in an accounting exercise example.   I've just realised that I've made a slip up with the Count Inventory process.  I entered the count of each inventory item and when MYOB offered me a default Adjustment account, (where I should have entered my Inventory Account Number), instead I've left it blank and moved on.  When I run the Inventory Value Reconciliation report it, (not surprisingly), does not balance.

 

OK, I see the error of my ways.  My question is how do I now enter the Inventory Value on the Trial Balance into the Inventory system so that the inventory value reconciles with the sum of the stock items?

Your help would be greatly appreciated.

Regards

 

David

 

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MYOB Staff Post RienaP
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RienaP
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Re: Inventory Value Reconciliation Error

Hi @davegoodo,

 

Welcome to the MYOB Community Forum, I hope you find it a wealth of knowledge.

 

My take on this would be to locate the transaction that you have recorded under Transaction Journal>Inventory and enter your "To" and "From" date. Once you have located the transaction enter the 1-xxxx Inventory Account so the transactions balance off in Inventory Value Reconciliation. I believe the value has been entered in Historical Balancing account which is treated as a holding account for this imbalance. 

 

If you are not able to change the transaction please check your preference from Setup>Preferences>Security tab and untick "Transactions CAN'T be Changed; They must be Reversed [System-wide]

 

Please do let us know how you go as we are happy to assist further and feel free to post again should you have any other queries.


Regards,
Riena
MYOB Training Specialist

davegoodo
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Australia
davegoodo

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Re: Inventory Value Reconciliation Error

Hi Riena,

 

Thanks for the response.  Following on from this I looked at other training material which seemed to be saying that I need to leave the "Default Adjustment Account" field blank.  In this way it prompts MYOB to the fact that this is me entering opening balances and that it automatically reads the "Inventory" a/c.  I went back to this later and the
1-3000 Inventory a/c was in the Inventory Value Reconciliation, and it balanced.  This must have been a function of refreshing, I really don't know, but eventually it did balance.  I guess I should have amended my post to say that I'd resolved it, apologies.  Posting was a "knee-jerk" reaction to encountering this problem.

 

It is a helpful piece of information about the Historical Balancing account, I didn't realise it had that function.  Thanks for your help.

 

Thanks

David

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