Positive on hand value - Negative Value in Inventory .... HELP ..... cannot rectify this. I need to change the Purchase price on my 'bills' to balance my accounts...as I buy is US dollars .....

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Ultimate Partner Mike_James
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Re: Positive on hand value - Negative Value in Inventory .... HELP ..... cannot rectify this. I need to change the Purchase price on my 'bills' to balance my accounts...as I buy is US dollars .....

Hi @JK-Legend, I assume you want to amend the purchase price of items because the payment exchange rate has changed from the rate you used to record the bill. It is inadvisable to do that (and in some cases it can't be done, as your error message shows), because the dollar amount of any adjustment will be applied to whatever stock now remains, leading to incorrect average costs for the remaining stock on hand.

 

It is better to create a service (non-stock) bill (or credit) on the supplier for the difference caused by the exchange rate variance, and allocate that amount to a currency variance account (income or expense as you prefer).

 

I expect that you want your stock costs to represent what was actually paid. One way you can ensure that is to take out a forward exchange contract through your bank for the shipment, so that you will create the bill and the payment at the same rate, and no variance should arise. I recommend you discuss this with your bank.

 

I am happy to assist you further with the autobuild question. Please send me an email with your contact details so that I can call you on Monday to discuss this, and any other issues you may have.


Regards, Mike (mike@datawise.co.nz)
DataWise Limited (www.datawise.co.nz), developers of:
DataWise Report Writer - Custom Reporting from MYOB programs
(Including AccountRight Classic/Live, and exo Payroll)

Contributing Cover User JK-Legend
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JK-Legend
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Positive on hand value - Negative Value in Inventory .... HELP ..... cannot rectify this. I need to change the Purchase price on my 'bills' to balance my accounts...as I buy is US dollars .....

HI. Having a bad time with Inventory values! I buy in US dollars .... have to create a bill in order to have 'on-hand' inventory ..... then when bill is paid - I need to amend the purchase price of items.

I also 'build items' ...... which is also having an effect on values!

I really need someone to go in and look at all this for me.

Thanks .... in anticipation.

 

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