01-07-2011 03:54 PM
I am learning the software by myself and my question is:
When using the "receive money" function under Banking to record a cash sale,
It only record the information about sales and cash and GST if applicable, but no journal reflecting the change of inventory.
Then how could I track the inventory or add the information somewhere else?
Solved! Go to Solution.
01-07-2011 04:06 PM
In order to track "cost of goods sold" on a perpetual system you need to
1) Set up all your inventory items.
2) Buy the items showing the cost and quantity using the "Purchase" function. This establishes the inventory on hand.
3) Then when you sell the item, use the "Sales" function and record the quantity sold. The cost of the item is automatically transferred from inventory into Cost of Sales by the software.
Businesses that use "Receive Money" and "Cash Sales" often use the physical stock method - which means you record all stock purchases directly against the Cost of Sales and only take up inventory as a result of a stock take.
02-07-2011 11:25 AM
As CathyR has pointed out most businesses who have lots of cash sales use periodic inventory rather that perpetual. Many use I Buy and/or I Sell to give them access to Item Invoicing but do not tick off on I Inventory.
The easy way to get Cash Sales to impact on Inventory is to create a Customer Card called Cash Sale.
When you do a cash sale go to Enter Sales and call up this card and enter the relevant inventory details. If the customer requires a copy of the invoice you print it (which will record it) and attach your till receipt, if not just hit Record. If they require an invoice in their company name enter their details into the address field before you print.
Once you have completed the physical sale you need to Receive Payment (not Receive Money)from Cash Sales to your relevant bank account. You have then completed the Sale and updated your inventory.
Given that you should have your June 30th stock figures you can do your update on Monday and more or less start the year with a clean slate.
04-07-2011 08:22 PM
Nice! By Seperating the cash sale process into one sale process which could record inventory impact in MYOB and the subsequent receiving payment to this sale process which completes the transaction, all the relevant information is correctly recorded. Thank you very much. I guess businesses with lots of cash sales must be retailer and most of their transactions are of small amount of goods, thus not quite suitable for perpetual system. However I guess the bar code reader system in most supermarket could achieve a perpetual record of inventory in everyday transactions. Could MYOB linked to a bar code reader?
05-07-2011 10:45 AM
MYOB Retail manager and a plethora of POS systems can interface between a bar code scanner and MYOB.
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