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Contributing User
Alvis
Posts: 10
Registered: ‎01-05-2011
Australia
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No inventory record when using receive money?

Hi

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?

Thank you.

Every accountant carries a signiture pen for CFO.
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Ultimate Partner
CathieR
Posts: 933
Registered: ‎30-03-2009
Australia
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Re: No inventory record when using receive money?

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.

Cathie Robilliard
BCom. (Acc/Finance) UNSW
MYOB Certified Consultant
BAS Agent
email:cathier@optusnet.com.au
Servicing Sydney South, NSW
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Ultimate User
ronatbas
Posts: 1,380
Registered: ‎16-03-2011
Australia
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Re: No inventory record when using receive money?

Alvis

 

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.

Ron B
BAS Group
1300 BAS GRP (1300 227 477)
info@basgroup.com.au
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Contributing User
Alvis
Posts: 10
Registered: ‎01-05-2011
Australia
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Re: No inventory record when using receive money?

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?

Every accountant carries a signiture pen for CFO.
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Ultimate User
ronatbas
Posts: 1,380
Registered: ‎16-03-2011
Australia
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Re: No inventory record when using receive money?

MYOB Retail manager and a plethora of POS systems can interface between a bar code scanner and MYOB.

Ron B
BAS Group
1300 BAS GRP (1300 227 477)
info@basgroup.com.au
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