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This is an Inventory question using AR 2021

MarieT

Can anyone tell me if we can cease using Inventory (before EoFY). I've tried to untick the "I inventory this item" but it wont allow us to remove the saying "you have journal entries on file fr this item."

I don't want to have to delete all the Sales & Purchases since 1/7/19 (a nightmare). I've tried just deleting the general journal entries for Inventory adjustments but MYOB doesn't accept that either.

The accountant wants us to stop using Inventory as it's messing the P&L and Balance Sheet in a big way - and I can't work out why.

Any help would be most appreciated.

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Accepted answers

gavin12345

Hi @MarieT

Accountright's inventory module does have a few problems (bugs) and can cause unwanted issues. This is when it is used correctly. If it's also used incorrectly, this can cause even more problems.

There is no easy way to switch off inventory. MYOB's advice would typically be to make all your current inventory inactive, rename with a zz in front of each Item Number and then import all the Items again without 'I Inventory'.

Huge exercise if you have a large number of items. Items cannot be renumbered in bulk. And you end up with twice the number of Items. If you are thinking of going down this path, get in touch with a specific MYOB specialist company - google 'Items Remover for MYOB' - they can provide some suggestions if you have a large number of items.

Regards

Gavin

All comments

MarieT

Thank you Gavin. They do have a substantial number of items – what a nightmare.

I like your idea of making all inactive; recreate a new lot with no inventory but it sounds like a laborious exercise. I will contact an MYOB specialist prior to taking any further steps.

Just to confirm, I have entered Inventory adjustments following their stocktakes and following the MYOB support notes, I allocated the changes (+ / -) to 5-xxxx the inventory adjustment accounts in the P&L.

On a whim, I took a backup of the live file and opened it in my Library, then I changed he allocation to the Asset account; Stock on Hand and I must say, both the P&L and Balance Sheet look much better. I'm not sure if the coding is correct but I have emailed the accountant and showed him the reports both Live and the amended version – I’ll leave the decision as to our next move to his superior knowledge.

You're been a great help Gavin – thank you !!! if you’re in Adelaide, let me know and I'll shout you a drink J

Mike_James

Hi @MarieT , if you need to have continuous awareness of inventory levels to manage your business, then stick with it, and engage someone to help you sort it out.

Inventory does need to be set up correctly in the first instance.

gavin12345

Hi @MarieT

Accountright's inventory module does have a few problems (bugs) and can cause unwanted issues. This is when it is used correctly. If it's also used incorrectly, this can cause even more problems.

Regards

Gavin