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GST

jeanneevans

Hi.

We are entering new items into MYOB inventory - the standard cost entered is $1050. this is a tax exclusive price.

When we enter it into the Purchase Orders (with tax inclusive button not checked) - it prints as $1050 tax inclusive obviously giving us an incorrect amount.

Does this mean all our pricing in the standard cost when entering items should have been tax inclusive? we have not had this problem before - we always have the tax inclusive box unchecked and prices have printed with the standard cost + GST..

Am I missing something?

Thanks

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Accepted answers

Steven_M

Hi @jeanneevans

The screenshots are not that clear and easy to make out via the Forum due to their size. However, from what I can make out in Company file 1 the Last Purchase Price of the item is $16.50? If so, you likely do not have Setup>>Preferences>>Inventory>>Use Standard Cost as the Default Price on Purchase Orders and Bills enabled in that file. Having that Inventory preference enabled will make the Standard Cost be used which in this case would be $15 (tax inclusive). So when processing the transaction it would be showing $13.64 tax exclusive ($15 tax inclusive). In your case, you have the preference disabled so it would be $16.50 (tax inclusive) or $15 (tax exclusive).

Company file 2 does have that preference enabled thus the Standard Cost is being used. This way the price is of the item is $15 and when you have tax inclusive on the transaction disabled the price is $13.64.

So based on the settings both company files appear to be working as I would expect from the product. However, you may want to review your settings and the standard cost you are entering as this should be the Tax Inclusive price.

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jeanneevans

I am not sure if you can see this well enough.. 2 screen shots -

Company 1 on left - Company 2 on right.

We run 2 MYOB files for 2 different companies and some of the same inventory is sold from either company.

The older file company 1 does it correctly and company 2 file which is new - does not.

It replicates in sales orders as well. so it will take the sell price and minus GST when we do not want it to.

Hope this makes sense..

Screenshot 2021-09-06 14.41.34.png

Steven_M

Hi @jeanneevans

The Standard Cost value on the Buying Details of an item would be the Tax-inclusive price of that item.

In your case, you mentioned that when you went to the Enter Purchase window to use that item, you had the tax-inclusive option deselected, however, the price was still showing as the Standard Cost. As the tax-inclusive option has been deselected, it should be the tax-exclusive amount. If you are experiencing a different situation we would need to see a screenshot of the item and the transaction to investigate in more detial.

Note: How the transaction appears on screen i.e. in the Enter Purchases window could be different from the printed copy of the transaction. This is due to the fact that the user could be using an exclusive value on the customise form to represent the price rather than an inclusive price.