Anyone can work out current value of inventory item

Question

this item was purchased 10000pcs @ unit price of $1.29951, gives your of total purchase price $12995.14, but why the current value is higher than purchase price rather than the same. On the left image showing of sold price of $13300, anyone know how to work out the figure $ 15098.99 of cost of sales on the last column which is the same figure as current value right? MYOB run script but nothing help on this issue I have experiencing now.

Screenshot 2022-07-11 item.jpg

LL2113 · Answer

Hi Gavin,

thank you for replying.

The answer to your question below in red:

Just to understand correctly, you deleted the Sale (21/3/2022), deleted the Purchase (15/3/2022) and re-entered the Purchase (15/3/2022). The Purchase total amount was $12995.14 and yet the Value of the Item is showing as $15099.00? Please confirm. Yes

If yes, can you show the Purchase invoice - was there any discount or rebate, MYOB doesn't handle these correctly. Were there any other items on the Purchase? No rebate or discount on purchase. YES, there were others items on this purchase. (see below)

Confirm also that this Purchase was NOT originally a Purchase Order converted to a Bill.  NO it wasn't converted from order, it was saved as text (tab delimited) and improted into MYOB.

To correct, record an Inventory Adjustment Journal showing date as 15/3/2022, list the Item, Set Quantity to 0, set amount to -$2103.86 and the Account to 1-2100 and record. This should change the Current Value to $12995.14 to match the Purchase invoice without changing the Quantity on hand. Then process the sale, this should change the On hand amount to 0 and the Current value to 0. Thank you for showing the process, but this bugs caused same issues to numbers of items, not only one item. Does it mean I have to make sure purchase cost equals to current value on every single item every time before importing sale invoices into MYOB?

gavin12345 · Answer

Hi @LL2113

This is unrelated to the use of Average Cost.

Just to understand correctly, you deleted the Sale (21/3/2022), deleted the Purchase (15/3/2022) and re-entered the Purchase (15/3/2022). The Purchase total amount was $12995.14 and yet the Value of the Item is showing as $15099.00? Please confirm.

If yes, can you show the Purchase invoice - was there any discount or rebate, MYOB doesn't handle these correctly. Were there any other items on the Purchase?

Confirm also that this Purchase was NOT originally a Purchase Order converted to a Bill.

To correct, record an Inventory Adjustment Journal showing date as 15/3/2022, list the Item, Set Quantity to 0, set amount to -$2103.86 and the Account to 1-2100 and record. This should change the Current Value to $12995.14 to match the Purchase invoice without changing the Quantity on hand. Then process the sale, this should change the On hand amount to 0 and the Current value to 0.

Regards

Gavin

LL2113 · Answer

Hi Gavin,

Mucha appreciated for your elaboration.

This was only once time we purchased this item, one sale since March 2022 til now.  No stock adjustment made on value of stock, no credit or any reversal of sale happened.

I deleted the purchase and re entered, the current value is not showing same as purchase cost (see attached).

The only way you mentioned to fix this issue is using Inventory Adjustment Journal, if this bug happended to couple of items, it is fine to me to do with this way. But how about happended same to hundred of items?  It is out of question by this way.

Btw , can you help me with this issue, we have no stock on hand in April 2022, why the end of inventory is not showing 0, rather than positive figure? Is it becuase of using average cost method?  thank you in advance

Screenshot 2022-07-13 item.jpg

Screenshot 2022-07-13 inventory.jpg