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Inventory Categories and Value subtotals

Verdant

I want to create a report that tells me not just what my total inventory value is, but what particular product type subtotals there are.

For example, I sell cushions from varying brands. I just want to know the total value of the cushions we are currenlty holding.

A while ago, I did create 5 separate Inventory Asset account codes, but that has just created a big mess with end of year accounts. according to the Inventory Reconciliation Report - it is always unbalanced. So I want to simplify it and just go back to one Inventory Asset account.

I also assigned a categories to different products. I can then create an Item Summary report and group those products together. But unless I export it to Excel and manually create subtotals. It doesn't give me the report I need. I don't have time to sit there and manually create subtotals in Excel to determine the value of a product type. I need a quick report.

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Accepted answers

gavin12345

Hi @Verdant

The only way to reliably do this in MYOB is as you had it before - utilise separate Inventory Asset accounts - The Inventory Value Reconciliation (IVR) Reports will give you correct totals - provided you manage inventory properly. You need to understand that using 'I Inventory' in MYOB requires regular monitoring and adjusting to ensure the IVR stays 'balanced' otherwise the data becomes meaningless, and any value reports generated will likewise be meaningless. Get an inventory specialist to guide you.

Regards

Gavin

All comments

Verdant

Thanks Gavin.

One of my other related problems was the Inventory Value Reconciliation Report was always unbalanced. I thought it was perhaps because I was using several Inventory accounts.

However, I think I may have found the problem: At stocktake time, any stock write offs and losses was going to a separate account account, but it wasn't coming off the inventory total.

So I think you are right. Using an Inventory Asset account is the best way to go, as long as its managed correctly. Neither my bookeeper or accountant know how inventory works - well at least not in depth. So how do I go about finding an inventory specialist for MYOB?

gavin12345

Hi @Verdant

Regards

Gavin

Genreve_S

Hi @Verdant,

I understand how helpful it would be to have a report that shows your stock values more clearly. Currently, our application doesn't have a built-in feature to group items under subcategories like you've described. The best workaround for now is running the Item Summary report in batches, selecting the items you need for each batch. I know this isn't ideal and can be time-consuming. I suggest sharing your suggestion on the Ideas Exchange board for our team to consider in future updates.

If there's anything else you need assistance with, feel free to start a new thread.

Thanks,
Genreve