Inventory

deepti

Hi I am new to MYOB account with inventory. For my retail shop, Inventory is maintained in POS star software., I don't need to maintain item wise inventory in MYOB .But I need to feed  inventory value at the end of each day or  week. Is it possible in MYOB business. How to set up the same.

Earl_HD

Hi @deepti,

Welcome to the Community Forum! You can maintain inventory value in MYOB Business without tracking item-wise inventory. To do this, you'll need to set up Inventory Accounts: This will be an Asset account where you will record the total value of your inventory. After, you can record Inventory Value at the end of each day or week by manually updating the inventory value. This can be done by creating a journal entry to adjust the inventory account balance. Navigate to the "Accounts" menu and select "Record Journal Entry." In the journal entry, debit the Inventory account with the total value of the inventory and credit the Cost of Goods Sold (COGS) or another relevant expense account.

You can also visit this help page for more information. 

I hope this helps!

Regards,
Earl