inventory
Can anyone help, we have moved to the new account right 2020.1 a couple of months ago.
We have not used the inventory in myob for a few years as we use a tailored made software for theour inventory, supplier and customer orders, quotes and invoices.
The daily invoices are manually entered into myob as servcie invoices under the correct categories everyday.
and account right is used for accounting pruposes only.
When we moved to the new system, the old supplier purchase orders and any inventory in our system was never cleaned up or cleared and has been sitting there for a few years.
it was brought to my attenetion when we went to upgrade to the cloud accounting that if we didn't clear old supplier purchse orders and received the stock it would not upgrade so i went and received all the stock and then reversed the cost so it would not affect our 2019/2020 cogs figures.
Today i went to go in and started to delete every item in inventory as we do not need what is in there and need to set up an online shop and create new inventory codes and noticed that there is inventory in that should not be in there.
How do i clear this inventory to zero ?
And where do i put the cost too ?
I am finding this all confusing as all i want to do is clear the inventory to zero and delete all the inventory items as we do nto need them and make sure it does nto affect our cost figures
Hi JosephineV
If you have inventory that you need to write off the value of, you can use an Inventory Adjustment to reduce the on hand quantity and amount to zero.
In terms of which account to use to record this expense, I recommend seeking advice from your accountant as to the appropriate account to select.
As these items will be linked to transactions within your file, you won’t be able to delete them. Instead you can only mark them as inactive by ticking the Inactive item option on the item. This doesn’t remove the item from the file however it stops it appearing in lists, such as those on the purchases window, so they cannot be added to a transaction
