When I print a balance sheet it is showing negative stock as an asset. However, the stock value on hand at the same period should be in the positives. For example, Balance sheet 1-800 is -$2,500 as of the 1st December. Actual value of stock on hand at same period is $8,000. Stock on hand should be classed as an asset. This issue has only appeared this financial year. Anybody have any idea on what is going on?
Hi Spex,
Welcome to the Community Forum!
To get a clear picture of how the totals make up the amount shown on your balance sheet, we recommend checking the general ledger. This will give you a detailed breakdown of the transactions that make up the stock value. For more specific advice tailored to your business, it is advisable to consult with an accountant or bookkeeper. to ensure your financial records are accurate.
Cheers,
MYOB
Hi Princess_R,
My accountant advised to contact MYOB. From what I can gather is that we have used more stock than what we have. Which is incorrect as we still have stock. Therefore, shouldn't the value on the balance sheet be a positive? Or am I looking at it wrong. Is it showing how I'm reducing the amount of stock on hand value?
Hi Spex , it's very important that inventory is set up correctly at the start, so that subsequent transactions are recorded correctly. Your best option is to engage an MYOB partner with appropriate experience, who can review your file with you and make whatever adjustments are required.
Hi Mike_James,
Having run the same system for the last 4 years without issue it has only been this financial year. Something has changed.
Spex , could be any one or more of a number of things, the sooner it's investigated the easier it will be to fix.
