Forum Discussion

Contributing User

1 year ago

Expense Account for Tracking Costs - how to link

Hello all, We have been encountered with a reporting issue where the account used to link to an inventory item for tracking does not appear to show correctly on the GL details reports. For in...

Shella_A

MYOB Moderator

1 year ago

Hi Trucn,

Thanks for the update. I get that you're facing some trouble with the General Ledger (GL) details report not displaying the linked accounts as it should. Here's an easy-to-follow guide to help you sort this out:

Start by confirming the linked accounts in your MYOB software. You can do this by going to the "Setup" menu and choosing "Linked Accounts".
Ensure that the accounts tied to your inventory items are correctly set up. They should be linked to the right "Consumable" accounts or any other accounts that are relevant to your business needs.
If you notice any inconsistencies, you have the option to change the linked account by picking the right one from the drop-down list.
After making the necessary adjustments, you can run the GL details report again to see if the items are now listed under the correct accounts.

You can also check which accounts are linked to features by visiting the Accounts List window. Here's a helpful article on how to manage linked accounts.

Feel free to post again anytime you require further assistance.

If my response has answered your inquiry, please click "Accept as Solution" to help other users find this information.

Kind regards,

Shella

Trucn

Contributing User

1 year ago

Hi Shella,

I've gone to Setup, then Linked Accounts. But does not give me the inventory items option. Four options I have Accounts & Banking, Sales, Purchases, Payroll.

I went to each, and did not seem to have "intentory".

Princess_R
MYOB Moderator
1 year ago
Hi Trucn,

Thank you for providing an update on your progress.

I've noticed that the expense account for tracking costs is listed as (5-3301), which might be causing the issue. To troubleshoot further, try changing the expense account to an expense account. After making this adjustment, run a General Ledger Detail report again to see if it pulls up the account linked to the item.

Feel free to let me know how you get along and if if you need further assistance.

Cheers,

Princess
- Trucn
  Contributing User
  1 year ago
  Hi Princess,
  
  5-XXXX code is our Cost of Good Sold code, and we've had no issue reporting the other 5-XXX code except for a few inventory item that is linked to 5-3301.
  
  Could you please give me some more explanation as to why it needs to be an expense code? Expense code is used for another purpose in our firm.
  
  It's the back of the setting up of the inventory that is the issue I believe.
  
  Thanks!!
  - Earl_HD
    MYOB Moderator
    1 year ago
    Hi Trucn,
    
    Thanks for your response. The expense code 5-XXXX serves a specific purpose unrelated to Cost of Goods Sold (COGS) reporting. Therefore, using this code for COGS may disrupt established processes or reporting structures within your organization.
    
    The issue likely stems from how inventory items are configured in your Software. When an inventory item is associated with an expense code, it categorizes the cost as an expense rather than a part of COGS, which is typically linked to sales of inventory items. Utilizing an expense code for inventory items linked to 5-3301 could lead to discrepancies or inconsistencies in financial reporting, especially when analyzing COGS and expense data separately.
    
    To resolve this issue, ensure that inventory items are correctly linked to the appropriate expense code for COGS tracking. This will help accurately report expenses related to inventory.
    
    Feel free to post again, we're happy to help!
    
    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.
    
    Regards,
    Earl