Hi, I started using inventory in MYOB and a year later we purchased a different program where we record our jobs and inventory, purhcase orders, invoices etc which i then import into MYOB (everything except for the inventory). I need to at the end of each month record the inventory value into MYOB and disregard everything else (inventory wise) in MYOB from the first year. How do i do that? Thanks
Hi casey-roar,
Thank you for your post and welcome to the Community Forum.
In this matter, can you please try to do the basic trouble shooting like clearing cache. Then try to log out and log back into your account.
Let me know how you go about the issue. We are happy to assist you.
If my response has answered your enquiry, please click "Accept as Solution" to assist other users find this information.
Thanks,
Cel
Hi there, This has not answered my question unfortunatley
Hi casey-roar,
Thank you for the update. I know how important this is to you.
To address the issue, you can check out this Help Article: Inventory reports, this article has detailed information on how you record an inventory value, but in terms of figuring out what figures to put in, it is not possible for us to provide information. We recommend speaking with your accountant or bookkeeper.
If you need further assistance in the future, please feel free to post again. We are happy to assist you.
If my response has answered your enquiry, please click "Accept as Solution" to assist other users find this information.
Kind Regards,
Cel
Hi casey-roar , that's a difficult question to answer in a forum thread. I recommend you consult an MYOB partner with inventory experience, who can help you with the necessary entries.
Hi casey-roar
From what I read of your query, you are trying to adjust balances from the conversion of the OLD system.
Be careful not to imbalance this conversion journal in the process. Seek help from Tax Agent/Accountant if unsure.
This can be fixed. However, it would require a double-entry journal
DR: XXX
CR XXX
The Inventory GL account (Balance Sheet) will be the DR or CR. You need to post the balance to another GL account. This is where you should seek advice from your Tax Agent/Accountant.
Also, you would need to revalue all your inventory items and total balance and likely take up another inventory adjustment journal to balance the total stock value with the inventory control account on the balance sheet.
Inventory can be very tricky at times unless you feel confident adjusting. Please engage assistance from the Accountant and/or MYOB Partner
Hi casey-roar,
Firstly, I would like to thank Cloud_Mind, one of our ultimate partners for sharing insights, you can check on his response to your post. It has a lot of information.
I hope this helps.
Thanks,
Cel
