Inventory Balance
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...
Forum Discussion
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
