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CornucopiaApoth's avatar
CornucopiaApoth
Contributing User
6 months ago
Solved

Inventory levels fail to update for bank feed entries

Hi MYOB Community

For some reason, when I allocate a cash deposit in my bank feed to various products, the inventory fails to update. The levels update perfectly when I generate invoices or procduct supplier bills but not when I try to allocate thec ash entries and apply a quantity to the line item.

 

 

For example, our Restorative Balm is recorded as an Inventory item as follows:
Full Spectrum Hemp Balm with the item ID as HBPB-60ML

 

The Asset account that has been created to correspond with the Inventory Item is as follows:
1-1410 HBPB-60ML - FS Hemp Balm - 60ML - Pure Blend

 

Conversely, the Income account that has been created to correspond with the Inventory Item is as follows:
4-2110 HBPB-60ML - FS Hemp Balm - Pure Blend - 60mL

 

And, finally, the Cost of Sales account that has been created to correspond with the Inventory Item is as follows:
5-1110 HBPB-60ML - FS Hemp Balm - Pure Blend - 60mL

 

When I select a product from the income account list, the inventory doesn't update. I have included a screenshot of the bank feed to see if I have done anything incorrectly.

Any help would be greatly appreciated.

regrds
Jason

  • Mike_James's avatar
    Mike_James
    6 months ago

    Hi CornucopiaApoth , no AI involved in this answer! Create a cash sale invoice for the sale of the items, equal value to the amount deposited, and then receive payment for it. 

     

    Add a new contact called cash sale first.

8 Replies

  • Mike_James's avatar
    Mike_James
    Ultimate Partner

    Hi CornucopiaApoth , the transaction lines of this cash deposit are coded to income accounts in the general ledger. These accounts have nothing to do with inventory items. 

     

    I suggest you have a read of some help articles about using inventory in MYOB Business, it will give you some suggestions about how to proceed. I'm in NZ; change the "nz" in the links to "au" if required:

     

    https://www.myob.com/nz/support/myob-business/inventory/choosing-an-inventory-method?productview=Browser

     

    https://www.myob.com/nz/support/myob-business/inventory/tracking-your-stock-levels?productview=Browser

    • CornucopiaApoth's avatar
      CornucopiaApoth
      Contributing User

      Thanks, Mike for your super quick response.

      Let me check out those links and get back to you.

      cheers

      Jason

    • CornucopiaApoth's avatar
      CornucopiaApoth
      Contributing User

      Hi Mike

      Had a good read of the documents that you linked. I have set up Perpetual Inventory as per the document's outline. All of my inventory items are properly assigned to the correct linked accounts.

      The documentation only covers inventory level updates for supplier bills and customer invoices, which are already working perfectly.

      I can't find any information about what to do for cash sales on either the bank feed line items or even the undeposited funds cash sales entries.

      So, my guess is that I continue to allocate the appropriate income account to the cash sales line entries as per my screen shot then manually make an inventory adjustment. Wish it could be automatic but this appears to be the only work around. Even ChatGPT doesn't have a better answer! LOL

      Cheers
      Jason

      • Mike_James's avatar
        Mike_James
        Ultimate Partner

        Hi CornucopiaApoth , no AI involved in this answer! Create a cash sale invoice for the sale of the items, equal value to the amount deposited, and then receive payment for it. 

         

        Add a new contact called cash sale first.