Can someone please tell me which Category should be selected in a Bill for purchasing Inventory Items? I have some Bills that have selected the Asset Account Inventory and some that have selected the Cost of Goods Sold account Purchases and I cannot work out which account it should be. I have a Negative Inventory Balance and I suspect it is because the accounts are being used so I need to know which one it should be.
I have checked my Inventory Items and I have selected the Inventory account for tracking inventory items, the Sales account for income and the Purchases account for cost of goods sold. In the Suppliers contacts, I have selected Purchases (Cost of Goods Sold Account) as the Expense Category.
I have printed a Purchase Register Report to check previous Bills and I can see that some Bills the Inventory Account has been selected in the Item Category and in others it is the Purchases account. Which account should it be?
Sometimes negative inventory values pop up because of errors in tracking or data corruption and that means we might need to tweak a few things. I recommend chatting with your accountant to get the best advice on which account to use for your inventory. You can also reach out to our support team for some assistance - all the support options are right here. Plus, I've got an article for you that explains how to create items, just in case you need extra info.
Thank you for responding. I don't have an accountant and I have reached out to MYOB support but have not had a response. I have set an asset account for Inventory. My question is when I create a supplier bill for items that are in my inventory what category should be selected and showing in the bill. Should the category be my Inventory account or should it be my cost of good sold account, Purchases? I have checked out your video on creating items and I have followed it to make sure my items are coded correctly, I think my negative inventory is happening due to errors in my Bills and Inventory Adjustments.
This can be a bit tricky since it involves accounting knowledge, but to give you an idea—when entering a supplier bill for inventory items in you should allocate it to your Inventory account, not the Cost of Goods Sold (COGS) or Purchases account. This makes sure your inventory value updates correctly when you receive new stock.
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Can someone please tell me which Category should be selected in a Bill for purchasing Inventory Items? I have some Bills that have selected the Asset Account Inventory and some that have selected the Cost of Goods Sold account Purchases and I cannot work out which account it should be. I have a Negative Inventory Balance and I suspect it is because the accounts are being used so I need to know which one it should be.
I have checked my Inventory Items and I have selected the Inventory account for tracking inventory items, the Sales account for income and the Purchases account for cost of goods sold. In the Suppliers contacts, I have selected Purchases (Cost of Goods Sold Account) as the Expense Category.
I have printed a Purchase Register Report to check previous Bills and I can see that some Bills the Inventory Account has been selected in the Item Category and in others it is the Purchases account. Which account should it be?
Thanks
","body@stringLength":"978","rawBody":"
Can someone please tell me which Category should be selected in a Bill for purchasing Inventory Items? I have some Bills that have selected the Asset Account Inventory and some that have selected the Cost of Goods Sold account Purchases and I cannot work out which account it should be. I have a Negative Inventory Balance and I suspect it is because the accounts are being used so I need to know which one it should be.
I have checked my Inventory Items and I have selected the Inventory account for tracking inventory items, the Sales account for income and the Purchases account for cost of goods sold. In the Suppliers contacts, I have selected Purchases (Cost of Goods Sold Account) as the Expense Category.
I have printed a Purchase Register Report to check previous Bills and I can see that some Bills the Inventory Account has been selected in the Item Category and in others it is the Purchases account. Which account should it be?
Thanks
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I have some Bills that have selected the Asset Account Inventory and some that have 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Item Category selected in Bills","moderationData":{"__ref":"ModerationData:moderation_data:891321"},"body":"
Sometimes negative inventory values pop up because of errors in tracking or data corruption and that means we might need to tweak a few things. I recommend chatting with your accountant to get the best advice on which account to use for your inventory. You can also reach out to our support team for some assistance - all the support options are right here. Plus, I've got an article for you that explains how to create items, just in case you need extra info.
Sometimes negative inventory values pop up because of errors in tracking or data corruption and that means we might need to tweak a few things. I recommend chatting with your accountant to get the best advice on which account to use for your inventory. You can also reach out to our support team for some assistance - all the support options are right here. Plus, I've got an article for you that explains how to create items, just in case you need extra info.
\n
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Cheers,
\n
Princess
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Hi Princess,
Thank you for responding. I don't have an accountant and I have reached out to MYOB support but have not had a response. I have set an asset account for Inventory. My question is when I create a supplier bill for items that are in my inventory what category should be selected and showing in the bill. Should the category be my Inventory account or should it be my cost of good sold account, Purchases? I have checked out your video on creating items and I have followed it to make sure my items are coded correctly, I think my negative inventory is happening due to errors in my Bills and Inventory Adjustments.
Thank you for responding. I don't have an accountant and I have reached out to MYOB support but have not had a response. I have set an asset account for Inventory. My question is when I create a supplier bill for items that are in my inventory what category should be selected and showing in the bill. Should the category be my Inventory account or should it be my cost of good sold account, Purchases? I have checked out your video on creating items and I have followed it to make sure my items are coded correctly, I think my negative inventory is happening due to errors in my Bills and Inventory Adjustments.
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This can be a bit tricky since it involves accounting knowledge, but to give you an idea—when entering a supplier bill for inventory items in you should allocate it to your Inventory account, not the Cost of Goods Sold (COGS) or Purchases account. This makes sure your inventory value updates correctly when you receive new stock.
This can be a bit tricky since it involves accounting knowledge, but to give you an idea—when entering a supplier bill for inventory items in you should allocate it to your Inventory account, not the Cost of Goods Sold (COGS) or Purchases account. This makes sure your inventory value updates correctly when you receive new stock.
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