Wow I really hope that's not right, inventory is the only reason we use MYOB lol! I agree trying to fix it kind of broke everything, what a mess. Any idea how to fix the issue of that starting value in the item register being so far wrong? I assume that's the value that the Balance sheet uses?
Also funnily enough The value on the Balance sheet is the exact same as the number from the Items Register Detail Report and not the value from the Item Profile so it looks like the Balance sheet is using the numbers in the Items Register Detail Report which are the right numbers. So it's just the value in the item itself that is wrong and it's all caused by that initial value being wrong.
Hi thedannorris
You haven't shared the Item Profile screen (please do) to show the value of the item. And how can you tell that the value on the Balance Sheet is the exact same as the number from the Items Register Detail Report ($5037.88) unless this is the only item you have.
With Inventory there are 2 key values - the account balance of the inventory asset account (1.xxxx) which appears on your financial statements, and the values of all items stored in the Item Register. The 2 should match, however in your case it is unlikely that they do. Generate an Inventory Value Reconciliation (IVR) Report - this shows you the on hand count and value of all items as per the Items Register, and it also shows you the balance of the Inventory asset account, as well as any discrepancy. Any discrepancy should be resolved - just as you would for the Sales Register and Trade Debtors account balance. etc.
Attach a screenshot of the section of the IVR that shows this item's on hand count and value as per the register, as well the the Item Profile screen showing on hand count and value, also discrepancy at end of IVR report for the account used by this item.
Regards
Gavin
I can tell because I add up the real value of all of our green beans which is consistent with what is shown on the report and it equals what is on the balance sheet.
I'm replying here again, we resolved the issue by putting in some adjustments, however it has arisen again and I can't work out why.
We put through a build for our Coastal blend which included Brazil 2 among other beans and it went through at the correct price of $8.65, however now Brazil is showing at $39 / kg because the overall value is massively overstated. It must have been correct when we first did the build, otherwise those numbers wouldn’t be right. We deleted the build and still shows incorrectly.
When I look at all beans in this analysis I can see that the actual value of our beans is $21,700 but adding them all together the value is $33,700, so it’s out by $12,000.
I can’t see anything in any report that tells me why MYOB thinks the Brazil bean is worth $8,000 when it should be worth $2,000. Any ideas on how I can see how and why it’s gotten to this state? Or a recommendation for a consultant to help, I’m clearly out of my depth!
