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Katy2's avatar
Katy2
Experienced User
6 months ago

Deactivating Inventory

We are currently using the inventory within MYOB but would like to deactivate it.  Please can someone outline the effects this will have so that we can be aware if there may be issues?

 

Also, how to turn it off? 

 

Thanks

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  • gavin12345's avatar
    gavin12345
    Ultimate User
    6 months ago

    Hi Katy2 

     

    In AccountRight you cannot 'turn off' Inventory, (any more than you can turn it on). Each item individually is either set to use 'I Inventory' or not. Once you have set this on for an item and have used that Item in a transaction, MYOB will not allow you to 'turn it off'. You need to either make the Item Inactive and start a new item, or get a 3rd party specialist to turn each item 'off'.

     

    As for the consequences, at present you likely have stock and value in your Item Register and a balance in your Inventory asset account - generate an Inventory Value Reconciliation Report to see all these. You will need to set all items to zero stock on hand and value. This can be complicated unless you are familiar with how inventory works in MYOB. Send me a private message or an email if you want contact details for someone who can do all of the above, including changing the Items to remove the 'I Inventory' tick.

     

    You will need to work out with your accountant what to do with the balance of the Inventory account.

     

    Once this is done, there are no further consequences as a result of the change unless you make a change to an existing transaction. You will need to work out with your accountant how you will account for inventory in your financial statements.

     

    Regards

    Gavin