Error with Cost of Goods Sold
Received an email earlier this week regarding the above issue. Advised that although a solution was developed they were unable to resolve any of our invoices which were affected by this issue! Sugges...
Forum Discussion
Hi ChalkHill
Thanks for your post. The fix suggests to open the Browser interface and edit the invoices in there. Read more about using the browser here: Access an AccountRight company file in a web browser. If you are unsure how to edit your invoices, I would need to know a bit more information. Where there any other error codes? Could you provide a screenshot of the email you received?
Hi
we have 100 transactions to fix for last financial year (2020/2021). These transactions dont have any cost of sales posted to the P&L. Does this mean the Profit and Loss is overstated for last financial year?
Hi AndrewC65
Yes.
And your Inventory account on the Balance Sheet will also be wrong. Suggest you discuss remedy with your accountant/tax adviser. No guarantees editing the invoice will use the correct COGS anyway. Rather than editing hundreds of invoices, General Journal from Inventory to COGS will achieve the same thing - you just need to manually calculate what the COGS should have been.
You should also ensure the Inventory Value Reconciliation Report is 'balanced' - any discrepancy means future COGS may be incorrect. Anyone using 'I Inventory' on MYOB must regularly review this report and identify cause of discrepancy and rectify - esp given the COGS issues with MYOB.
Regards
Gavin
