Forum Discussion

Verdant's avatar
Verdant
Experienced User
5 months ago

Inventory Categories and Value subtotals

I want to create a report that tells me not just what my total inventory value is, but what particular product type subtotals there are.    For example, I sell cushions from varying brands. I just ...
  • gavin12345's avatar
    gavin12345
    5 months ago

    Hi Verdant 

     

    The only way to reliably do this in MYOB is as you had it before - utilise separate Inventory Asset accounts - The Inventory Value Reconciliation (IVR) Reports will give you correct totals - provided you manage inventory properly. You need to understand that using 'I Inventory' in MYOB requires regular monitoring and adjusting to ensure the IVR stays 'balanced' otherwise the data becomes meaningless, and any value reports generated will likewise be meaningless. Get an inventory specialist to guide you.

     

    Regards

    Gavin

gavin12345's avatar
gavin12345
Ultimate User
5 months ago

Hi Verdant 

 

The only way to reliably do this in MYOB is as you had it before - utilise separate Inventory Asset accounts - The Inventory Value Reconciliation (IVR) Reports will give you correct totals - provided you manage inventory properly. You need to understand that using 'I Inventory' in MYOB requires regular monitoring and adjusting to ensure the IVR stays 'balanced' otherwise the data becomes meaningless, and any value reports generated will likewise be meaningless. Get an inventory specialist to guide you.

 

Regards

Gavin

  • Verdant's avatar
    Verdant
    Experienced User
    5 months ago

    Thanks Gavin. 

    One of my other related problems was the Inventory Value Reconciliation Report was always unbalanced. I thought it was perhaps because I was using several Inventory accounts. 

     

    However, I think I may have found the problem:  At stocktake time, any stock write offs and losses was going to a separate account account, but it wasn't coming off the inventory total.

     

    So I think you are right. Using an Inventory Asset account is the best way to go, as long as its managed correctly.  Neither my bookeeper or accountant know how inventory works - well at least not in depth. So how do I go about finding an inventory specialist for MYOB?  

     

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