Inventory Cost

Hi NinaK8, 

Thanks for reaching out. 

I'm sorry to hear about the item price of one of your items. Generally, if there are problems with many much the items presented, we could correct values by doing a stock adjustment from Inventory > Adjust inventor and adjusting the price values. Here is the help article Making inventory adjustments that would guide you through the process. 

Let us know if you require any further assistance with this. We're happy to help. 

Cheers, 

Genreve

Hi 

Could you also help with the attachment, we try to make purchase and get stock on hand with value, but this window always come out and wont let us move forward. 

could you please advise ? 

Hi NinaK8 

What does the Profile tab of this Item show in terms of On hand quantity and value?

Regards

Gavin

Hi 

this is very strange, 2 Years ago we bought Item A. we have been using Item: A for 2 years. Until June, when we check profit & lost statement, the cose of good sold is very much high, we go through each transaction and check whats going on, we find out every time we sell Item A, the cost of good sold of A shows very much high ( upto millimons) that is impossible for A cost ( even we dont have that much pallets)

Item A is sold to our client and once client returns the Pallet, we will credit back our client. Same quanity/amount sold and same quanity/amount credit back. To fix above issue, for some client who reurned back same quanity of pallet as we send out, we replace Item: Pallet with other Item 

Yesterday, we check Item A with quanity on Hand but current Value become Zero, 

Could you please advise whats going on and how to fix the issue 

Hi NinaK8 

This is not strange - this is MYOB! AR2023 had always had dozens of bugs in the Inventory module. Over the years they have fixed some, and then seemingly given up on fixing the rest. There have been numerous forum posts about COGS on P&L in the trillions, billions etc.

Trying to edit and fix individual transactions often only makes things worse. I would advise against this.

Generate an Inventory Value Reconciliation report and see what the current negative value is. If this shows for example 50 on hand and -$2b, and the true cost of each pallet is $2, do an Inventory Adjustment Journal to adjust the on hand by 0 and the value by +$2b +100 or +2,000,000,0100, this should adjust the value for this item back to $100. Use the COGS account as the balancing account.

Then speak to your accountant about the best way to adjust the P&L and Balance sheet to correct any of MYOB's 'anomalies'.

Regards

Gavin

Hi 

I had gone through all the Pallet transaction starting from first tranaction, until today, only few trasactions

and we also find out the current value is negative even we bought in the first transation and amount is also not correct, I am not sure how it works 

when we did inventory adjustment, we can fix the item the value and stock is all good 

However, after this adjustment, we are back to our Asset account, the Asset account current balance is not correct, could you also advise how we fix it ? 

Hi NinaK8 

Your image does not show the asset account, so not sure what is required. I recommend you go through all on hand counts and values shown in the Inventory Adjustment report for all items and do Inventory Adjustment Journals to fix these so they are correct. Any corrections will also affect the Inventory Asset account or the COS account (as per Inventory Adjustment support note linked earlier).

Once this is complete, have your accountant review the resulting balance of your Inventory Asset account and your COS account on the P&L for the past 1-3 years. If adjustments are required, your accountant is the best person to advise how to adjust these accounts.

Send the accountant's bill to MYOB for payment - but don't expect them to pay. If all affected users send MYOB the bill, they might fix the issues quicker!!!

If your accountant cannot help you, try FGH Tables, they are often called upon to fix such issues in MYOB files.

Regards

Gavin

Hi 

Sorry for the confusion 

right now, items pallet status showing in attachment 1 which is match we our stock and value is also correct 

attachment 3 is current pallets Asset value which i dont think its correct

I have also attached what we have done the invnetory journal ( this is only one we did in our system) in attachment 4

When you mensioned in the previous to Asset account in inventory adjustmnent journal, I am not sure how i add in, and how many quanity/how much  I should add in 

also do you know the contact for FGH Tables ? 

Hi NinaK8 

Your images and explanations are confusing. Not sure what you are showing as the inventory asset account balance - I can't see this anywhere.

Which is attachment 4?  Please attach full image rather than minimal parts - with full window you do not have to refer to attachment 1 etc. Your Inventory Adjustment Journal (if that is what is it) shows 3 entries for the same item - why? Do one per item. If more changes are required for same item, do another one, don't edit existing. Add explanation to memo.

Also explain if an image is before or after an adjustment was made.

See here for how to do Inventory Adjustment Journals. Please read and follow. What amounts to use depends on what you are trying to fix and what the correct amounts should be. Without a closer look at your file it is impossible to tell.

For FGH Tables see here.

Regards

Gavin

Hi 

I understand some account is linked together 

Right now got few issue, not sure what's going on 

First issue: In Items Register window, from 1/2/2021 first transaction , the current value of Pallet is negative,  (pallet buying price is $1200 plus GST, how much we buy and how much we sell, )

Second Issue: In Items Register window, colum Amount, when we send out 8 pallets, the amount shows 1M, this is not right, this really affect our P&L, only happened from this year June 

Third Issue: in Account Information window, the balance amount is not correct 

Could you please advise to fix those