Inventory Cost
Hi We have been use for MYOB for over years since June we find out there is one item cost suddenly increases lots, which lead our cost incorrect, would you be able to help us how to fix the issue ...
Forum Discussion
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 ?
