Inventory discrepancies

Hi HethBennett,

The hiccups you're facing might be because you're receiving items before the supplier's invoice arrives and then turning the purchase order into a bill once you get the invoice. If you add the inventory later, it could mess up the stock count if the quantities or values don't match up perfectly between the initial receipt and the final bill. To fix this, you might need to do an inventory adjustment. Check out this article for more details.

Cheers,

Princess

Hi HethBennett 

Using MYOB to manage inventory is anything but simple. There are so many settings that affect the accuracy. Internal procedures need to be robust and strictly followed by all staff. Regular checking and reconciliation of the Inventory Value Reconciliation report is a must. If discrepancies keep occurring, it is important to isolate, identify and resolve.

On top of all this, the inventory module within AR2024 has more bugs in it than any other module. Many have been fixed. Many remain unfixed. Users continually ask MYOB to 'run a script' to fix known bugs.

There is nothing in your attachments that can explain any discrepancy on the on hand count for this Item. The explanation given by the moderator is 'odd' given the first sentence is exactly what you are supposed to do and this should not give rise to any hiccups.

If the inventory accuracy is important, I suggest you get someone who specialised in MYOB inventory to check your settings and procedures to help identify the cause. Best to sort this before it becomes too messy.

Using Receive Items itself is not the problem. How you use it might be. For example creating a new purchase instead of converting the existing Order will affect on hand count.

The accuracy of On Hand count can be affected by many other factors, eg settings, staff using wrong Item Number on Invoice, staff picking the wrong item, delivery count incorrect, theft etc etc. Do you use Autobuild? 

The accuracy of the value is usually affected by settings, incorrect adjustments or bugs. For example do you know why the original Order showed $1685.80 as the cost for this item, yet the Item Transaction shows $1,837.85?

If you don't have a MYOB consultant who specialises in Inventory, try MYOX Services - they should be able to review the file and advise how to fix the issue.

Regards

Gavin

Many thanks for the replies, Team.

I've passed the info on to our Warehouse staff and we will see how we go with doing a weekly stock take. I understand about the need to possibly do stock adjustments when sales happen before we get the invoice. Hopefully MYOB can look into and create some sort of work-around for this issue because it sure is frustrating never knowing for sure how many of a specific item we have on hand! 

The reason for the discrepancy in the values is actually a work-around we use to get to the actual landed cost of an item including external delivery charges, Forex bank charges etc. So in this case the cost of the stock itself was $1685.80 and the additional charges for import, delivery and the bank payment transfer totaled $152.05. Our method allows us to calculate the actual costs of an item more accurately (we believe) and splits the costs up equally between all the items on the purchase. We have created a stock item called landed costs which we use to deduct the difference between the suppliers 'invoices and the complete landed costs which allows the stock values to remain more accurate and the supplier still receives the correct payment for their invoice amount.

I think using the receive items might be more trouble than it is worth so I'm going to stop using it.

Have a great day! Heather