Forum Discussion

Experienced User

12 days ago

Inventory discrepancies

Hi all, our company uses Inventory and relies quite heavily on the records being accurate as we have one central store and several remote offices selling product which are dispatched from the single ...

MYOB 3554 cancel receive item.pdf1.3 MB

Journal entry for FermoLager W from 22.10.2024.pdf346 KB

MYOB PO 3554.pdf1.3 MB

MYOB 3554 receive item.pdf1.3 MB

gavin12345
9 days ago
Hi HethBennett

Thanks for the images - these show for this transaction you used the method as outlined by MYOB in the earlier link. My concern was based on the images for PO 00003554. In this image the invoice total does not include the landed costs, so I can only assume you edited this PO to remove the reference to Land Cost. Whereas you screenshot of PO 0003714 does show the Landed Cost Item.

Regards
Gavin

HethBennett

Experienced User

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

gavin12345

Ultimate User

9 days ago

Hi HethBennett

Thanks for explaining about the value difference. Can I ask, how exactly do you process this workaround/adjustment - a screenshot would be best. From the images provided, you don't seem to be using the approach advocated by MYOB here. Just wanted to check that the work-around is not the cause of the on hand discrepancy.

Regards

Gavin

HethBennett
Experienced User
9 days ago
Hi Gavin, I do a spreadsheet which includes all associated costs and then do the purchase entry in MYOB based on what those costs are. I then deduct all costs which are not for payment to the supplier. In the example below, the freight charges were part of the supplier's invoice but were a separate line item and therefore I needed to calculate the costs for each individual item to add them in. The bank charges were also added to the calculation. I then deducted only the bank charges so the amount we paid the supplier matched what they had invoiced us. We were told by our MYOB adviser that there is no way this could affect the inventory.

Cheers Heather
- gavin12345
  Ultimate User
  9 days ago
  Hi HethBennett
  
  Thanks for the images - these show for this transaction you used the method as outlined by MYOB in the earlier link. My concern was based on the images for PO 00003554. In this image the invoice total does not include the landed costs, so I can only assume you edited this PO to remove the reference to Land Cost. Whereas you screenshot of PO 0003714 does show the Landed Cost Item.
  
  Regards
  Gavin