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Polly_Templeton's avatar
Polly_Templeton
Experienced User
5 days ago

Weird increase in Inventory Current Value

Yesterday I discovered that four out of some 30 items have had their current value doubled and then tripled from initial purchase in February 2023. One item as an example -Centenary Air Force Bear - 500 purchased at cost of $13.772 = total cost $6,886 and current value $6,886. 

Note that sales are not recorded through MYOB Inventory - a yearly count is undertaken and stock then reduced.  In November 2023 stock of this item was 28 on hand so I recorded -472 reduction in stock which was -$6,500.45.  Therefore the current value should be $385.62 for 28 bears.  I entered the count inventory with stock numbers at November 2023 and it said -472 and all looked fine.

Yesterday when I went to reduce the stock of this bear to zero it came up with error messages. On re-running an inventory value reconciliation report at 31/12/2023 the current value of this item for 28 units was showing as $6,886 instead of $385.62 and the original current value from 3/2/23 had jumped to $13,386.38. It then showed -$6,500.45 leaving a balance of $6,886 for 28 unit.

After another attempt at re-doing the Nov 2023 count the current value at 3/2/23 jumped up to $19,886.77 and did reduce by -$6,500.45 in Nov 2023 but now the Current Value is $13,386.32.  I eventually got the -28 units count for yesterday's stocktake to reduce by $13,386.32 which leave 0 on Hand and $0 current value!  But then my balances were all out for both Inventory asset and stock expense adjustment accounts. So I had to do a general journal for each of these four items to reverse each of these four inflated values and leave the correct stock on hand value balance.

 

Multiple documents attempting to show this are attached.  My main concern is what did I do for this to occur and how not to have it happen again.

 

 

 

  • Isaiah_C's avatar
    Isaiah_C
    MYOB Moderator

    Hi Polly_Templeton,

     

    It sounds like there may be discrepancies in you inventory reconciliation entries. Ensure that all manual adjustments, especially around the dates when the values doubled and tripled, align with the actual inventory counts and recorded transactions.

     

    Examine all inventory adjustments made for these items, focusing on any purchases, stock takes, or manual adjustments. This could help identify any unintended entries.

     

    To correct quantities, go to the item record and adjust the quantity on hand to reflect your latest physical count. This should help in normalising the current value if any errors were recorded.

     

    If the issue persists, you need to reach out to our live chat support through our virtual assistant MOCA or submit a case via MyAccount to further investigate.

     

    Regards,

    Sai

    • Polly_Templeton's avatar
      Polly_Templeton
      Experienced User

      The only thing from the response is that I learnt about lodging a support case via MyAccount. I have booked a time so hopefully support will get to the bottom of it.

      • Princess_R's avatar
        Princess_R
        MYOB Moderator

        Hi Polly_Templeton,

         

        Thanks for lodging a support ticket! Our team will pick it up as soon as possible, provided there's no high volume of cases in the queue. This issue needs a bit more digging from our side, and we might need to run a script or make some adjustments to the inventory to sort it out. Rest assured, our team is dedicated to getting to the bottom of this for you.

         

        Cheers,

        Princess

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