Hi LL2113
Unfortunately MYOB has had, and still has, lots of bugs in the Inventory module. MYOB recently finally acknowledged COGS was incorrectly calculated in a number of instances, contacting some of the affected client via email.
So what you are seeing is likely caused by one of those many bugs - the MYOB scripts only fix a small number of the problems.
There is not enough information provided in your screenshots to clearly identify cause. For example we cannot tell if there was any existing stock or value before the purchase was recorded. Nor can we tell if anyone manually adjusted the value of the stock, or if there were any reversals and or credit sales/purchases - these are known to cause issues.
When you sell, MYOB uses the current value of the stock divided by the current on hand count to work out the COGS per unit. Adjustments or transactions processed AFTER the sale, will not change the COGS calculated for the sale.
The only way to fix this yourself is to reverse the sale. Then check the current value and the on hand count. If these are incorrect, fix these using an Inventory Adjustment Journal. Then process the sale again.
You can find a number of Support articles on Inventory here.
Regards
Gavin
Hi Gavin,
Mucha appreciated for your elaboration.
This was only once time we purchased this item, one sale since March 2022 til now. No stock adjustment made on value of stock, no credit or any reversal of sale happened.
I deleted the purchase and re entered, the current value is not showing same as purchase cost (see attached).
The only way you mentioned to fix this issue is using Inventory Adjustment Journal, if this bug happended to couple of items, it is fine to me to do with this way. But how about happended same to hundred of items? It is out of question by this way.
Btw , can you help me with this issue, we have no stock on hand in April 2022, why the end of inventory is not showing 0, rather than positive figure? Is it becuase of using average cost method? thank you in advance
Hi LL2113
This is unrelated to the use of Average Cost.
Just to understand correctly, you deleted the Sale (21/3/2022), deleted the Purchase (15/3/2022) and re-entered the Purchase (15/3/2022). The Purchase total amount was $12995.14 and yet the Value of the Item is showing as $15099.00? Please confirm.
If yes, can you show the Purchase invoice - was there any discount or rebate, MYOB doesn't handle these correctly. Were there any other items on the Purchase?
Confirm also that this Purchase was NOT originally a Purchase Order converted to a Bill.
To correct, record an Inventory Adjustment Journal showing date as 15/3/2022, list the Item, Set Quantity to 0, set amount to -$2103.86 and the Account to 1-2100 and record. This should change the Current Value to $12995.14 to match the Purchase invoice without changing the Quantity on hand. Then process the sale, this should change the On hand amount to 0 and the Current value to 0.
Regards
Gavin
Hi Gavin,
thank you for replying.
The answer to your question below in red:
Just to understand correctly, you deleted the Sale (21/3/2022), deleted the Purchase (15/3/2022) and re-entered the Purchase (15/3/2022). The Purchase total amount was $12995.14 and yet the Value of the Item is showing as $15099.00? Please confirm. Yes
If yes, can you show the Purchase invoice - was there any discount or rebate, MYOB doesn't handle these correctly. Were there any other items on the Purchase? No rebate or discount on purchase. YES, there were others items on this purchase. (see below)
Confirm also that this Purchase was NOT originally a Purchase Order converted to a Bill. NO it wasn't converted from order, it was saved as text (tab delimited) and improted into MYOB.
To correct, record an Inventory Adjustment Journal showing date as 15/3/2022, list the Item, Set Quantity to 0, set amount to -$2103.86 and the Account to 1-2100 and record. This should change the Current Value to $12995.14 to match the Purchase invoice without changing the Quantity on hand. Then process the sale, this should change the On hand amount to 0 and the Current value to 0. Thank you for showing the process, but this bugs caused same issues to numbers of items, not only one item. Does it mean I have to make sure purchase cost equals to current value on every single item every time before importing sale invoices into MYOB?
