AR Inventory Entry Order
Hi,
My question is about MYOB Inventory on AccountRight.
We started using it, and now there is no option to stop.
We do a stock count at the end of every month, and update the figures of our stock in MYOB using the Adjust Inventory.
Our sales are entered at the end of the week, imported from other software.
Stock is received in the system when the invoice is paid.
Sometimes one area gets a bit behind in entering the data into MYOB. But once all is caught up the numbers don't seem to be right.
It seems to me that Inventory works on when the entry was made (actually entered in to MYOB), and not the date on the entry.
So for example, if the stock adjustments were made on time, and the sales were entered later, then it would take off stock from the most recently entered adjustment, instead of from the previous month.
I hope this is making some kind of sense?
I just wanted to know if anyone has had the same issue, and if there is a setting I need to change?
Hi DominiqueK
That is correct. Inventory values in AccountRight are based on the date on which you actually enter the transaction, not the date that the transaction is being entered with.
For example: say I enter a purchase for an item on and with 01/07/2021 for 10 items at $100 each ($1000 in total) and another purchase on and with 10/07/2021 for 1 of that same item at $150. If I then sell the item with a transaction dated 05/07/2021 but on 11/07/2021. It would have used the average cost of $104.55 for that sales transaction as that was the average cost on that item at the time of recording the transaction (1150 / 11).
As such, entering transactions on the appropriate dates and in the order is critical to ensuring that you do have the appropriate item records.
