Current value on Item Register is incorrect
Hi, The current value in Item register is incorrect. It should be $9500. The value on Item Register and Item Register [Detail] report are different as well. I'm unsure the cause of this iss...
Forum Discussion
Hi asdfgh1,
I see that you are still having an issue with the current value item register and have already tried to reach out to our live chat support. This usually happens when:
- Building or recording an inventory journal transaction where the item quantity is zero, but there is a price
- Re-recording an item sale, dated before an inventory journal transaction
In some cases, entering a new inventory journal transaction can correct the item's current value. Please let me know if that will work.
Feel free to post if you still need further assistance.
Cheers,
Jem
Hi Jemar_C
I'm still confused - as far as I know, we don't build/ record where the item quantity is zero, but there is a price or re-record an item sale, dated before an inventory journal transaction.
Here are my questions/ concerns
- Why the current value is much higher than it should be?
- The current value figures are different on Items Register and Item Register Report as attached. Am I correct that these two figures should be the same?
- How can we this issue? We are having same issues on other items as well.
Thank you for your assistance.
Hi asdfgh1
There are lots of bugs in MYOB's Inventory. Do not use the Item Register reports - the Detail report is often wrong, as is the summary. Use the Item profile screen value or the Inventory Value Reconciliation report as the figures here are more reliable - though they too are sometimes not what they should be!
It's up to the user to setup and manage inventory correctly. And check the Inventory Value Reconciliation report regularly, and adjust as necessary. Basically MYOB will use the average cost on the item profile screen for the next Sale to calculate COGS. If the average cost is zero, MYOB will calculate zero COGS.
If you need assistance resolving this issue or understanding inventory in MYOB and how to fix, get in touch with MYOX Services. They can usually give you a straight answer without the run around.
Regards
Gavin
