Forum Discussion

Connaugh's avatar
Connaugh
4 months ago

Dead Stock Value Removal

Hi everyone,
We are using AccountRight

I hope this is the right place to ask. We have some 'dead stock' that's been sitting in our warehouse for years, and we need to remove its inventory value in MYOB. We successfully adjusted the stock value and removed the 'standard cost' price from the item card. However, the stock is still physically in our warehouse.

As a test, we sold some of this inventory, which resulted in a negative value for the stock item. This shows that even though we've removed the costs associated with the dead stock, the costs are still applied to the item.

Does anyone know how we can remove the inventory cost so that if these items are sold in the future, they won't have a cost value associated with them?
Also we know that this would impact our GP as technically something sold with $0 cost will be 100% profit.
Happy to hear any dead stock solutions from the community. 
Regards - Connaugh

Desktop
  • Genreve_S's avatar
    Genreve_S
    MYOB Moderator
    3 months ago

    Hi Connaugh

     

    I understand your situation with the stock is quite specific. Currently, the stock price of an item is averaged based on the prices of that item. If you want to remove the value for part of the stock and keep the prices for the rest, the app doesn't have a built-in option for that. A workaround is to create a new item as the equivalent of the old stock and use the build item feature to transfer the values from the old item to the new one.

     

    Let us know if you need more help or if I misunderstood your question. And feel free to start a new thread if you need anything else.

     

    Thanks,
    Genreve

    • gavin12345's avatar
      gavin12345
      Ultimate User
      3 months ago

      Hi Connaugh 

       

      I hesitate to post when there are inconsistencies in the post and or the reply, for fear of only adding to the confusion.

       

      You wrote that you have 'adjusted the stock value' of the item. Exactly what did you do and how did you do it. A screenshot might be best.

      If I have understood correctly, what you want to do can certainly be done in AccountRight, as long as it is done properly. You do not need to create new items.

       

      Regards

      Gavin

      gavinw222@gmail.com