Forum Discussion
- Mike_JamesUltimate Cover User
Hi JIllyTan , this tells me you are using purchase orders, and the goods were received in before the bill was received. And some of the purchased item was sold before that. So AccountRight used a provisional cost for the sale, and has made an adjustment to the stock on hand cost based on the final bill.
The adjustment has been combined with the purchase journal, so that the journal no longer reflects the displayed transaction. Like me, you may be surprised at this particular practice; in version 19 a separate inventory adjustment would have been recorded.
- JIllyTanContributing User
Hi Mike_James
I wish that was the case! This is a BRAND NEW item. It hasn't actually been sold yet! So there are 0 sales on this item. (The goods have been purchased and received by our factory. The stock isn't physically on shore, so therefore we can't process sales against it).
Given this is the first time we would've ever purchased the item and that the item card was set at 0 cost, that myob would take the purchase cost as standard cost so even if there had been a sale it would be the utem cost.
We thought that perhaps it was an fx variance because the spot rate on the PO was different but then why would an fx variance go to cogs? That would make no sense.
Can you give me an idea of what things I should also check to nut this one out?
Regards
Jilly
- Mike_JamesUltimate Cover User
Hi JIllyTan , I've only ever seen this situation occur in the circumstances I described.
What was the rate on the PO before converting to a bill? Maybe we can establish a relationship to the COS amount.
Can you screenshot the item history screen?
Do you have the preference/inventory option set to use standard cost on purchases?
What is the standard cost of the item?
Are you sure that there is no sale recorded, or recorded then deleted? Are there any sales orders recorded?
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