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CameronL93's avatar
CameronL93
User
25 days ago

Stock quantity discrepancies

I have a number of imported items that we purchase separately, however they are combined together and coded with a new item number so when we sell them we can sell them as a complete item. 

This has led to some discrepancies with how many items we actually do have in stock compared to what is showing on our MYOB inventory system. 

 

As can be seen in the attached screenshot, we have a Freight price allocated to the item number 41, plus we have a Item build or item cost also allocated for item number 41, then finally item 41 itself. 

The reason for this is because we are responsible for our own freight from the international supplier, so when placing orders for items we place 1 PO with the manufacturer, and another with the freight company. 

How can I rectify these numbers?

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  • CameronL93's avatar
    CameronL93
    User
    25 days ago

    G'day Mike_James thanks for your help on that 1 - now how do I change my current quantities without affecting my journal? If I do a inventory quantity change, it will allocate the cost to a particular cost account, however I don't want to allocate costs for this as it is just a stock reset/confirmation. 

     

    Thanks again

    • Mike_James's avatar
      Mike_James
      Ultimate Partner
      25 days ago

      Hi CameronL93 , I presume that all 6 items in your screenshot have costs as well as quantities, so I would really need to see costs as well. 

      In your screenshot you have 9 onhand of item 41 and 70 onhand of item 42, and larger quantities of the related items.

       

      So for example if 9 is the true onhand stock quantity of item 41, then you would need to prepare an inventory journal which (a) brings that item up to its full cost, via a zero quantity line with the appropriate dollar amount (this amount will be added to the existing onhand value), and (b) removes the quantity and cost of the related items, via negative qty lines. Every line should be coded to an inventory adjustment account in the cost of sales. 

       

      Depending on the current unit costs of each item, overall stock value may reduce, possibly because prior sales were not recorded at the correct cost of sale.

  • Mike_James's avatar
    Mike_James
    Ultimate Partner
    25 days ago

    Hi CameronL93 , all this can be achieved with only one item. It looks like you import and sell a product, but you pay for freight as well. The process outlined in MYOB's help article below is as follows:

    • Create an item PO for the product itself
    • Create a service PO for the overseas freight
    • Receipt the product PO on arrival, or convert to bill; at that time, change the product cost to the full cost including freight (and any other components of landed cost), and deduct that amount as landed cost, so the supplier bill is for the net owing to the supplier.
      On recording, inventory will have the full cost allocated.
    • Convert the freight PO to a bill and allocate it to your landed cost account. The charge will be offset by the credit created in the previous step.

     

    This is more fully explained in Landed costs for imported inventory (myob.com).