ellyleavold's avatar
ellyleavold
Cover User
11 years ago
Status:
New

Inventory: Standard Cost - Tax Inclusive or Tax Exclusive option

Hi,

 

I would like to add a sugestion. I rang up as I was having an issue when entering an item into the items list and adding a Standard cost for what we purchase the item for from our suppliers. It automatically assumes the item is including tax. I think you should have the option to exclude tax as that is how we purchase and sell items at this business. Instead I have to either add GST to the price when entering it (which doesn't always work) when entering it into supplier Invoice or Supplier Purchase order. Just a thought as it would save time.

 

"Standard Cost - option to include or exclude GST"

Inventory

34 Comments

Sort By
Show More
  • Kelly81's avatar
    Kelly81
    Experienced Cover User
    10 years ago

    I agree. It is very silly for a system to work on gst inclusive.

     

    Another example of this is in the GST report. Each month I have an tax invoice that I raise for 68.99 and when I run the GST report it shows it as 70.00, while it is only 1 cent out there could be cases where it is far more out than that.

     

    The Gst rate has changed in this country in 2010 but who is to say it won't happen again.

  • SDM_Nicola's avatar
    SDM_Nicola
    Experienced User
    10 years ago

    I agree with your suggestion and find that it very frustrating that any accounting package would not work on GST exclusive costs given that the rate of gst can change arbitrally and there fore would require major re-keying to ammend every price.

     

    Equally frustrating is the lack of being able to import a file into the item list including a buy price.

     

    This was a feature available in the PC based version - eliminated in the cloud based version.

    :(

     

  • FastenersGalore's avatar
    FastenersGalore
    Contributing Cover User
    12 years ago
    Hi,

    New to MYOB.

    I am starting to set up my database and have entered my suppliers cost ex GST, we are distributors buying from wholesales and that's how our pricing is.

    Not until I entered a purchase order for that supplier I noticed the pricing was 10% less than what I set the cost to be.
    Spoken to MYOB help desk and apparently that is how it works. I and my staff have to remember to add GST to each line when creating new products

    I think there should be an option (tick box like in the selling tab) in the buying section of a new item which you can tick to choose if the suppliers cost you are entering is exclusive or inclusive.

    Regards
    Fasteners Galore
    • David_Cree's avatar
      David_Cree
      Ultimate Partner
      12 years ago

      I completely agree, and have made comment & suggestions on this for the last 10 years.

       

      It should always be remembered that GST is not a direct cost on business. The business is merely the tax collector.

      there should be the same treatment as for Sales with a check box, and should also apply to the Standard Cost field.

       

      Cheers

      David