Forum Discussion

fuzzzz1's avatar
fuzzzz1
Contributing Cover User
2 years ago

Entering starting inventory in a new account with EX GST prices

HI

I have sold my business.

I am assisting the buyer to add my inventory into his MYOB

Both using Accountright Live

We have exported my inventory and imported it into his

 

Now we have to do an inventory count to add the quantity of each product into his Inventory

when we do, it asks for the opening value  - and that has to go to the Inventory account.

The sale of my businss is as a "Going Concern" and the stock is therefore GST Free.

Please advise how we can enter the opening stock value of the items as GST Free - when they will sell as GST INC?

 

thanks

Chris

1 Reply

Sort By
Replies have been turned off for this discussion
  • SamaraM's avatar
    SamaraM
    Former Staff
    2 years ago

    Hi Chris (fuzzzz1)

     

    Thank you for your post. When you create the Item, you can choose the tax or GST code. This is done in the Tax Code When Sold field under the Selling Details tab, and the Tax Code When Bought field under the Buying Details tab.

     

    After creating the items and setting those as GST Free then you can enter the opening values for on-hand inventory.


    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.