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August 2016
August 2016
Hi there,
We have been using the Periodical method for Inventory for many years now, but I was wanting to change to Perpetual to better keep track of our inventory. We currently just have "I Buy this Item" and "I Sell this Item" ticked in Inventory and I was wanting to add "I Inventory this Item".
I've just read in an other post (and tested it) that since there are Purchases and Sales against pretty much all Inventory items, MYOB now won't let me tick "I Inventory this Item" as it won't be able to calculate COGS.
We have approx. 890 Inventory items, so I really can't rename them all. Is there a way around this? Would it work if I exported all of the items and changed something that way?
Kind Regards,
Jo
Solved! Go to Solution.
August 2016
August 2016
Hi Jo ( @Jobird )
Welcome to the MYOB Community Forum, I hope you find it a wealth of useful information.
If you have recorded transactions against an item there is no way to amend the I Inventory setting, even by exporting and trying to import in the updates.
To move from a periodic inventory management system to a perpetual system, each item would need to be recreated inside AccountRight with the I inventory this item ticked. This could be done by exporting out the item list from AccountRight, changing the names of each item as well as altering the import file to include the I Inventory option and then importing the list back in.
This will mean that each of the previous items in your items list will need to be marked as inactive so that none of the old items get used accidentally on invoices and sales after you move to the perpetual inventory system.
Ass all of the new items will have no stock on hand and no costs of the stock, you will have to create an adjust inventory transaction to create the costs for the items. Our help article, Making inventory adjustments, does explain how to record the various inventory adjustments you would need to make. You may need the assistance of your accountant in working out the appropriate costs for your inventory items.
Do let us know how you get on with this.
Regards,
Neil
MYOB Community Support
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August 2016
August 2016
Thanks so much Neil. Just to confirm, even if I make the old codes Inactive, I can't re-use them when I re-upload with the I Inventory selection. They would all need to be completely new codes. Is that correct?
August 2016
August 2016
Hi Jo ( @Jobird )
That’s correct, each item needs to have a unique code. So if you were going to be importing a number of items, they would all have to have a unique code, that was different from any other active or inactive code.
So you have two options, either each imported item would have to have a new code or all of the inactive item codes have to be renamed. Renaming the old item codes, such as putting a “ZZ” in front of each code, would allow you to import the file with the item codes you are familiar with.
I do hope this helps clarify item codes and how AccountRight handles them.
Regards,
Neil
MYOB Community Support
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August 2016
August 2016
August 2016
August 2016
Hi Jo ( @Jobird )
You are very welcome and I’m glad you found the ZZ solution helpful as well. You can use a similar logic when you making cards and accounts inactive, by grouping them together if you ever have to export the information then all of the inactive items are grouped together.
Please feel free to post any other questions that you may have.
Regards,
Neil
MYOB Community Support
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Mark it as a SolutionHelpful? Leave a to tell others
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