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AccountRight

Inventory: Standard Cost - Tax Inclusive or Tax Exclusive option

ellyleavold
Cover User

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1 Post
Cover User
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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"

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18 Comments
Contributing Cover User FastenersGalore
7 Posts
Contributing Cover User
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
Ultimate Partner David_Cree
1,005 Posts
Ultimate Partner

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

Experienced User SDM_Nicola
45 Posts
Experienced User

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.

Smiley Sad

 

Experienced Cover User Kelly81
260 Posts
Experienced Cover User

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.

MYOB Moderator Steven_M
31,099 Posts
MYOB Moderator

Hi @Kelly81 

Thank you for your feedback and voting for this idea on the Ideas Exchange. I shared it with the team.

MYOB Moderator Steven_M
31,099 Posts
MYOB Moderator

Hi @SDM_Nicola 

Thank you for your comments in regards to the Idea to either be include or exclusive of GST. 

In terms of your other enquiry regarding buying price of a item. You can still import the standard cost as you could with AccountRight version 19. Also just like AccountRight version 19 you can't import the Last Purchase Price as this is pulled from the last purchase recorded in the system.

Experienced User SDM_Nicola
45 Posts
Experienced User

Hi Steve

please advise HOW I import the Standard cost field as it is not an Available field to be matched???

 

I can export ALL the fields however for some unfathomable reason the "Buying Price" is NOT a feld available to be matched for import

 

I am using AccountRight Premier NZ Ver 2014.416.7861

 

Regards

 

Experienced User SDM_Nicola
45 Posts
Experienced User

Found it - last field listed as standard cost

 

Smiley Happy

 

 

 

MYOB Moderator Steven_M
31,099 Posts
MYOB Moderator

Hi @SDM_Nicola 

Fantastic, it's great to see that you have managed to find that field.

Experienced Cover User DerekRaine
40 Posts
Experienced Cover User

Hello,

 

I believe I will be in the same boat as the majority of retailers in the market.  All my suppliers give me their sell price (or another way of looking at it, my cost price) as an ex GST price.

 

It would be nice to have the same option in the Buying details of choosing standard cost as an ex GST figure.

 

This is available in the Selling details so it should be an easy addition to the buying tab.