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AccountRight

Inventory: Standard Cost - Tax Inclusive or Tax Exclusive option

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"

21 Comments
Experienced Cover User DerekRaine
40 Posts
Experienced Cover User

I agree we need to see that option.  99% of all my suppliers give me price lists that are exclusive of GST.

MYOB Moderator KattC
790 Posts
MYOB Moderator

Hello @DerekRaine Thank you for your feedback I have sheared this with the team.

 

 

Ultimate Partner David_Cree
1,023 Posts
Ultimate Partner

Hello MYOB Team,

 

I agree with the comment on having the option of showing the Standard Cost with or without GST.

 

This option MUST also be applied to the last Purchase Cost in the same way as there is the option for Selling Prices.

Cheers

David

MYOB Moderator KattC
790 Posts
MYOB Moderator

Hello @David_Cree 

 

Thank you for your feedback and comments on this idea, we will update this post when we know more.

 

In the meantime please keep voting and commenting on this idea.

abc
2 Posts
Cover User

We would also appreciate the option to have a Standard Cost Exclusive GST. Is it so hard to have the same facility as in Selling Prices.

Most of my Price Lists are supplied to me as GST Exclusive and would prefer to be able to do likewise with my Purchasing Standard costs. Less likelyhood of error.

 

Please include Accountright Premium 19.11 in any change in this.

Regards 

Gaye

MYOB Moderator Steven_M
33,020 Posts
MYOB Moderator

Hi @abc

 

Thank you for your feedback in regards to this idea.

Along with commenting for an idea on the AccountRight Idea Exchange you can show your support by voting. To vote for an idea select the + VOTE button to the left of the idea's name.

Dean_Peart
8 Posts
Cover User

Couldn't agree with this more. I really don't see why all prices wouldn't be entered into MYOB as exclusive of tax, and then MYOB could simply apply the relevant tax calculations in the appropriate circumstances.

 

Imagine if the government changed the GST to 11%. As things are, the standard cost for just about every item in every MYOB company file would need to be increased by 1% in order to remain accurate. Who wants to go through their entire inventory and increase the standard cost of every item by 1%? It would be much cleaner and easier if MYOB could simply take whatever the exclusive standard cost amount was, and add the 10% tax (or whatever the appropriate tax rate is for a given purchase).

Experienced Cover User SimonM1981
43 Posts
Experienced Cover User

Couldn't you make a tick box on the buying details like on selling details for "price includes gst" ?  When a retailer buys from a wholesaler the prices on their invoices are cost without gst and then thats added on after.  Also the "true" cost for us is the price without gst and it would make it much easier to work out what to charge.  Would love to see this as an option in the future.

 

Thanks

Simon

Experienced Cover User A-L
26 Posts
Experienced Cover User

great suggestion. I was wondering the same my self. It is an absolute pain in the ass and it causes issues with suppliers invoicing wrong prices as well as entry and reporting. This has a flow on effect of your sale price for the item you source being  lower than it should if you are using a percentage to increase. 

Experienced Cover User A-L
26 Posts
Experienced Cover User

Any update on this? It's been YEARS! Please can you just fix this??