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DominiqueK's avatar
DominiqueK
Experienced User
3 years ago
Solved

AR Inventory Entry Order

Hi,   My question is about MYOB Inventory on AccountRight.   We started using it, and now there is no option to stop.   We do a stock count at the end of every month, and update the figures of ...
  • Steven_M's avatar
    Steven_M
    3 years ago

    Hi DominiqueK 

     

    That is correct. Inventory values in AccountRight are based on the date on which you actually enter the transaction, not the date that the transaction is being entered with.

     

    For example: say I enter a purchase for an item on and with 01/07/2021 for 10 items at $100 each ($1000 in total) and another purchase on and with 10/07/2021 for 1 of that same item at $150. If I then sell the item with a transaction dated 05/07/2021 but on 11/07/2021. It would have used the average cost of $104.55 for that sales transaction as that was the average cost on that item at the time of recording the transaction (1150 / 11).

     

    As such, entering transactions on the appropriate dates and in the order is critical to ensuring that you do have the appropriate item records. 

Steven_M's avatar
Steven_M
Former Staff
3 years ago

Hi DominiqueK 

 

That is correct. Inventory values in AccountRight are based on the date on which you actually enter the transaction, not the date that the transaction is being entered with.

 

For example: say I enter a purchase for an item on and with 01/07/2021 for 10 items at $100 each ($1000 in total) and another purchase on and with 10/07/2021 for 1 of that same item at $150. If I then sell the item with a transaction dated 05/07/2021 but on 11/07/2021. It would have used the average cost of $104.55 for that sales transaction as that was the average cost on that item at the time of recording the transaction (1150 / 11).

 

As such, entering transactions on the appropriate dates and in the order is critical to ensuring that you do have the appropriate item records. 

  • DominiqueK's avatar
    DominiqueK
    Experienced User
    3 years ago

    That's incredibly frustrating.

     

    Thank you for your response.

     

    Is there any way to stop using inventory?

     

     

    • Steven_M's avatar
      Steven_M
      Former Staff
      3 years ago

      Hi DominiqueK 


      Once an item has been marked as I Inventory This Item and transactions are done using that item that option is locked in. 

       

      If you are needing to stop using an item, the recommendation would be to mark that item as inactive and potentially update the item number to be "zzz<item number>". This would make sure that the item doesn't appear in the list of items and when it does (i.e. you have enabled inactive items to show) it will appear at the bottom of the list. You likely want to do a journal entry to reduce the item values back to zero prior to doing this.