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Leahdaz's avatar
Leahdaz
Experienced Cover User
3 years ago

Inventory Reconciliation Out Of Balance

MYOB Inventory Reconciliation Out of Balance 

My Issues: In February I noticed that my Inventory Reconciliation changed from being reconciled to out of balance from previously closed and reconciled financial years and months. – THIS SHOULD BE IMPOSSIBLE AS THE FINANCIAL YEARS WERE CLOSED AND PURGED.

I can not pinpoint what day or year but so far I can confirm the:

  • Inventory Value has changed for 2016 onwards
  • The Account Balance Figure has not changed from 2016 onwards

 

Things I have tried so far:

  • I have gone through and exported all my inventory items and checked they are correctly allocated to the stock account, and they are.
  • I have also gone through my stock ledger and there is no GJ items.
  • I noticed a day in January where the stock error changed in value.
    • I looked up the Stock ledger check the items were correct – They were
    • Checked for GJ transactions – none
    • The purchases and sales on that day, they are all fine.  
    • Any “Build Items” I went in and checked not only the build (recap transaction and each item individually) but that transaction from start to finish and there are no errors.

It would indicate to me it’s a program issues, given that closed and rolled over financial years Inventory figure has changed but account balance has not.

 

Would love feedback and help as MYOB’s only suggestion is to start a new company file. Anyone who uses MYOB and runs a business will know that this is a long and lengthy process and tbh and unacceptable. I have requested that it be escalated but MYOB seem reluctant to let you escalate any issues. – Quite Frustrated.


Side Note - MYOB Select Location really needs a Inventory section

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  • ChalkHill's avatar
    ChalkHill
    Experienced Cover User
    3 years ago

    Hello 

     

    I too have been having these very same issues for around 6 weeks now. I have items that were manufactured in 2021 showing as a negative inventory value back in 2016! I also have invoices where the COGS have been stripped out after the invoice was changed, thankfully they were easy to find but it is a nightmare for reporting. I have spent numerous hours on the phone, scripts run over the file to no avail and basically told to 'fix it with a journal entry'. This is not a fix as we still have reports from 2016 featuring items from 2021!! Finally a colleague who was experiencing the very same issues contacted me and he has persued MYOB relentlessly. Finally this morning he received an email confirming that they had identified an issue with AR 2022.1 that affects customers using inventory. The cost of goods are not being calculated when editing existing sales for inventory items when the current average cost of the item was $0.00. Apparently they have addressed the issue and resolved with AR 2022.2. They say they have also developed a solution for all the affected transactions in online files and these should be fixed by 1 April. It is puzzling why this information isn't being shared on this forum? Perhap MYOB can provide an update and share this information with all users?

    • Leahdaz's avatar
      Leahdaz
      Experienced Cover User
      3 years ago

      Thank you ChalkHill 

       

      Going of my records I believe we both experienced the issue in our company files around the same time. I am wondering if alot of people will start finding the error with end of quarter reporting upon us.

       

      I have not been given any solution, or promise. I was simply told that like you to do a journal, which is impossible for locked previous financial periods, and to start a new file in June. As you have read in the feed, I am not accepting this as the solution.


      I have been promissed by Tech Support that they will get back to me this afternoon and Komal_S has also mentioned that she will respond. 

       

      Lets hope a solution can be found. Will post any additional feedback comments I receive.  I can tag you if you like

      • ChalkHill's avatar
        ChalkHill
        Experienced Cover User
        3 years ago

        Thanks @ Leahdaz, it you could tag me in any response it would be appreciated. I have seen a copy of said email from MYOB confirming the inventory issue, so you would hope at some point soon MYOB would share it with everyone! And hopefully it actually works....I remain a little dubious about that.

    • annbrinck's avatar
      annbrinck
      Experienced User
      3 years ago

      Morning

       

      Re the email sent out 30th March We've identified an error with your cost of goods calculation

       

      Has this been fixed or not? One of our inventory accounts was out by $50k so it would be great to get an update.

       

      To be honest we've been having issues with our inventory since upgrading to AccountRight and this latest issue is forcing us to changing our software.

      • Leahdaz's avatar
        Leahdaz
        Experienced Cover User
        3 years ago

        Hi annbrinck 

         

        Thank you for your comment. I agree with you, my Inventory Reconciliation has not been the same since the Account Right 2019.2 Upgrade (downgrade in my opinion). Before the Upgrade all my accounts reconciled!! I put in a complaint at the time with MYOB and they managed to sort out most of the errors but not all and I was advised that I would have to run with slight reconciliations errors.


        The errors that have appeared during February in my files are not acceptable!!! I have managed to speak to some MYOB team members and help them understand the is not OK, and if they can’t fix it I want it in writing.
        I can keep you posted on if MYOB can fix the error.

  • NimrodEng's avatar
    NimrodEng
    User
    3 years ago

    Hi, 

     

    I have found the same major inventory valuation issues.

     

    I have had inventory items appear that have negative values dating back to 2015. These are new and unexplainable. 

     

    I spent a hour on the phone to a MYOB stock "expert" he tried a few things and ran a script his end. It did not work, I asked to excalate the issue as it is having a major effect on my reporting (and finiancial year in 31/03) he refused to do this!?

     

    His only solution was to manually adust the inventory to the correct qty's and values, but I have no idea how many stock lines this bug has effectived.

     

    Absolutley not good enough from MYOB!!

     

     

    • Leahdaz's avatar
      Leahdaz
      Experienced Cover User
      3 years ago

      Thank you for your comment, I feel your pain. I was hoping that maybe if someone had the same issue as me, they may have some tips on how to get MYOB to listen.

       

      I also spent time with a so called "inventory expert" and before he even looked at the issue informed me that I would prob have to start a new file. After our conversation I then called back and asked for a second opinion, but still nothing, and they will not let you talk to anyone that is further up in the support desk.

       

      I have asked that it be sent off for a data repair as it has to be something to do with the program and they will not do it.

       

      I explained that it is unacceptable that my reconciliation reports were out of balance and for previously CLOSED financial years and that this issue needs to be resolved. Both support rep's told me this didn't matter and that it wouldn't matter come EOFY and to do a Journal to rectify the problem, if I wanted to.   I was speechless, the suggested solution showed lack of real business and accounting knowledge....

       

      This is more than unacceptable.  I am losing faith in MYOB and in the so called support team. 

       

      Good Luck, and hope you have more luck than I have with MYOB

      • Komal_S's avatar
        Komal_S
        MYOB Moderator
        3 years ago

        Hi Leahdaz , NimrodEng 


        Sorry to hear you weren't happy with the workarounds provided.

         

        Leahdaz  For your issue, as you mentioned you were able to identify the date at which the out of balance occurred, are you able to generate 3 reports, one for the time period before the offending date, one report just for the date the out of balance occurred, and one after the out of balance till future. Once that is done, please follow the steps in this help article as it has reasons mentioned for inventory out of balance situations. 


        If you have already followed the workarounds in those help articles, attach all the three reports here and also confirm the item number that is causing the out-of-balance. 

         

        NimrodEng  The first thing to check would be if those items are still active in the current financial year and if yes, does doing an adjustment for one item fix the issue? If not, please start a new forum post with the reports showing the current quantity and value for those items and what should be their actual value so we can investigate further. 

         

  • Kelly2019's avatar
    Kelly2019
    Experienced Cover User
    3 years ago

    Hi Leahdaz, just read all of these posts and thought I'd let you know we are having the exact issue as you. We haven't found when the issue has occured though. 

    • Leahdaz's avatar
      Leahdaz
      Experienced Cover User
      3 years ago

      Oh Kelly2019  I feel your pain.

       

      Are you having any luck getting MYOB tech support to listen? 

      Did you at least get to show them on Team Viewer? I had to fight hard to get to that stage.

       

      The other user commented that their reports have changed back around 2015, I can see as far back as 2013 that the "Inventory Balance" changed on the report. Can you identify what year your report changed?

      Has your Account balance stayed the same?

       

      I have used MYOB for over 25 years and I am disgusted in the lack of help and support.  MYOB being a well know accounting package must surely realise that having accurate records and reports is an ESSENTIAL part of business accounting.  Leaving us without a solution is unacceptable. 

       

       

       

       

       

      • Kelly2019's avatar
        Kelly2019
        Experienced Cover User
        3 years ago

        leah  Yes our account balance has stayed the same. We hadn't quite got as far as approaching MYOB about the error. We got the email yesterday about the changes. I came here to see if people had same issues after our accountant ran reports off this morning. To tell you the truth we have given up after reading this on even trying to approach MYOB as we just don't get anywhere. I was on the phone trying to get help on another issue last week an hour and a half in and mid sentence I was put through to the phone survey about how well they did like she deliberately cut my call off because she couldn't help me. MYOB has the worst help system I have ever dealt with and need to sort it. We never had any of these issues before switching to the AccountRight online system. 

  • Mapleloor's avatar
    Mapleloor
    Experienced Cover User
    2 years ago

    Just wondering if anyone has found a solution yet as I am having the same issue.  I have found the transactions it relates to and have tried to fix, but have just made it worse.  I have posted the issue on forum but have had no response.

    • annbrinck's avatar
      annbrinck
      Experienced User
      2 years ago

      Hi Mapleloor 

      I didn't bother with the fix at all, because I had thought it would make things worse.  I did send a detailed email to the support team, as well as a copy of our data file (as requested) but have had no reponse at all.

       

      We do detailed reconciliations every month and our accountant did some correcting journals based on our last finalised/audited figures at the end of Dec.  We are aware of on going issuses with MYOB inventory but prefer to review every month.  Any corrections that need to be made, we then have complete control of.

       

      Sorry not much help

      • Leahdaz's avatar
        Leahdaz
        Experienced Cover User
        2 years ago

        Hi Guys,

         

        I had to fight to get MYOB to hear me, they managed to fix part of the issue, however given their lack of support for their product and the fact I had to fight so hard to get them to listen to be in the first place then fight yet again to get them to help me find a bandaid solution. I have decided to change accounting packages.

        MYOB's only recommendation was to start a new file, which I have but I have now started a new file with another package.

         

        Continue to fight to get them to hear you and maybe you might have more luck than me.

         

        Wishing you all good luck.

    • RGAC's avatar
      RGAC
      Experienced Cover User
      2 years ago

      Hi Mapleloor 

      I am not sure if this will help but this worked for me. I received an email from MYOB that said:

      "We recently emailed you about an issue affecting your Cost of Goods Sold calculation in AccountRight 2022.1. A solution was developed that automatically resolved and corrected the issue. However, we've noticed that the invoice/s listed in the below table failed to record. We've provided an action that you will need to follow to resolve the identified issue/s."

      Basically I had to open each invoice and re enter the information and save it again. This actually cleared my inventory reconciliation report.

       

      Maybe contact MYOB and see if there is something similar you need to do.

      • Mapleloor's avatar
        Mapleloor
        Experienced Cover User
        2 years ago

        Thanks RGAC

         

        I thought this might be the case and went back and actually deleted the line saved sales then reentered item but it did not make any difference.