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Hi there, we are running MYOB Accountright v 2017.1 and i have an issue with how MYOB seems to report the cost of a product when i sell it. Attached is a snippet of a Analyse Sales (item) report on one of the stock items that i seem to have an issue with. You can see that in seeling the two items MYOB says i have lost $254.50.
However if i look at the standard cost of the item (see attached) MYOB shows that as $164.66, so in selling 2 of these the actual cost should be $329.32 (not $598.76).
Hi @Tarmac, I have seen a few client files with odd figures like this, and there are some possible explanations. You will find various responses of mine on this forum.
Are you able to prepare an item register detail report for this item in Excel, and attach it to your reply. The report should if possible cover the whole history of the item, as the first line can be significant.
If you prefer not to post that much detail online, I would be happy to receive it by email for review, then post a comment here.
Regards, Mike (firstname.lastname@example.org)
DataWise Limited (www.datawise.co.nz), developers of:
DataWise Report Writer - Custom Reporting from MYOB programs
(Including AccountRight Classic/Live, and exo Payroll)
thank you for your reply. The issue we have is that as we have very low margins in this business the Cost of Goods is critical to be accurate. Often our Sales team will get special pricing on an item for a large project, and only markup the item very sparringly. For example;
We buy 10 widgets at $1 each, then we also have a special project and buy 100 widgets at $0.50 (and sell those 100 widgets at $0.54 each) just for that project. Now we have 110 Widgets in stock, and according to MYOB an average cost of $0.55 each. But as we are selling the widgets for this project @ $0.54 each (100 Widget price) MYOB will show that for this transaction i have just lost $1.00 in total (made no profit whatsoever). When in realty, i have bought 100 widgets @ $0.50 = $50 cost and sold 100 @ $0.54 = $54 sale ($4 Net Profit).
Obviously i have used basic numbers to highlight my conundrum, but as you can see there can be a vast difference in profitability when we buy large quantities of products in a special prices for projects and sell at low margin. Believe it or not this is a very common occurance in the industry i'm dealing with here.
Ive thought of using jobs, but it would be great if you could use average cost on all items, but make exceptions of e.g. 1000 of item x total stock (Total Stock = 1200) wil be at fixed cost Y, the balance (200) and Average Cost. Any ideas our guidance would be appreciated.