MYOB picking up wrong Inventory cost

Experienced Cover User StevenK59
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MYOB picking up wrong Inventory cost

Hi MYOB Community

 

We sell heavy construction industry machinery and regularly review the margins pertaining to some of our jobs and normally go straight to ;

 

Find Transactions- Search by Job- enter Job Number- enter, then all transactions related to the job appear.

Usually we see the entries to the Sales Journal and entries related to the purchase of items belonging to the job.

For one of our jobs, we ordered an item for $51000, the item was inventoried when recieved and billed when recieved then sold for $70,000. The following transactions appear in the transaction journal;

 

Source    Account        DR              CR

 PJ          1-1800                           $51000        Reversal

 SJ          4-2000                           $70000        Sale

 SJ          5-1000         $102000                        Sale

 PJ          1-1800           $51000                       Purchase

Can anyone advise why MYOB has brought to the sale a cost of $102000 instead of $51,000 ?

This job should be a profit transaction but is now obviously showing a loss.

 

Any help appreciated

 

Steve

 

7 REPLIES 7
Ultimate Partner Mike_James
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Re: MYOB picking up wrong Inventory cost

hI @StevenK59 , are you able to attach a screenshot of the purchase transaction?


Regards, Mike (mike@datawise.co.nz)
DataWise Limited (www.datawise.co.nz), developers of:
DataWise Report Writer - Custom Reporting from MYOB programs
(Including AccountRight Classic/Live, and exo Payroll)

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Experienced Cover User StevenK59
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Re: MYOB picking up wrong Inventory cost

Hi Mike

 

Please see screen shot of the issue.

My understanding is that MYOB will reverse the stock item when an order is billed to avoid double counting when a sale is made and COS is debited.

The entries below indicate another entry is being debited to Inventory.

Any ideas why this is occurring? 

 

MYOB.JPG

Ultimate Partner Mike_James
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Re: MYOB picking up wrong Inventory cost

Hi @StevenK59 , those are typical transactions arising from the use of the Receive Item function. 

 

11876 08/09/18 is the receipt. This will debit stock and credit an inventory accrual account (as set up in Linked Accounts - Purchases)

The next two entries occur when the receipted order is converted to a bill:

11876 24/09/18 is the reversal of the above entry for the item receipt

11876 24/09/18 is the bill, which debits stock and credits Accounts Payable

 

However, I'd like to see the actual job report you posted originally - can you attach a screenshot of that? It seems as though the report is ignoring the reversal in calculating the cost of sale.


Regards, Mike (mike@datawise.co.nz)
DataWise Limited (www.datawise.co.nz), developers of:
DataWise Report Writer - Custom Reporting from MYOB programs
(Including AccountRight Classic/Live, and exo Payroll)

Experienced Cover User StevenK59
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Re: MYOB picking up wrong Inventory cost

Hi David

 

This is the job report pertaining to my first post, which caught our attention.

Primarily because we believe the debits are overstated.

 

 

MYOB1.JPG

Experienced Cover User StevenK59
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Re: MYOB picking up wrong Inventory cost

Forgot to include these entries as well

 

MYOB2.JPG

Ultimate Partner Mike_James
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Re: MYOB picking up wrong Inventory cost

Hi @StevenK59 , is this a display of the Find Transactions screen for that job?

 

What does a Job transaction detail report look like for that job?

 

Also, if you drill down to the sales invoice and select Edit, Recap, what does that screen look like?


Regards, Mike (mike@datawise.co.nz)
DataWise Limited (www.datawise.co.nz), developers of:
DataWise Report Writer - Custom Reporting from MYOB programs
(Including AccountRight Classic/Live, and exo Payroll)

Experienced Cover User StevenK59
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Re: MYOB picking up wrong Inventory cost

Hi David

 

Yes it is the find transactions for that job.

This is the sale recap.

I'm not sure how you find "job transaction detail report"

 

 

MYOB3.JPG

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