New Inventory Item

Archskirt01
Experienced Cover User
50 Posts
Experienced Cover User
Australia
Experienced Cover User

50Posts

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New Inventory Item

Hello,

We already have items in AccountRight with a variety of either Inventory, Buy and Sell, Or

Inventory and Buy Only.  

 

We have about 500 new items to add that we Inventory and Buy Only and the Cost of Sales Account No. is not showing correctly.

 

I enter the new item number and the item name, then click "I Buy This Item" and add the Cost of Sales Account No, then click "I Inventory This Item" and add the Asset Account for Item No.  

 

The Cost of Sales Account No. dissappears although the "I Buy This Item" is still ticked. 

 

As a test to make sure the information is correct, I click the "I Sell This Item", the Cost of Sales Account No is still not shown and I have to re-enter and save the item. 

 

How can I be sure that this item has the correct information or am I missing something here.

 

I have added a screen shots to show this.

 

Thank you. 

Cathie

 

 

1 REPLY 1
Steven_M
MYOB Moderator
40,148 Posts
MYOB Moderator
New Zealand
MYOB Moderator

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Accepted Solution Solved

Re: New Inventory Item

Hi @Archskirt01 

 

The linked accounts for an item would depend on the options you have selected for the item.

For example, if you do select I Buy This Item only you would have the option to enter an Expense Account for Tracking Costs. As there would be an expense for buying those items in you have the ability to enter an expense account (or another type of account).

If you also tick I Inventory This Item (as well as having I Buy This Item ticked), you would only have the option to select an Asset Account for Item Inventory. When you have this setup there is no expense of getting that item into stock as it would place the item directly into the inventory amount. The expense comes when you sell that item (or an item that is built from this one), which is the cost of sales amount.

Kind regards,
Steven

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