New Inventory Item

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Archskirt01
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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

 

 

5 REPLIES 5
Steven_M
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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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Lyn_Johnson
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Re: New Inventory Item

Hi Cathy,

 

I have the same issue with the "I Buy This Item" and the disappearing Cost of Sales Account when "I Sell this Item" is deselected. 

 

Did you find a solution?

 

Thanks

Lyn

Steven_M
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Re: New Inventory Item

Hi @Lyn_Johnson 


Sounds like standard behaviour for the software. If you don't have I Sell this Item enabled you would be only inventorying the item. As such there is no cost of sale (as its not being sold) therefore no Cost of Sales account option.


If you did want the Cost of Sales account option to appear you would need to have I Inventory this item and I Sell this Item enabled.

 

Note: In theory, you can select a Cost of Sales account in the Profile tab for either the Asset account for Item Inventory or Income Account for Tracking sales, however, this will impact the accounts impacts and may lead to other complications.

Kind regards,
Steven

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Lyn_Johnson
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Re: New Inventory Item

Hi Steven, many thanks for your reply.

 

We buy components that are then part of the "Bulid Inventory" however, these components are never sold individually. 

What is the best way to set up these "Items".

 

Thanks

Lyn

Steven_M
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Re: New Inventory Item

Hi @Lyn_Johnson 

 

In your post I am seeing the words, buy and inventory. As such, you want to select "I Buy this Item: and "I Inventory this Item".  This will give you the option to select an asset account for inventory. There will be no option to select a Cost of Sales account (or Income account for tracking sales) as you wouldn't be selling that item.

Kind regards,
Steven

MYOB Community Support

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