Stock Credit Error

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Experienced Cover User
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Stock Credit Error

Hi, I'm trying to credit an individual item.

Showing 1 item in stock, when processing a credit via purchases for negative 1 of the item I receive the below error  -

 

'Processing the purchase would leave the item with no items and on hand and a non-zero value in inventory'

 

which is the exact result I require....nil in stock and at zero value

I can not enter a stock adjustment as I need to process a credit invoice

How can I process the credit removing the item from stock?

Thanks

Cathy

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Experienced Cover User
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Re: Stock Credit Error

Can I have an answer please????

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Ultimate Partner
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Re: Stock Credit Error

Hi @COG , the message is suggesting that the cost of the item on the credit is not the same as the current on-hand cost, hence there would be nil qty but a non-zero value, which AccountRight can't allow. 

 

Possibly you can adjust the cost of the stock first (via inventory adjustment) to equal the value of the credit you want to record, then the credit will go through. 


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
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Re: Stock Credit Error

Thanks Mike, as I had not received a reply via the forum I had a live chat and yes you are correct, we had added costs to that item.

Once I removed the additional costs I was able to credit the item at its original cost.

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Re: Stock Credit Error

Hi Mike and COG,

 

There is a flaw in the MYOB software for this type of credit. I have asked on more than one occasion for an answer on why this occurs and for this to be resolved but MYOB does care to respond. There are 2 issues 1. When you credit back a sale to a customer MYOB treats it as a purchase and the value of the inventory item increases. Which means if you try to credit back to your supplier the message you posted comes up because incorrect value and cant be credited without doing a journal entry. 2.The other issue and i think more of an issue, is where does MYOB record the GST that is collected or more to the piont credited? My investigation shows the GST actually becomes part of the cost when crediting back from a customer. To show exactly this piont, do a sale of something instock at no charge, then look at the stock value, then credit the same item back into your stock at no charge and you will see the stock value has increased by the value of the credit inc GST. 

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MYOB Moderator
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Re: Stock Credit Error

Hi @TDTS 

 

When you create a sale for an item the GST is credited to the GST collected account and the current value of the item decreases. When you create a credit note for that sale, the GST collected account is debited and the current value of the item increases. As such, the GST collected account will have a credit and debit, which cancel each other out. 

 

Using your test example I checked the current value of an item prior to recording a sale with no charge - 

quantity on hand was 15

current value was $368.18

 

After recording the sale with no charge -

quantity on hand was 14

current value was $343.63

 

After recording the credit note with no charge -

quantity on hand was 15 

current value was $368.18

 

Even though the sale was no charge the current value will decrease because the quantity on hand has decreased.

 

If you're not sure which accounts are impacted when recording a transaction, you can open the transaction then Ctrl + R. This opens the Recap window which shows exactly how the transaction is recorded.

 

Please let me know if you need further help.

Cheers,
Tracey
Previously @bungy15

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

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