allocate items sold to different income account?

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allocate items sold to different income account?

Hi there,

 

My scenario is we sell same product (item) to domestic market and overseas. We would like to track the sales of these two markets. I set up 2 income accounts which are 4-1100 Domestic and 4-1200 Export. But it seems I can only attribut one to the item. Do I have to set up another item to record for the other income account? Thanks in advance.

 

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MYOB Moderator
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Re: allocate items sold to different income account?

Hi @fivegeesewines 

 

AccountRight will only allow for one account to be set up as the linked Income Account for Tracking Sales per item. 


If you are wishing to use a different account you do have the following options:

  • Record a journal entry to transfer the required amount across to the new account after recording the invoice
  • Create a new item and use that for those transactions.
  • Change the linked account each time prior to recording an invoice

Kind regards,
Steven

MYOB Community Support

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

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Re: allocate items sold to different income account?

Thanks Steven,

 

Among your suggestions, I choose option 3. Thanks again.

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Re: allocate items sold to different income account?

Hi @fivegeesewines 

 

As you can see MYOB posts all sales of the same item to the one GL Income account.

 

However the GL is not the only place you can track things like the type of Customer or Market you sell into. Infact I would suggest that if using MYOB the GL is most definitely not the best place to do this type of tracking.

I would not recommend changing the GL account attached to an item prior each sale, that is not efficient and will be prone to error.

 

You can determine if each Customer is an Export or Domestic customer when you setup the Customer Card. Simply setup a Custom List called Customer Type and allocate each Customer to either Export or Domestic. See link below for how to use Custom Lists.

Then invoice all wine sales using the one Item for each product. 

 

You will be able to run a Customer Sales report in MYOB and Filter to select only Export Customers etc.

 

You may also like to look at the Advanced Reporting MYOB App Market Place  for addon solutions that also provide very flexible reporting over Sales, Inventory, Margins etc

 

As an example our Business Intelligence solution BI4Cloud will let you report over Sales and Margins by:

  • Customer and Item Custom lists
  • Customer Location ( State, Country)
  • Salesperson etc.

See the following links for more details.

I hope this helps.

Jennifer Kelly CA
BI4Cloud- powered by Interactive Reporting
02 8011 1511
www.BI4Cloud.com
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Re: allocate items sold to different income account?

Hi Steven,

 

In order to track different market sales figure, I found there is an Income Account setting in the Customer Card (see screen shot). I tried to set it as an different income account from the income account set in the item card. But when I press Ctrl-R to do a recap, it's still allocated to the income account set in the item card. My question is, then what is the function for this income account setting in the customer card? Thanks. 

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Accepted Solution Solved

Re: allocate items sold to different income account?

Allright, I get it. It's a default account for non-item sales. Cheers...

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