kyleenich
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Joined 11 years ago
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Negative inventory account balances
Hi I have an item in inventory that has a negative account balance even though the item has had no transactions for in excess of 18 months. We are reonciling the inventory values in preparation for business sale so need to have the correct figures in place. There is nil stock of the item, so the value should be zero, not a negative amount. Can I correct his with a journal? If so can you help? If not how do i fix? TIASolvedSTP Reporting
I have recently started back into a bookkeeping position and have gone to submit STP to ATO and have noticed that there are several entries submitted by my predecessor that have been accepted by the ATO but with errors. (It concerns two employees who both left our employ and have now returned a couple of years later. One error relates to no reason entered for their termination. The other looks to be because a termination date was entered, then the bookkeeper tried to resume the employee on their old card file rather than starting with a new one). Will I still be able to complete my year end STP reporting functions with these error messages? If not, do I try to call the ATO to sort out??? Or try to fix in MYOB? Thanks for your input!26Views0likes1CommentRe: Negative inventory account balance
Hi Gavin Thanks for your email. I tried to adjust the value only as per what you sent through. The message "If you have no items on hand, the value of your inventory must be zero" comes up because there is nil stock. For the sake of argument I put one unit at the value amount, which allowed the journal to be recorded. However this did nothing to correct the negative account balance when I ran an inventory reconciliation report. Please have a look at the balance sheet, I have attached a screen shot in the doc below. I have had problems before with unresolved inventory values which resulted in MYOB assistance running a script over the file. Do you think this would resolve it?Negative inventory account balance
Hi I have an item in inventory that has a negative account balance even though the item has had no transactions for in excess of 18 months. We are reonciling the inventory values in preparation for business sale so need to have the correct figures in place. There is nil stock of the item, so the value should be zero, not a negative amount. Can I correct his with a journal? If so can you help? If not how do i fix? TIA