Jobird
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Joined 14 years ago
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Selling Inventory with not enough Quantity on Hand
Hi there, This is becoming quite a problem for 1 of my clients and will be a big problem for another client I was about to migrate to MYOB Accountright. We use the Inventory module and so have I Buy, I Sell and I Inventory against each item. Both clients create and send invoices for prepayment of goods that haven't been received into stock as yet. When creating the Sales invoice, if the goods aren't yet in Stock, we need to Build, Buy or Backorder the goods. We would choose either Buy or Backorder, but none of these help at all. The Backorder splits the Customer Sales invoice - 1 invoice for the Quantity currently in Stock and then an Order for the remaining items. But, we want to invoice the customer for the whole amount and have them prepay the invoice, meaning we need to be able to mark it off as paid as well. So, selecting Backorder is no good. If we select Buy, it creates a Supplier Purchase Order (PO) for the balance not in Stock. But it still won't let us save the Customer Sale Invoice as it's a Supplier PO, not a Supplier Invoice and so isn't counted as stock anyway. Also note that we would already have a PO for the purchase of the goods we're waiting for, so selecting Buy which generates another PO is confusing and pointless. The client I was about to migrate to MYOB often take prepayments for goods which haven't arrived into stock as yet. There must be a way of getting this right. Any help would be very much appreciated. Kind Regards, JoSolved2.9KViews0likes6CommentsPerpetual Inventory Journal Entries
Hi there, We have recently changed from Periodic Inventory to Perpetual Inventory. It all seems to be working well as far as tracking inventory items, however, I can't get the accounts correct anymore. In each Item in Inventory, we have: "I Buy" - allocated to a COGS account for a group of items (eg. 5-1100 - Purchases - Item X) "I Sell" - allocated to a Sales account for the same group of items (eg. 4-1100 - Sales - Item X) "I Inventory" - allocated to the Balance Sheet Inventory account. With the Periodic Inventory system, we'd do monthly stocktakes and adjust the values using Closing Stock in the P&L (eg. 5-5000) and the Balance Sheet Inventory account, which would be equal. With the Perpetual system, each time there is a sale, the sale is recorded against 4-1100 - Sales - Item X, and it does another entry: Debit Purchases - Item X (cost) Credit Inventory - Balance Sheet (cost) So the Inventory in the Balance Sheet reflects the actual inventory value, but the Closing Stock account isn't being adjusted at all. I now have a difference between Closing Stock in the P&L (5-5000) and the Balance Sheet Inventory account equal to the cost of any product sold and/or purchased. If I had "I Buy" for each item allocated to Closing Stock (5-5000) rather than for a specific group of items (5-1100 - Purchases - Item X) it might work, but then we wouldn't have the COGS Purchases split we're after... Any ideas?Solved