ellyleavold's avatar
ellyleavold
Cover User
10 years ago
Status:
New

Inventory: Standard Cost - Tax Inclusive or Tax Exclusive option

Hi,

 

I would like to add a sugestion. I rang up as I was having an issue when entering an item into the items list and adding a Standard cost for what we purchase the item for from our suppliers. It automatically assumes the item is including tax. I think you should have the option to exclude tax as that is how we purchase and sell items at this business. Instead I have to either add GST to the price when entering it (which doesn't always work) when entering it into supplier Invoice or Supplier Purchase order. Just a thought as it would save time.

 

"Standard Cost - option to include or exclude GST"

Inventory

32 Comments

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  • FastenersGalore's avatar
    FastenersGalore
    Contributing Cover User
    11 years ago
    Hi,

    New to MYOB.

    I am starting to set up my database and have entered my suppliers cost ex GST, we are distributors buying from wholesales and that's how our pricing is.

    Not until I entered a purchase order for that supplier I noticed the pricing was 10% less than what I set the cost to be.
    Spoken to MYOB help desk and apparently that is how it works. I and my staff have to remember to add GST to each line when creating new products

    I think there should be an option (tick box like in the selling tab) in the buying section of a new item which you can tick to choose if the suppliers cost you are entering is exclusive or inclusive.

    Regards
    Fasteners Galore
    • David_Cree's avatar
      David_Cree
      Ultimate Partner
      11 years ago

      I completely agree, and have made comment & suggestions on this for the last 10 years.

       

      It should always be remembered that GST is not a direct cost on business. The business is merely the tax collector.

      there should be the same treatment as for Sales with a check box, and should also apply to the Standard Cost field.

       

      Cheers

      David

  • SimonM1981's avatar
    SimonM1981
    Experienced Cover User
    6 years ago

    Couldn't you make a tick box on the buying details like on selling details for "price includes gst" ?  When a retailer buys from a wholesaler the prices on their invoices are cost without gst and then thats added on after.  Also the "true" cost for us is the price without gst and it would make it much easier to work out what to charge.  Would love to see this as an option in the future.

     

    Thanks

    Simon

  • BMac1's avatar
    BMac1
    Contributing User
    3 years ago

    MYOB users have been asking for these 2 functions to be fixed since at least 2012

    1. Standard Cost: An option (just like in the selling price) to include/exclude GST should be available

    2. Rounding to 2 Decimal Places: This is a no brainer - An option to allow rounding should be available

    I have used MYOB for over 20 years and my son has used MYOB for over 10 years. Please fix this before I get so frustrated that I will be forced to look for an alternative to MYOB

  • DerekRaine's avatar
    DerekRaine
    Experienced Cover User
    10 years ago

    Hello,

     

    I believe I will be in the same boat as the majority of retailers in the market.  All my suppliers give me their sell price (or another way of looking at it, my cost price) as an ex GST price.

     

    It would be nice to have the same option in the Buying details of choosing standard cost as an ex GST figure.

     

    This is available in the Selling details so it should be an easy addition to the buying tab.

  • SDM_Nicola's avatar
    SDM_Nicola
    Experienced User
    10 years ago

    I agree with your suggestion and find that it very frustrating that any accounting package would not work on GST exclusive costs given that the rate of gst can change arbitrally and there fore would require major re-keying to ammend every price.

     

    Equally frustrating is the lack of being able to import a file into the item list including a buy price.

     

    This was a feature available in the PC based version - eliminated in the cloud based version.

    :(

     

  • Kelly81's avatar
    Kelly81
    Experienced Cover User
    10 years ago

    I agree. It is very silly for a system to work on gst inclusive.

     

    Another example of this is in the GST report. Each month I have an tax invoice that I raise for 68.99 and when I run the GST report it shows it as 70.00, while it is only 1 cent out there could be cases where it is far more out than that.

     

    The Gst rate has changed in this country in 2010 but who is to say it won't happen again.

  • Steven_M's avatar
    Steven_M
    Former Staff
    10 years ago

    Hi Kelly81 

    Thank you for your feedback and voting for this idea on the Ideas Exchange. I shared it with the team.

  • Steven_M's avatar
    Steven_M
    Former Staff
    10 years ago

    Hi SDM_Nicola 

    Thank you for your comments in regards to the Idea to either be include or exclusive of GST. 

    In terms of your other enquiry regarding buying price of a item. You can still import the standard cost as you could with AccountRight version 19. Also just like AccountRight version 19 you can't import the Last Purchase Price as this is pulled from the last purchase recorded in the system.

  • SDM_Nicola's avatar
    SDM_Nicola
    Experienced User
    10 years ago

    Hi Steve

    please advise HOW I import the Standard cost field as it is not an Available field to be matched???

     

    I can export ALL the fields however for some unfathomable reason the "Buying Price" is NOT a feld available to be matched for import

     

    I am using AccountRight Premier NZ Ver 2014.416.7861

     

    Regards