Current value of an inventory item discrepancy between items register report and items register

Question

Hi friends. We have a weird issue with some of our inventory. For some reason the value of certain items is overstated by thousands of dollars. If you look at this screenshot below it shows the Items Register report for an item. The first transaction on 14 March 2024 we buy 11,040 units of it for $7,838 and it correctly shows the overall value to be $7,838. However in the Items Register it shows the current value to be $12,544.90. I can't understand how (a) the value is that high when it should just be $7,838 and (b) how the Items Register could be showing one value and the Items Register report is showing another value. Any ideas?

gavin12345 · Answer

Hi thedannorris&nbsp;&nbsp;Unfortunately this is common in AR2024 files - there are still far too many bugs in the inventory module. Basically ignore the inventory register reports, in most cases they are wrong! The actual value for an item's on hand count and value is in the Item Profile screen and in the Inventory Value Reconciliation report. Use these as the basis for any adjustment etc, as these are the figures MYOB will use for transactions. Do an Inventory Adjustment Journal to fix item on hand count or value. This will ensure COS calculated on subsequent sales is accurate.&nbsp;&nbsp;While tempting to edit existing transactions to try to fix an error - many find this only makes the situation worse. If you have ongoing issues in inventory that you cannot resolve, get in touch with MYOX Services, they specialise in fixing these types of things.&nbsp;RegardsGavingavinw222@gmail.com&nbsp;&nbsp;

thedannorris · Answer

Wow I really hope that's not right, inventory is the only reason we use MYOB lol! I agree trying to fix it kind of broke everything, what a mess. Any idea how to fix the issue of that starting value in the item register being so far wrong? I assume that's the value that the Balance sheet uses?

thedannorris · Answer

Also funnily enough The value on the Balance sheet is the exact same as the number from the Items Register Detail Report and not the value from the Item Profile so it looks like the Balance sheet is using the numbers in the Items Register Detail Report which are the right numbers. So it's just the value in the item itself that is wrong and it's all caused by that initial value being wrong.&nbsp;

gavin12345 · Answer

Hi thedannorris&nbsp;You haven't shared the Item Profile screen (please do) to show the value of the item. And how can you tell that the value on the Balance Sheet is the exact same as the number from the Items Register Detail Report ($5037.88) unless this is the only item you have.&nbsp;With Inventory there are 2 key values - the account balance of the inventory asset account (1.xxxx) which appears on your financial statements, and the values of all items stored in the Item Register. The 2 should match, however in your case it is unlikely that they do. Generate an Inventory Value Reconciliation (IVR) Report - this shows you the on hand count and value of all items as per the Items Register, and it also shows you the balance of the Inventory asset account, as well as any discrepancy. Any discrepancy should be resolved - just as you would for the Sales Register and Trade Debtors account balance. etc.&nbsp;Attach a screenshot of the section of the IVR that shows this item's on hand count and value as per the register, as well the the Item Profile screen showing on hand count and value, also discrepancy at end of IVR report for the account used by this item.&nbsp;RegardsGavin

thedannorris · Answer

I can tell because I add up the real value of all of our green beans which is consistent with what is shown on the report and it equals what is on the balance sheet.&nbsp;

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Current value of an inventory item discrepancy between items register report and items register

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