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thedannorris's avatar
thedannorris
Contributing User
3 months ago

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

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?

 

 

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  • thedannorris's avatar
    thedannorris
    Contributing User
    2 months ago

    Also one other thing I noticed is these issues seem to come up when we put an inventory build through and instead of putting today's date we accidentally leave it on whatever default date is in there which is sometimes a week or so in the past. When we go in and fix the date up it doesn't fix things, and if we delete the build it still doesn't fix the overstated inventory value. So I'm wondering if when we put a build through, it's updating some other part of MYOB that we need to undo whenever we need to delete a transaction that isn't right?

    • Earl_HD's avatar
      Earl_HD
      MYOB Moderator
      2 months ago

      Hi thedannorris ,

      My apologies for the late response. I recommend reaching out to our virtual assistant, MOCA, as this issue may require individual assistance on the backend. Give it a try! You can engage with MOCA through myob.com/support for any queries or assistance you might need. If MOCA can't provide the help you need, our live chat team is available to pick up from where MOCA left off.

      Regards,
      Earl

  • gavin12345's avatar
    gavin12345
    Ultimate User
    3 months ago

    Hi thedannorris 

     

    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. 

     

    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.

     

    Regards

    Gavin

    gavinw222@gmail.com

     

     

    • thedannorris's avatar
      thedannorris
      Contributing User
      3 months ago

      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's avatar
        thedannorris
        Contributing User
        3 months ago

        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.