Forum Discussion

Contributing User

5 years ago

Entering a Stocktake after EOY date, and new year invoices already entered.

We would usually do a count and enter a stockate for the 31 March, but due to the lockdown only essential employees have been at our worksite, so no stocktake completed as yet. Because we are still...

Inventory

Steven_M
5 years ago
Hi Mitch2

Physical inventory counts are completed based on the actual stock you do have on hand at the time.

If you are in a situation where you are counting stock for the end of a period but you have sold those items you are would need to count the stock then work out what you have sold and purchased before adding or removing these items back into the count. For example, say I counted 10 items but I have sold 2 since the date I wanted the count for I would need to inflate my count number to 12 (10 in stock plus the 2 I have sold). Or with your SFmats example, it would a count of 3, as you had 3 in stock on that date.

Steven_M

Former Staff

5 years ago

Hi Mitch2

Physical inventory counts are completed based on the actual stock you do have on hand at the time.

If you are in a situation where you are counting stock for the end of a period but you have sold those items you are would need to count the stock then work out what you have sold and purchased before adding or removing these items back into the count. For example, say I counted 10 items but I have sold 2 since the date I wanted the count for I would need to inflate my count number to 12 (10 in stock plus the 2 I have sold). Or with your SFmats example, it would a count of 3, as you had 3 in stock on that date.

Mitch2
Contributing User
5 years ago
Thanks Steven, as what I had thought. Just wanted clarification of the invoices and quatities added after the date so they wouldnt be affected.
I can also ways complete individual item ajustments afterwards if I have missed anything, or numbers are a little out.
Thanks again
TDTS
5 years ago
Hi,

I have been told that if i do an EOY stocktake and enter the adjustments after i have started trading.
(i.e. after 1st July when i have entered sales and purchases into the system) MYOB doesnt actually allow an accurate EOY stock figure even though the stock adjustment is dated 30/6.
Is this correct? If so what is the use of a stock recording system that cant record EOY at EOY date
- Neil_M
  Former Staff
  5 years ago
  Hi TDTS
  
  When you start a new company file in AccountRight, as part of the setup process you do have to choose a conversion date. This represents the earliest date that you can enter transactions in for. So if for example your conversion date was July 1^st then you wouldn’t be able to enter in any transactions dated prior to that dated/
  
  This would mean any stocktake transactions would need to be entered in as of the conversion date and not before
  - TDTS
    5 years ago
    Thanks Neil,
    
    I did find this out prior to your reply and to be honest find it sub-standard.
    After speaking with my accountant and a few other MYOB users they all found this to be a issue.
    The big problem is, we cant continue trading until we enter the stock adjustments on the day.
    Very frustrating especially when MOYB askes for a relevant date of the adjustment when you create the journal.
    Why MYOB cant make the adjustment to stock on the date selected is a mystery and in my opinion and others needs to be rectified.
    
    Cheers