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Damaged or stock that is out of date

 
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sookielala17



Joined: 27 Feb 2012
Posts: 3
Location: Rosebery

PostPosted: Thu Mar 01, 2012 11:29 am    Post subject: Damaged or stock that is out of date Reply with quote

My business is a lollie shop or confectionery retailer if you prefer it that way, i am finding the accountright simple to use but the inventory is a bit confusing as i dont keep track of what sells on a daily basis we just re-order when we see things that are getting low.
Do i put in each item individually, its just confusing to me and when i have had things damaged or out of date how does that work.
The book myob for dummies seems to be continuosly in my hand at the moment as i try and figure this one out.
Please any help i would be gratefull
Thanks
Michelle
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Rosebery's Sweet Treats, is a little lollie shop in Rosebery, Tasmania
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marc



Joined: 19 Nov 2005
Posts: 175
Location: Whyalla SA

PostPosted: Mon Mar 05, 2012 9:48 am    Post subject: Reply with quote

Hi there,

Can I suggest you use the Periodic method for your inventory needs. This works by taking regular stocktakes say at the end of each month and then just making one journal entry to adjust for the increase / decrease in total stock. Its much simpler than trying to account for each and every item of stock, is widely accepted as a method and allows for spoilage and shrinkage.

Count the the stock at the start and give it a value $5,000 (e.g)
Count the the stock at the end of period $4,500

Therefore decrease the Stock on Hand Asset account by $500 using a journal entry

Dr Cost of Goods Sold $500.00 - Stock Expense
Cr Stock on Hand $500.00 - Reduces Asset of Stock



Regards

Marc
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sookielala17



Joined: 27 Feb 2012
Posts: 3
Location: Rosebery

PostPosted: Tue Mar 06, 2012 11:41 am    Post subject: Damaged goods Reply with quote

Thank you marc,
i will give it a go, i thank you and i am hoping it works if not i will be back grovelling to you for more advice
thanks again
michelle
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sookielala17



Joined: 27 Feb 2012
Posts: 3
Location: Rosebery

PostPosted: Mon Mar 12, 2012 2:55 pm    Post subject: damaged or out of date stock Reply with quote

Hello again i was wondering since i would be using the periodic method you suggested how would i put in inventory in the first place ??
Sorry if i am sounding confused it could be cause that i am
Hope to hear back from you soon
Thanks
Michelle
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Rosebery's Sweet Treats, is a little lollie shop in Rosebery, Tasmania
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marc



Joined: 19 Nov 2005
Posts: 175
Location: Whyalla SA

PostPosted: Mon Mar 12, 2012 9:29 pm    Post subject: Reply with quote

Hi,
It depends:

If you bought the business from somebody then the inventory value is part of the purchase price. Often its even separated out ie: $xxxx + SAV

If starting the business then the purchases of stock will build up as inventory to give the opening balance until you start trading

If you are making the product yourself then what it costs to make forms the cost of the inventory

hth

Marc
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Emmanuel Economou



Joined: 26 Nov 2011
Posts: 9

PostPosted: Wed Apr 04, 2012 10:57 pm    Post subject: Re: damaged or out of date stock Reply with quote

sookielala17 wrote:
Hello again i was wondering since i would be using the periodic method you suggested how would i put in inventory in the first place ??
Sorry if i am sounding confused it could be cause that i am
Hope to hear back from you soon
Thanks
Michelle


Hi Michelle,

There's a link to "simple step-by-step instructions on how to setup inventory in MYOB AccountRight" in this page, http://www.facebook.com/isa.inventorymanager

Good luck with it,
Emmanuel
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Emmanuel Economou
MYOB Professional Developer Partner

ISA InventoryManager :: MYOB inventory made easy.
www.inventorysystems.com.au
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