This documents explains how to manage stock adjustments in MYOB (Purchases posted the Location card) after a stock adjustment has been sent from WMS. This can be set up as a manual process or can be completely Automatic.
- If you already have items created for required accounts go straight to step 7 if not please follow steps 1 - 6
1: In MYOB open the item list and select “New”
2: Enter a code for example “\SHRINKAGE” and description e.g. “Shrinkage Acct” (If you would like dollar amounts written off to the Item automatically then the item code must be exactly "\SHRINKAGE" (including the forward slash)). For all other manual selection adjustment codes, the only requirement for the item number is the "\" prefix.
3: Tick “I Buy this item” and enter your required account number e.g. 6-1111
4: Select the “buying details tab and enter the required tax code N-T
5: Select OK
6: Repeat steps 1-5 for all the required accounts.
If you have setup your write off account as “\SHRINKAGE” or you have selected the NCI item or code in your WMS adjustment, you do not need to complete steps 7-12 these will be completed automatically when the adjustment is sent to MYOB.
7: In MYOB open the Purchase Register.
8: Select the Location card and expand the date range as required.
9: Select the “Quotes” tab as required and open the quote (adjustment) with the amount that you wish to write off.
10: Enter the item line in positive or negative quantity and price as required to equate the purchase to 0 total For example: Removing Stock requires a +ve Shrinkage value while Adding Stock is a -ve Shrinkage value.
11: Change the quote to a Bill and record.
12: Repeat steps 7-11 for all Purchase “Quotes”, “Open Bills”, “Returns and Debits” and “Orders”.
- It is normal and OK to have the GST on the adjustments because it will be compensated by the Shrinkage line also including GST.
- The reason we sent across in this manner is because of the way MYOB records the last cost, if we sent without GST the last cost is 10% less that it should be in MYOB and this has a flow on effect.
- It is recommended that when setting up or changing any chart of accounts and posting amounts to these accounts that you consult your accountant.
- The amounts posted per Unit Cost can be modified depending on the type of adjustment being made - the default price set by WMS for the unit $ is determined by the option set in Tools> Preferences >Replication tab >"Adjustments as", you can choose Zero Cost, Average Cost, Last Cost or Standard Cost.
- Setting up a shrinkage code also enables write off of small amounts of rounding when using bill of materials in the enterprise version.
- As long as all adjustments do not have any GST or Dollar value balance no adjustment is made to your creditors account. To review the effect on all ledger accounts, please select Recap Transaction from the MYOB record.