This document explains how to manage Nett Costs using adjustments.
An *NCI adjustment or Nett Cost Adjustment must contain only one positive QTY adjusted item and all others must be negatively adjusted.
It transfers the cost of a negative line/s to one positive line.
Edit/add new or update existing Nett Costs using Adjustments in WMS:
In the Accounting system, open the item list
Find 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).
Edit code name or description. For example, “\SAMPLESFORSALE”.
NOTE: For all other manual selection adjustment codes, the only requirement for the item number is the "\" prefix.
4. Tick “I Buy this item” and enter your required account number, e.g. 6-1111
5. Select the “buying details tab and enter the required tax code N-T
6. Select OK
7. Repeat steps 1-5 for all the required accounts.
8. Maintenance/Detailed Replication in WMS
9. Check items are non-inventory on the Item details "Settings" tab. If they are forced inventoried, uncheck the forced inventoried option when logged in as superuser.
- It is normal and OK to have the GST on the adjustments because the Shrinkage line will compensate it, including GST.
WMS sends it across in this manner because of how MYOB records the last cost. If we send without GST, the last cost is 10% less than it should be in MYOB, which has a flow-on effect.
It is recommended that you consult your accountant when setting up or changing any chart of accounts and posting amounts to these accounts.
- 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 selected in Preferences - Replication. In addition, you can choose Zero Cost, Average Cost, Last Cost or Standard Cost.
- Setting up a shrinkage code also enables the write off of small rounding amounts when using a bill of materials.
- As long as all adjustments do not have any GST or Dollar value balance, no adjustment is made to your creditor's account.
To review the effect on all ledger accounts, please select Recap Transaction from the Accounting record.