Inventory Transfers Overview
In MYOB AccountEdge transferring inventory is the process of changing the quantity and total value of one or more items, known as components, to change the quantity and total value of at least one other item, known as a finished item. You can also change the quantity and total value of one or more finished items to change the quantity and total value of other finished items. You can use a single transaction, known as inventory transfer, to make these changes.
Inventory transfers are useful for manufacturing businesses. For example, in a woodworking business, you could create an inventoried transfer to turn components like lumber into finished items like furniture.
Transferring inventory is even simpler if you choose to automatically build finished items using AccountEdge’s auto-build inventory feature.
Step 1: Identify the inventory transfer
Step 2: Enter the inventory transfer’s components
Step 3: Enter the inventory transfer’s finished items
Step 4: Balance the transaction
Step 5: Choose what you want to do with the transaction
When making inventory transfers, you should determine the type of inventory transfer you need:
After you’ve created an inventoried transfer, you may decide that the total value of the finished item is actually greater than just the sum of the values of its components. If a finished item is built by human labor, for example, you might decide that labor costs should also be included in the total value of the finished item.
To increase the total value of a finished item, create a special inventory adjustment for the item. If the increased total value of the item is due to the cost of labor, we suggest that you allocate the inventory adjustment to a wage expense account.
Click below for the step-by-step procedure:
Identify the inventory transfer
Enter the inventory transfer’s components
Enter the inventory transfer’s finished items
Choose what you want to do with the transaction
If you frequently build finished items out of components, you’re probably aware that it might take a great deal of time to record an individual inventory transfer in the Inventory Transfers window each time you need to build another set of finished items.
Fortunately, however, the Auto-Build Inventory window will speed the process of updating the quantities of your components and finished items for you. By using this window, you can quickly create one inventory transfer for all the items whose quantities you need to change.
Once you’ve assigned auto-build and restocking information to your items, you can automatically build items using the To Do List window.
Click below for the step-by-step procedure:
To auto-build an item using the To Do List
Inventory transfers are a bit different than other types of AccountEdge transactions, such as sales and Spend Money transactions, in that the transactions you create can be reviewed only in the Transaction Journal window.
Click below for the step-by-step procedure:
Unlike other types of transactions in AccountEdge, once an inventoried transfer is recorded, you can’t change it.
If you’ve entered an inventoried transfer that you need to change, you can do one of two things:
If you need to remove the effects of an inventoried transfer from your AccountEdge records, you can enter a new inventory transfer that completely cancels the incorrect transfer. For example, if the transfer you want to remove is for a reduction of 20 gadgets, create a new inventory transfer of 20 gadgets (be sure to enter a positive quantity) to cancel the incorrect transfer.
Inventory Transfers Overview