When setting up the inventory account in your MYOB accounting software, you can enter an Opening Balance. See our example below. 

If this is set differently to the value of your RetailManager shopfront inventory at the start of the business, your end total will be incorrect.

In RetailManager

1. Go to the Reconciliation menu and choose Print Cashup Reports.
   
2. Click to highlight an old session.
   
3. Click to view or print the Sales Summary report for this session.
   
4. Check the stock value.

In MYOB accounting software

1. From any command centre, click Find Transactions.
   
2. Click the Account tab.
   
3. In the Search by field, select Account and select your inventory asset account number.
   
4. In the Dated From and To fields, enter the same date that was used for the Sales Summary report in RetailManager.
   
5. Compare the displayed Ending Balance to the Stock Value in the RetailManager.
   
6. If these two figures match, repeat the above procedure selecting a later date range.
   
7. When the date range is identified where the inventory and stock values differ, continue with the following sections in this support note.

During the accounting export / import there may have been some journals or purchases missed out so they weren t imported into your MYOB accounting software, or the journals / purchases were imported twice thus creating duplicates. This can affect your accounting software stock value as these transactions contain the inventory adjustment value. See our example below showing a duplicate inventory adjustment.

How to find:

Look in the Transaction Journal for duplicated transactions. 

Transactions could have been entered directly into your MYOB accounting software and not entered into RetailManager so the stock value in the accounting software would change but the stock value in RetailManager will not.

How to find:

Run an account enquiry on the inventory asset account to list all transactions. To do this:

1. From any command centre, click Find Transactions.
   
2. Click the Account tab.
   
3. In the Search by field, select Account and select your inventory asset account number.
   
4. Enter a date range.
   
5. Look for any transactions that have not come from RetailManager. RetailManager transactions will appear as either Purchase RetailManager or Inventory Adjustment. Any transactions posted directly to this account will affect your inventory balance but not be reflected in RetailManager.

Doing an export of the stock file and during this time some items may have been sold. When doing the import of the stock file back in, matching all fields by name including the quantity will result in the quantity on hand value being replaced with the incorrect value.

How to find:

This discrepancy is quite difficult to track down as there is no audit trail of the variance. You would need to know if this was done in order to track this issue.

Doing an export of the stock file out to do a stocktake and entering in the quantity in the Excel file and then importing it back into RetailManager. Not only will this overwrite the existing quantity in RetailManager but it will not track its movement in the audit tab of the stock information window and will not create an inventory adjustment value to export across to your MYOB accounting software.

There is an issue with creating sales orders, quotes, and lay-bys when the cost price of the stock item is not yet known and is set to $0. The following example illustrates this with reference to a sales order.

• A new stock item is created with a zero dollar cost price.
• A sales order is created for this stock item.
• A goods received is done and the stock is received with correct cost and sell prices.
• When the sales order is converted to a sale, the original (historical) cost and sell prices are used.

This means that if you change the cost/sell price while doing the Goods Received, this information is not included in the conversion of the sales order to a sale. The same applies for quotes and lay-bys.

In the above example, assume that the stock was received as a tax inclusive cost price of $50.00. When this session is exported, there is no Cost of Goods Sold (COGS) value being sent across as the sales order was recorded at the original cost price of $0.00. The inventory account (asset) is debited (increased) by $50 (inclusive of GST) as a result of the purchase. After this is exported into the Accounting program, the Inventory account will be increased by $45.45 ($50.00 less GST - based on a GST rate of 10%)).

In RetailManager, however, the Stock Value remains unaffected. Since the sales order used the historical zero dollar cost price of the item, no COGS are recorded. The stock item that was on the sales order has already been sold and as a result is not part of the inventory. In this example there will be a discrepancy between RetailManager and the accounting program of $45.45 for the inventory value.