We need to reduce some quantities from our inventory due to wastage, damages, and other reasons. Could you please advise on the best way to do this?
To address this, we recorded an inventory write-off for the items, specifying only the quantities to be discarded. Initially, this entry reduced our inventory and increased our Cost of Sales (COS) account. The management reports for that period (March 2024, June 2024 & July 2024) were prepared based on the reports generated from Manager.io at that time.
However, upon reviewing the report for 2024 recently, I noticed that the amounts in the COS account have changed only. Specifically, the cost that was initially added to COS has now been removed. The differences match the amount of the inventory write off.
Could you help us understand what might be causing this discrepancy? I have attached some screenshots for your reference.
I experienced the same thing. Cloud Edition v25.2.13.2079
Value of the default account Inventory Write-offs moves to the Suspense Account and disappears from the Summary after the Unit Cost is recalculated
Fixed in the latest version (25.2.14.2091). Also I’ve noticed inventory write-off transactions show foreign currency columns which is incorrect so that is fixed too now.
My understanding from our accountant is that whenever we use inventory within our own business we need to pay the VAT on it. We used to keep track of this by selecting the appropriate tax code on the Inventory Write-off form, but that option seems to have disappeared in a recent update. Is this intended? Should we rather be using journal entries for these?
We are using the cloud edition, currently on version 25.2.14.2094.
Inventory items and Inventory write-offs are undergoing lots of changes. Therefore, I think it would be beneficial to merge this with the existing mega thread.
First, update your software. You are more than 50 releases behind. Second, you cannot expect any help without providing details. What do you think is wrong? Why?
The version I use is 24.6.20.1668
“Less: Cost of revenue” data is incorrect and data from previous years has also changed
“Less: Cost of revenue” : Some data is not included in report calculations
update to “25.1.22.2041” is more severe than “25.1.3.2006”
But I reverted to the old version “24.6.20.1668” and could no longer open the file
As I said, update your software. The current version is 25.2.14.2094 as I write. So you are getting further and further behind. Many changes have been introduced recently, including several bug fixes, that could affect whatever problem you may or may not have. But since you ignored my plea for information, no one can tell.
The inability to open a business data file with older versions of the program after it has been opened by a newer version is by design. Data structures change when features are introduced or modified, so your data files are restructured accordingly.
Once again, you decline to provide information. How do you expect anyone to help when you write “…Some data is still not included in the report calculation.” What data? Why do you expect it to be included. Where are your screenshots illustrating your inputs and the results? No one on this forum is a mind reader.
E.g. : Inventory Write-offs : we input RTAASS000414 & RTAASS000406
But In Profit And Loss Statement is not included “RTAASS000414 & RTAASS000406” data in report calculations
