Hi there,
I am trialling MYOB to help me as treasurer for my state sporting body. Part of what we do is to sell uniforms and achievement badges to our members. We have a lot of these in stock, so when I started I created Current Asset accounts for Uniforms and Badges, as well as Cost of Sales and Income accounts. I put the value of the stock on hand in the current asset accounts.
I have just created an invoice in which I sold some badges, and allocated it to Income: Badges. However, this has increased the value of badges in the current asset account. I'm not an accountant so I was wondering if someone could explain to me why MYOB has done this and what I coudl do to account for changes in stock levels in future?
Thanks in advance.
