If you have purchases that resulted in an item having an on-hand quantity of less than zero

If there are one or more unadjusted Receive Items Purchases transactions in the current fiscal year, those transactions won't be removed from your company file when you start a new fiscal year in MYOB AccountEdge. If you start a new fiscal year, the adjusting entries must then be recorded in the new fiscal year. The adjustment will be recorded as an Inventory Adjustment as of the adjusting entry date in the new fiscal year.

The transactions are unadjusted and won't be purged because the anticipated Cost of Sales that was recorded on the Receive Items purchase has not been adjusted by recording the actual item cost amount. Adjusting entries can be made with a purchase, an auto-build or an inventory adjustment.

To avoid having the purchase recorded in the current fiscal year and the adjusting entry in the next fiscal year, simply record the adjusting entries in the current fiscal year.

To see a list of item receipts with unbilled items, use the Purchases Register [All Purchases] report. Highlight the report and then click the Customize button. On the Advanced Purchases tab, select Only Purchases with Received/Unbilled Items in the Item Receipts field.