Adjusting Inventory In QuickBooks

08 Jan Adjusting Inventory In QuickBooks

1. Go to the Vendors menu, click Inventory Activities, and then click Adjust Quantity/Value on Hand.
2. Click the Adjustment Account drop-down arrow and then click the account where you want to track inventory adjustments.
3. Which account should I use?
4. You may want to create a new account just for tracking inventory adjustments. You can use one account for all adjustments, or use an expense account for losses and shortages and an income account for gains. Consult your accountant if you aren’t sure what type of account to use.
5. If you’re making adjustments to more than one item and need to assign the adjustments to different accounts, you’ll need to create multiple adjustments—one for each account.
6. (Optional) If you want to assign this adjustment to a customer or job, click the Customer:Job drop-down arrow and then click a customer or job.
7. (Optional) If you use class tracking, click the Class drop-down arrow and then click a class.
8. In the New Qty column, enter the correct quantity.
9. or
10. In the Qty Difference column, enter the difference between the currently recorded quantity and the actual quantity.
11. For example, if you need to reduce the quantity by five, enter -5 as the difference.
12. Note:The Qty Difference column is not available if Value Adjustment is selected.
13. (Optional) Enter a memo in the Memo field to remind yourself later why you made this quantity adjustment.
14. Save the adjustment.