QuickBooks Desktop accounting software updates all inventory quantity and values as per your adjusting track process for every purchase and sale. But make sure you have recorded an adjustment for each and every now to keep update inventory status in the QuickBooks with more accuracy. To adjust the stock’s current status of all finished goods, you need to know about the complete procedure to adjust inventory in QuickBooks. In this blog, you get complete information about how to “Adjust your inventory quantity or value in QuickBooks desktop”.
- 1 How to Adjust Inventory Quantity or Value in QuickBooks:
- 1.1 Step 1: First, Take a Wise Decision on What kind of Adjustment you Need
- 1.2 Step 2: User needs to Set Up an Inventory Adjustment Account with these Following Steps
- 1.3 Step 3: Take Steps to Adjust Your Inventory
- 1.4 Step 4: Must be Sure About the Accuracy of Inventory Status
How to Adjust Inventory Quantity or Value in QuickBooks:
Step 1: First, Take a Wise Decision on What kind of Adjustment you Need
- Adjust the quantity on hand: It is very easy to adjust the quantity of all products in real-time. Throughout this, you can easily track any kind of increase or decrease in all product quantity.
- Adjust the total value: To adjust the total value; make sure your all product’s total value is the average cost which is multiplied by its current quantity in the stock. Must be updated with a seasonal demanding thing or spoilage ratio which may affect this value.
Step 2: User needs to Set Up an Inventory Adjustment Account with these Following Steps
To proceed with this step, firstly make a separate account in the chart of accounts to navigate all adjustments
- The first thing to do to choose your “Company” and then click on the “Chart of Accounts”
- Then choose your “Account” and select the “New” option from the drop-down menu
- After that, hit your click on the “other accounts types” and choose “Cost of Gold Sold” option
- In the end, provide a name to the “Inventory Adjustment” account and then click on save and close
Step 3: Take Steps to Adjust Your Inventory
Once you are all done with the setup process of adjustment account, then you can easily adjust a product quantity or value or both as per requirements
- Hit your first click on the “Vendors” and then choose an “Inventory Activities”
- And then user need to choose the “Adjust Quantity/value on hand” option
- Choose the “Adjustment Type” option and then mark your next click on the “Quantity, Total Value, or on both” as per needed.
- And then mark your click on the “Adjustment type option” and then choose “Adjustment account”
- Enter all required information such as Adjustment Type
- After that, choose the “Adjust Account” option and all options will appear on your screen.
- User need to choose that “Adjustment Account” you want to set up
- Proceed forward and add the reference number. In addition, you get access to assign a customer, class or job also
- Then click on the “Find & select items” and choose the items that you want to adjust.
- In any case, if your list is too long then locate for any product in the “Find section” and go ahead with “Add Selected items”
- Make sure you add new value or quantity or both for each and every item and click on Save and close.
Step 4: Must be Sure About the Accuracy of Inventory Status
Have a loon on your update inventory status and check everything will be correct
- Mark your first click on the “Reports” and then choose “Inventory”
- To view the product’s value, choose an “Inventory Valuation summary” and to view the product’s quantity, click on “Inventory stock status” by item
- And view all items that you adjusted and sure that everything is correct
For more inquiries, connect with QB expert team
The above information is sufficient to “Adjust and enter your inventory quantity or value in QuickBooks” but still want to collect more information on how to delete inventory adjustment. To get more guidance, chat with one of the QuickBooks support experts via the LIVE CHAT link or drop all queries at this email address.