How do I adjust inventory in QuickBooks?

Legacy KB ID: 434

Question

How do I adjust inventory in QuickBooks?

Answer

To adjust the QuickBooks inventory to match your physical inventory count: 1. From the QuickBooks Vendors menu, choose Inventory Activities > Adjust Quantity/Value on Hand. 2. Change the Adjustment Date if needed, and enter an optional reference number in the Ref. No. field. 3. Select the appropriate account in the Adjustment Account drop-down list. * Generally, shrinkage (the loss of items through theft, breakage, etc.) is recorded as an expense. * Inventory gains may be recorded in an income account. * If you have both gains and shrinkage, you can either do separate adjustments for each, or a single adjustment in an account that is used for the net gain or loss. Check with your accountant if you are unsure about which account, or which types of accounts, to select. 4. Select the appropriate Customer:Job and Class, if applicable. 5. For each inventory item requiring a quantity adjustment, enter the new quantity (or the difference in quantity) in the New Qty (or Qty Difference) fields, respectively. 6. If you need to update the current value of inventory items, select the Value Adjustment checkbox at the bottom of the window. This creates a New Value column, where you can enter the updated value of the item(s). 7. Click Save & Close.

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