Deal with QuickBooks Inventory Adjustment quickly?

• Posted by Alena Yadis August 3, 2020 Filed in Other #QuickBooks Inventory Adjustment  400 views
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  QuickBooks is best known for providing the best of the features to its users and apart from that in-house management of all accounting needs. QuickBooks Inventory adjustment comes handy to account for sales you make to customers, new inventory purchases, and changes to the value of your merchandise. Moreover, it is important to make adjustments often if frequent changes in inventory take place.

  

  We have brought you this blog to answer the queries generally asked in relation to the to account for sales you make to customers, new inventory purchases and changes to the value of your merchandise. For any issue, reach out to the QB professional team on (855) 526-5749

   

  How to set up a QuickBooks inventory adjustment account?

  The ways to set up a QuickBooks inventory adjustment account have been described below:

  1.  Choose the Company and then Chart of Accounts.
  2.  Click on the option of Account dropdown, then New.
  3.  From the Other Account Types dropdown, select Cost of Goods Sold.
  4.  Name the account Inventory Adjustments, and then Save and Close.

   

  Process for QuickBooks inventory adjustment cost of goods sold

  Talking about the process for QuickBooks inventory adjustment cost of goods sold, here are the steps to be followed.

  1.  Hit on Lists from the menu, and then click Chart of Accounts.
  2.  Press the Account menu item in the window that opens, and then click on New to open the Add New Account window.
  3.  Choose Other Account Types and then Cost of Goods Sold.
  4.  Type a chart of accounts number into the Number box.
  5.  Fill Account Name, and then select a currency from the Currency drop-down menu.
  6.  Click the Save & Close button to save your new account.

   

  How to make QuickBooks inventory adjustments?

  1.  Click on the Adjustment Type dropdown to select Quantity, Total Value, or Quantity and Total Value.
  2.  Select the adjustment type option and then hit your adjustment account.
  3.  Enter the Adjustment Date.
  4.  Select the Adjust Account dropdown, then choose the adjustment account you set up.
  5.  Add Reference No. that can be assigned to a customer, job, or class.
  6.  Select Find & Select Items. Select the items you want to adjust. If you have a lot, search for any product in the Find field.
  7.  Hit on Add Selected items.
  8.  Add a new quantity or new value (or both) for each item.
  9.  Note: It helps to check the quantity difference when recording a quantity adjustment. The difference should come out to be negative if you’re recording a decrease in quantity. If you’re recording an increase, it should be positive.
  10.  At last, click on Save and Close.

  We conclude our blog here and hope that you could easily deal with QuickBooks Inventory Adjustment. If during the process you come across any error contact the QB team on (855) 526-5749.