How to Adjust Your Inventory Quantity or Value in QuickBooks Desktop

As you track each purchase and sale, QuickBooks Desktop updates inventory quantities and values. However, you may need to make […]

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As you track each purchase and sale, QuickBooks Desktop updates inventory quantities and values. However, you may need to make an adjustment now and then to keep your inventory status so that you can easily maintain your QuickBooks accurately.

If you don’t know what type of adjustment you need and how to create it, then you don’t need to worry at all.

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Dancing Numbers helps small businesses, entrepreneurs, and CPAs to do smart transferring of data to and from QuickBooks Desktop. Utilize import, export, and delete services of Dancing Numbers software.

In this article, we are going to provide you with a complete guide on How to Adjust your Inventory Quantity or Value in QuickBooks Desktop.

What is Adjust Your Inventory Quantity or Value in QuickBooks Desktop?

Before we guide you on How to adjust your Inventory Quantity or Value in QuickBooks Desktop, you first need to know what is Adjust your Inventory Quantity or Value in QuickBooks Desktop.

Inventory adjustments in QuickBooks are changes made to inventory to account for theft, loss, breakages, and errors in the quantity or number of items received. Inventory adjustments are changes to inventory that are made to match an item’s actual on-hand quantity.

How to Adjust Your Inventory Quantity or Value in QuickBooks Desktop?

To learn how to adjust your Inventory Quantity or Value in QuickBooks Desktop, follow the steps that are mentioned below:

1. Deciding What kind of Adjustment You Need

You can adjust what kind of adjustments you need to make by these two methods:

  • When the Quantity should on Hand be Adjusted?

It is normal to change the quantity of a product from time to time. This is how you track any change in product quantity that isn’t the result of a sale or purchase. For example, if an item breaks or you discover that you have fewer or more of it after performing an inventory count.

  • When should the Total Value be Adjusted?

The total value of your product is its average cost multiplied by the quantity in stock. Seasonal demand and spoilage can both have an impact on this value.

2. Setting up Your Inventory Adjustment Account

Remember that to track your adjustments, first, you need to create a new account in your chart of accounts. For setting your inventory adjustments account you need to follow the steps mentioned below:

  • First of all login into your QuickBooks account.
  • After that choose the Company.
  • Once you have chosen the company option, you need to go to the Chart of Accounts.
  • The following step is to the Account dropdown.
  • Now you need to select the New option.
  • This will open another dropdown; you need to select the Other Account Types option.
  • After that, you should select the Cost of Goods Sold option.
  • Now you need to rename this as Inventory Adjustments.
  • Once you have renamed it clicks on the Save option.
  • Finally, once you have saved it, click on the Close button.

3. Adjust Your Inventory

After you have created your adjustment account, you can change the quantity, value, or both of a product’s attributes. Follow the steps mentioned below if you want to adjust your inventory:

  • First of all login into your QuickBooks account.
  • Now that you need to go to the vendor’s option.
  • The next step is to go to the Inventory Activities.
  • Then, choose Adjust Quantity/Value on Hand from the drop-down menu.
  • Once done select the Inventory option.
  • After that, you need to go to the Adjust Quantity/Value on Hand.
  • The following step is to go to the Adjustment Type dropdown.
  • After that choose the Quantity option, or total Value, or Quantity and Total Value option.
  • Then you need to go to the Adjustment Type option.
  • Once you are done select the Adjustment Account.
  • Now Enter the Date of the Adjustment.
  • The next step is to choose the Adjust Account dropdown.
  • After that, you need to go to the Adjustment Account you created.
  • Now include Reference No. You can also delegate a customer, a job, or a class.
  • The following step is to choose the Find and Select Items option.
  • After that choose the items you want to change. If you have a lot, use the Find field to look for any product.
  • The next step is to Add Selected Items as an option.
  • Now for each item, Add a New Quantity or Value (or both).
  • Once you have added items successfully, you need to choose the Save option.
  • Finally, once you are Done you need to choose the Close option.

Note: When recording a quantity adjustment, it is beneficial to check the quantity difference. If you’re recording a decrease in quantity, the difference should be negative. If you’re going to record an increase, it should be a positive one.

4. Making sure Your Inventory Status is Now Correct

If you want to examine your inventory status reports to ensure that everything is in order. To make sure your inventory status is now correct; you can follow the steps mentioned below:

  • First of all login into your QuickBooks account.
  • After that, you need to select the Inventory option.
  • Once you have selected the Inventory then go to the Reports.
  • Now you need to select the Inventory Valuation Summary to determine the worth of your product.
  • Then if you want to check the Quantity of Your Product, go to Inventory Stock Status by Item.
  • Finally, examine the items you changed to ensure that everything is in order.

You can maintain Inventory quantities and also update values in QuickBooks Desktop. With QuickBooks, you can also make adjustments from time to time to maintain your inventory status to maintain your QuickBooks accurately.

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While Adjusting your Inventory Quantity or Value in QuickBooks Desktop, How can you need to Adjust your Stock of finished Goods?

If you need to adjust your stock of finished goods in QuickBooks then follow these steps:

Determine the type of adjustment you require.
Assemble the product you built.
Adjust the stock of your finished items without changing your component stock.
And finally, make your adjustments.

Can you Create Your Adjustments while Adjusting Your Inventory Quantity or Value in QuickBooks Desktop?

Yes, you can create your adjustments while adjusting your Inventory Quantity or Value in QuickBooks Desktop, for this follows these steps:

First login to your QuickBooks Desktop.
Then select Item List from the Lists menu.
After that locate and pick the assembly items you wish to rebuild.
The following step is to select the reports options.
Once on the reports, select Quick Report from the drop-down menu at the bottom of the window.
Now locate the construction transaction that you wish to change.
Then, to open it, double-click it.
Finally, you will have the option to remove the construction transaction or change the quantity.

What are the two options to Remove the Construction Transaction or Change the Quantity While Adjusting Your Inventory Quantity or Value in QuickBooks Desktop?

Here are the two options to remove the construction transaction or change the quantity:

Select Edit and Delete to delete the item. To begin, select yes to confirm your decision.
Enter a new quantity in the Quantity to build area to change the quantity. Select Build & Close after that.

Features of Dancing Numbers for QuickBooks Desktop

Imports

Imports

Exports

Exports

Deletes

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Customization

Customization

Supported Entities/Lists

Dancing Numbers supports all QuickBooks entities that are mentioned below:-

Customer Transactions

Invoice
Receive Payment
Estimate
Credit Memo/Return Receipt
Sales Receipt
Sales Order
Statement Charge

Vendor Transactions

Bill
Bill Payment
Purchase Order
Item Receipt
Vendor Credit

Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

Technical Details

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Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


Which file types are supported by Dancing Numbers?

XLS, XLXS, etc., are supported file formats by Dancing Numbers.


What is the pricing range of the Dancing Numbers subscription Plan?

Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


How can I contact the customer service of Dancing Numbers if any issue arises after purchasing?

We provide you support through different channels (Email/Chat/Phone) for your issues, doubts, and queries. We are always available to resolve your issues related to Sales, Technical Queries/Issues, and ON boarding questions in real-time. You can even get the benefits of anytime availability of Premium support for all your issues.


How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

First, click the import button on the Home Screen. Then click "Select your file" from your system. Next, set up the mapping of the file column related to the QuickBooks field. Dancing Numbers template file does this automatically; you just need to download the Dancing Number Template file.

To review your file data on the preview screen, just click on "next," which shows your file data.


What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

Furthermore, using Dancing Numbers saves a lot of your time and money which you can otherwise invest in the growth and expansion of your business. It is free from any human errors, works automatically, and has a brilliant user-friendly interface and a lot more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

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Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.

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