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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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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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+1-800-596-0806 or chat with experts.
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.
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