There is a QuickBooks inventory management feature in your QuickBooks accounting software, which will let you track and manage the inventory items. Inventory is nothing but the stock of the items that you are going to sell through your business, or want to use for manufacturing of the goods to be sold.
QuickBooks inventory comprises complete details in the form of directories, registers, statements, or checklists. This feature also helps in running and management of business demands for inventory and will help you in making decisions of purchase and sales and doing other analyses. It will also help in the reduction of the manual effort and cost involved in the managing of inventory.
Now, sometimes as a business owner or accountant, you would want to edit or make adjustments in inventory in hand. This happens when you find that there is some mistake in the inventory balance as reflecting in the software. And sometimes you would want to delete the inventory adjustment. We understand both scenarios can happen to the business owners from time to time. Therefore, in the next section, we will first look into the process of Inventory adjustment entry in QuickBooks, and then we will look into the process steps for deleting the inventory adjustment already made in QuickBooks.
How to Make, Edit & Delete Inventory Adjustment in QuickBooks?
To Delete the Inventory Adjustment in QuickBooks
It is quite a simple process, but can be cumbersome for a new QB user, hopefully below steps will guide you and help you deleting the inventory adjustment in a seamless manner:
Step 1. First of all, click open the QuickBooks on your computer and log in by entering your credentials.
Step 2. In this step, you need to click on the new button and then choose Inventory. Now go to the list below the inventory heading and find and select the inventory items you want to delete.
Step 3. After the above, you need to select the Quick Reports from the display window and then you need to click on all tab and then set a date range.
Step 4. Once you are done with the above step, right-click on the entry appearing next to the product or inventory item entry that you have selected for deletion purposes.
Step 5. In this step, go ahead and select the delete option. If you want to delete several adjustments at the same time, you can follow the same steps as given above. Now after you have saved your preferences, your inventory adjustment will be fully deleted.
To Edit the Inventory Adjustment
In case, you wish to edit the existing Inventory adjustment, you can follow the below simple steps:
Step 1. First of all, search for the inventory adjustment that you wish to edit by following the Steps from the deletion process (as given above).
Step 2. After you have searched for the inventory adjustment click on the find button and then search for the advanced tab.
Step 3. In this step, select the inventory quantity adjustment from the All-Transactions drop-down button.
Step 4. Now after finding the adjustment, click on the edit button to modify or make changes in the adjustment.
To Make a New Inventory Adjustment Entry
Step 1. Start by clicking on the Plus icon and choose Inventory Quality Adjustment.
Step 2. Now, you need to type the adjustment date and enter the inventory adjustment amount.
Step 3. After the above, you need to choose the product and once you click on the product, product info and its quantity at hand will appear on the screen.
Step 4. Now as you wanted, you need to enter a new description, new quantity, add additional products, enter the memo and then click on save.
Now when we are already through with the process of deleting, editing, and making a new inventory adjustment in QuickBooks, let us now move towards the frequently asked questions section.
Need some one on one QuickBooks assistance?
What if made a Duplicate ‘Inventory adjustment’ entry in QuickBooks, can I remove the Duplicate Entry?
Yes, you certainly can, you should start by going to the Chart of Accounts and after that double click on the Inventory asset. Now you need to select the date when you made the adjustment and then choose the line item, now right-click on the entry and choose the delete option. The command will remove the duplicate Inventory adjustment entry.
What is the Process of Reversing an Inventory Adjustment in QuickBooks?
For reversing and inventory adjustment, you need to search for the inventory adjustment, go ahead and open the transactions in the window it was initially created and then reverse the transaction. Once you have reversed the transaction, the value and count of the inventory will be increased or decreased accordingly. Ensure that you cross check the balance after reversing the transaction.
What is the Process to Delete the Inventory Start or Opening value in QuickBooks?
First, find the items in your product and services tab and choose the dropdown which will be there beside the Edit button. Now you need to click on the Adjust starting value option and change the start value of the inventory as the initial cost to Zero, after that, click on save and close.
How can I Deal with the Negative Inventory issue in QuickBooks?
First of all, you need to go to the QuickBooks menu > select Reports > Inventory and then click on Inventory valuation detail. After that, click on the Dates drop-down arrow and choose all. Once you are done with this, scroll down through the report to the item showing a negative amount in on the Hand column. And then you need to adjust the dates of the bills and invoices in such a manner so that the bills are dated before invoices, ensure that you do this adjustment if you can do it legitimately. You need to repeat these steps for each negative value inventory item to fix the issue.