QuickBooks Desktop Inventory is a robust feature designed to streamline and optimize inventory management for businesses. Offering comprehensive tools, it enables users to track stock levels, monitor sales trends, and manage purchase orders seamlessly. This functionality facilitates accurate financial reporting by automatically updating inventory data with each transaction. QuickBooks Desktop Inventory adjustment empowers businesses to make informed decisions by providing real-time insights into product availability and performance. Whether handling simple or complex inventory needs, QuickBooks Desktop Inventory is a versatile solution that integrates seamlessly with the overall financial management system, ensuring businesses maintain control and accuracy in their inventory operations.
How to Adjust Inventory in QuickBooks Desktop
Follow the below steps to learn how to manage inventory in QuickBooks Desktop.
- Select “Lists” or “Vendors.”
- Choose the Items tab. This can be located under the list tab. You can even choose the Inventory Activities section which can be found under the vendor’s option.
- Within the Pop-up that appears, choose the “Adjust Quantity” button.
- Press enter your date of purchase.
- Select an expense account (an inventory item) from the adjustment list you opened up.
- Verify the customer’s job, if applicable.
- Checkmark the box beside “Value Adjustment”.
- This will show a more detailed view of your entry; though it is not necessary to do that.
- Feed in your new count by choosing the New Quantity tab.
- Please note this will be only visible if you have previously selected the value adjustments tab.
- Use the “Memo” text box to write a short description or note to describe what you’ve done, who was involved in counting inventory, or other notes, if necessary.
- Save all your preferences and close the window.
- With the following adjustments made QuickBooks will serialize your inventory with your new count.
How to Adjust Inventory Quantity or Value in QuickBooks
To adjust the stock’s current status of all finished goods, you need to know about the complete procedure to adjust inventory in QuickBooks.
Step 1: First, Make a Wise Decision on What kind of Adjustment you Need
- Adjust the quantity on hand: It is very easy to adjust the quantity of all products in real time. Throughout this, you can easily track any kind of increase or decrease in all product quantities.
- Adjust the total value: To adjust the total value; make sure your product’s total value is the average cost which is multiplied by its current quantity in the stock. Must be updated with a seasonal demanding thing or spoilage ratio which may affect this value.
Step 2: The user needs to Set Up an Inventory Adjustment Account with the Following Steps
To proceed with this step, firstly make a separate account in the chart of accounts to navigate all adjustments
- The first thing to do is to choose your “Company” and then click on the “Chart of Accounts”
- Then choose your “Account” and select the “New” option from the drop-down menu
- After that, hit your click on the “other accounts types” and choose the “Cost of Gold Sold” option
- In the end, provide a name to the “Inventory Adjustment” account and then click on save and close
Step 3: Take Steps to Adjust Your Inventory
Once you are all done with the setup process of the adjustment account, you can easily adjust a product quantity or value or both as per requirements
- Hit your first click on “Vendors” and then choose “Inventory Activities”
- Then the user needs to choose the “Adjust Quantity/value on hand” option
- Choose the “Adjustment Type” option and then mark your next click on the “Quantity, Total Value, or on both” as per needed.
- Then mark your click on the “Adjustment type option” and then choose “Adjustment account”
- Enter all required information such as Adjustment Type
- After that, choose the “Adjust Account” option and all options will appear on your screen.
- Users need to choose the “Adjustment Account” they want to set up
- Proceed forward and add the reference number. In addition, you get access to assign a customer, class, or job also
- Then click on the “Find & select items” and choose the items that you want to adjust.
- In any case, if your list is too long then locate any product in the “Find section” and go ahead with “Add Selected items”
- Make sure you add a new value or quantity or both for every item and click on Save and close.
Step 4: Must be Sure About the Accuracy of Inventory Status
Have a look on your updated inventory status and check everything is correct
- Mark your first click on “Reports” and then choose “Inventory”
- To view the product’s value, choose an “Inventory Valuation summary” and to view the product’s quantity, click on “Inventory stock status” by item
- View all items that you adjusted and sure that everything is correct.
How to Edit the Inventory Adjustment?
The QuickBooks user has the flexibility not only to delete the inventory adjustment in QuickBooks Desktop but also you edit it if there is a requirement. To follow you have to search the Inventory Adjustment as mentioned in the above steps. Once the Inventory Adjustment is located you can easily view options to Edit or Delete options. If you need to edit, you just have to click on the Edit option and do the editing as per your requirements.
- Choose the Find + button.
- Now click on the advanced search tab.
- From the All Transactions drop-down button, select Inventory Quantity Adjustment.
- When the Adjustment is found, click on the edit option and modify your adjustment.
How to Adjust Inventory in QuickBooks Online
If you want to adjust your business inventory in QuickBooks online then you would need to follow these steps:
- Login to your QuickBooks accounts and navigate to your company profile.
- Now file the Gear Icon on the top of the Navigation menu and the “products and services tab”.
- Here you will be able to see the list of stocks that are in your inventory. Double-click the one that you want to adjust.
- Now where you see “track quantity on hand”, click on the update tab.
- Enter the updated quantity.
- Now click Save when you have adjusted your inventory in QuickBooks online.
Steps on How to Delete Inventory Adjustment in QuickBooks Desktop
Follow the below-mentioned steps for deleting the inventory adjustments in QuickBooks.
- Launch QuickBooks in your system.
- Log in to the program by entering the required credentials.
- Click on the new button and choose the Inventory part.
- Move below the list in the Inventory part and locate the items you want to delete.
- Choose the items to be deleted.
- Select Quick Reports from the display window.
- Click on the All Tab and set the date range.
- Right-click on the entry next to the product entry that you want to delete.
- Finally, choose the delete option.
- In case you need to delete several adjusted inventories, you can follow the same steps and delete multiple inventories at once.
- Save your preferences and your inventory adjustments will be completely deleted.
Read more-- Perform the Same Function in QuickBooks Desktop