This article will help you to learn how to adjust the quantity or value of your products in QuickBooks Desktop.
QuickBooks Desktop updates inventory quantities and value when you track all the purchases and sales. However, you may have to record an adjustment on a regular basis to keep your inventory status accurate in QuickBooks.
If you are not sure about how to do it, you don’t have to worry. This article will help you to learn what kind of adjustment you require and how to create it.
How To Adjust Your Inventory Quantity In QuickBooks?
Step 1: Decide what kind of adjustment you need
When to adjust quantity on hand
It is common to the quantity of product from time to time. That’s how you track increase or decrease in product quantity that’s not due to the sale or purchase. For example, if an item breaks, or if you find you have fewer or more of it after doing an inventory count.
When to adjust total value
The total value of your product is the average cost of the product multiplied by its quantity in stock. Things such as seasonal demand or spoilage can affect this value.
Tip: It is highly recommended to consult with your accountant before adjusting your inventory value. If you don’t have an accountant then you can contact us at our QuickBooks Customer Service Phone Number +1800-324-6955.
Step 2: Set up your inventory adjustment account
Create a different account in your chart of accounts to track your adjustments.
- From the main menu, go to Company and then Chart of Accounts.
- Click on Account ▼ and from the drop-down list, click on New.
- From Other Account Types ▼ drop-down list, click on Cost of Goods Sold.
- Give this account a name “Inventory Adjustments”
- Click on Save and Close.
Step 3: Adjust your inventory
Once you set up your adjustment account, you can adjust a product’s quantity, value, or both. Here’s how.
- From the Vendors menu, go to Inventory Activities.
- Select Adjust Quantity/Value on Hand.
- Click on the Adjustment Type ▼ drop-down and choose Quantity, Total Value, or Quantity and Total Value.
- Click on the Adjustment Type ▼ drop-down and choose your adjustment account.
- Provide the Adjustment Date.
- Click on the Adjustment Type ▼ drop-down and then choose the adjustment account you set up.
- Provide the Reference No. you can also add a customer, job, or class.
- Choose Find & Select Items. Click on the items you are looking to adjust. If there so many items then you can search for any product in Find
- Click on Add Selected items.
- Add a new quantity or new value (or both) for all items.
Tip: It allows to review the quantity difference while recording a quantity adjustment. You need to make sure that the difference is negative when you are recording a decrease in quantity and it should be positive when you record an increase.
- Click Save and Close.
Step 4: Make sure your inventory status is now correct
Check out your inventory status reports and ensure that everything is fine.
- Go to Reports and then Inventory.
- To see the value of your product, choose the Inventory Valuation Summary. To quantity of your product, choose the Inventory Stock Status by Item.
- Locate the adjusted items by you and make sure everything is fine.
Reach Us For Support
Hopefully, you find this article helpful and you have a clear idea about adjusting your inventory quantity or value in QuickBooks Desktop. In case, if you are facing any kind of error or issue while adjusting it, you can get in touch with us at our toll-free QuickBooks Support Phone Number +1800-324-6955 and get your issues resolved instantly.