Owing to its world-class tools and easy-to-use interface, QuickBooks has made quite a mark on the middle to small-sized businesses. However, most of its users have just reached on to the surface of its true potential. Either they don’t know about features or just have plain confusion on how to use them. So, today we’ll talk about one such utility, that is, QuickBooks Inventory Adjustment and how to make it.
Are you facing errors while trying to adjust the QuickBooks Inventory? If yes, then call on the toll-free number 1.855.738.2784 and get expert assistance by the QuickBooks support team for issues in QuickBooks Inventory adjustments.
How to make QuickBooks Inventory Adjustment for Cost of Goods Sold?
You can make adjustments in inventory values to account for the cost of goods sold. Follow these steps to complete QuickBooks Inventory adjustment for Cost of Goods Sold without any hassles.
- Open QuickBooks and choose the Vendor option from the menu tabs at the top.
- Now select Inventory Activities and then click on Adjust Quantity/Value on Hand.
- Click on Adjustment Type drop-down and select Total Value or Quantity and Total Value.
- Take into account the adjustment date and select the account to track inventory adjustments in via Adjustment Account drop-down.
- Click on the Item column to enter the items to adjust.
- Now click on the New Value column, register the new value, and click on Save.
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How to make QuickBooks Inventory Adjustment via Account?
You can make QuickBooks Inventory Adjustment in quantities via Adjustment Account. Let’s see how.
- Follow the first two points in the above steps and select Quantity via Adjustment Type drop-down.
- Record the adjustment date and click on the Adjustment Account menu to select the account you want to make quantity adjustments in.
- Now click on the item column and add the items for adjustment.
- For new items, choose the New Quantity column and for the existing items, select the Quantity Difference column.
- Click on Save.
How to make QuickBooks Inventory Adjustment to Journal Entry?
You can make journal entries manually to adjust for inventory errors in QuickBooks through these steps.
- At the top of the QB screen and click on the Company.
- Click on the For your Accountant drop-down and select Make General Journal Entries.
- Now choose the asset account you would like to adjust from the Account column.
- Make the adjustments and enter a new account from CoA to offset the entries.
- Click on Save and Close to save the adjustments.
Here we would like to end our article, and we hope that the content proved useful to execute the QuickBooks Inventory Adjustment. However, if you face any technical inconsistencies during the said procedure, call on 1.855.738.2784 and talk to QuickBooks experts for assistance.