A few times you see that an item is more or less than what QuickBooks shows. If you’re tracking inventory in QuickBooks Online Plus or Advanced, you’ll be able to manually adjust the quantity of an item without recording a purchase or sale to match what you have in stock. So, here we are going to discuss one more such topic regarding inventory quantity in QuickBooks Online
QuickBooks Online populates the SKU, description, and quantity of your inventory. QuickBooks Online even offers a Qty On Hand value for your new Qty value. If you have enabled class and location tracking, you will be able to provide details for all of these fields when you complete the stock adjustment window.
How to enter an inventory quantity adjustment
After you save the inventory adjustment, QuickBooks Online will automatically record the exact adjustments to the asset inventory as well as cost of goods sold (from inventory reductions).
- Go to the + New option.
- Click on the Adjust Stock Quantity option.
- Fill in the date of adjustment.
- From the Inventory Adjustment Account drop-down menu, navigate to the appropriate account.
- Select products in the “Product” section.
- For each item, enter a new quantity or update the quantity.
- In the Memo section, fill in the information regarding the adjustment.
- Once you’re done, click Save and Close.
How can you change or delete an inventory quantity adjustment?
We encourage you to be wise and careful when editing inventory adjustment entries. Editing your inventory can have a big impact on your accounting. If you are not sure whether you should do this or not, you can consult your accountant.
- Go to the search icon under the toolbar.
- Then click the advanced search option.
- From the Inventory Adjustment Account drop-down menu, select the correct account.
- In the All Transactions drop-down menu, go to Inventory Quantity Adjustment.
- Click on search.
- Now, in the search results, click on the adjustment you want to change or remove.
After doing this, you can open the inventory quantity adjustment. Here you will be able to add new settings as well as edit your previous settings. If you want to delete all inventory quantity adjustments, click the Delete option.
More often than not, or occasionally, you may have to make adjustments to your inventory details in QuickBooks Online. Typically, you will have to adjust the amount of inventory on hand and the starting values.
Sometimes you may discover, usually after physically counting your inventory, that your inventory number is different from the one listed in QuickBooks Online. In this case, you will need to adjust the quantity in QuickBooks Online to match what you have in stock.