QuickBooks Inventory – Part Six – Manual Adjustment

Posted by on Apr 29, 2011 in Inventory Module | 0 comments

There are a few reasons that you would perform a manual adjustment for your inventory. One could be when you send out samples of your product and the other could be for spoilage or loss-age.

To accomplish this lets go through the steps.

From your Home page, in the Company section or module, click on the Adjust Quantity On Hand icon. This will open up the Adjust Quantity/Value on Hand window.

Since I am using a sample company file again, I will key in the appropriate date in the Date field, tab to the Ref. No. field, where QuickBooks will assign a number, leave the Customer:Job field blank and stop at the Adjustment Account field.

I am going to type into that field, Inventory Adjustment and press Tab.  This will create a message stating that this account is not setup. I will click on <Add New> and create an Expense account using the name Inventory Adjustment, then Save and Close and close the Add New Account window.

In the Qty Difference column and highlighting Materials-Heading:Wood Door: Interior Wood Door, I will type in -2. This was the number of doors that were damaged, and then press Tab.

QuickBooks will then calculate the value adjustment and decrease the inventory by two items. Click Save & Close.

Upon recording that transaction, QuickBooks will create a journal entry which I have added below.

Next up, Tracking Finished Goods.

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