Adjusting Inventory Quantities

After you take a physical count of your inventory, you might find that some of your QuickBooks inventory records don't agree with the actual count at your business premises. You might need to make adjustments in the count recorded in QuickBooks. Check with your company's accountant before making any adjustment in inventory quantities to ensure that such an adjustment is accounted for properly. Some financial and tax considerations must be addressed when making such an adjustment.

Select Item List from the Lists menu.

Click the Activities button.

Select Adjust Quantity/Value On Hand.

Enter the date on which you want the adjustment to affect your financial records. Often this type of adjustment is recorded as a year-end adjustment.

Choose an account in the Adjustment Account list.

For each inventory item that needs to be changed, enter the actual quantity on hand.

QuickBooks calculates the change in quantity.

Check Value Adjustment if you want to display a new column that shows the dollar amount of the change by individual item.

Enter an optional memo describing the reason for the adjustment.

Click one of the save options.

Show Me. QuickBooks 2006
Show Me QuickBooks 2006
ISBN: 0789735229
EAN: 2147483647
Year: 2005
Pages: 328
Authors: Gail Perry © 2008-2017.
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