cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Super Explorer *
Solved

Starting Inventory on the end of April.

My restaurant just started to add inventory numbers into quickbooks.  So to make the chart of accounts correct, I had to basiclly create the wheel. So I redid the COA because I'm not an accountant, just a bookkeeper so I did basic stuff.  So thinking back to the college classes I don't remember.  Between those old accounting books, I am now a member of Restaurantowner.com and I bought the book also. (My bed is covered with books everywhere, as I googIe stuff too.) We started counting inventory on the end of April.  So my question is,  how do I get rid of the inventory numbers from months before?  What would be the entry, if there is one?  

Best answer a month ago

Accepted Solutions
QuickBooks Team

Re: Starting Inventory on the end of April.

Hey there, @Angel11-72.


Thanks for getting back to us and adding more information about your concern.


Creating a journal entry can help clear out the amounts that weren't tracked. This will record transactions as they occur and shows the specific accounts affected.


Here’s how:

 

  1. Make sure to open the company file.
  2. At the top menu bar, click on the Accountant tab and choose the Make General Journal Entries.
  3. In the Make General Journal Entries window, enter the correct date and entry no.
  4. Under Account, click on the drop-down and select the appropriate accounts used to track the Debit and Credit.
  5. Fill in the remaining field boxes and click on Save & Close.
    Check out these screenshots for visual reference.

jer.pngjer1.png

 

Since every business structure is unique, I recommend consulting an accountant to properly guide you with the debit and credit entries.

 

For help with QuickBooks tasks, click on this link to view related articles.


Please update me on the outcome after creating the journal entry. I want to make sure you're all set with this concern.

 

4 Comments
QuickBooks Team

Re: Starting Inventory on the end of April.

Let me welcome you to the Intuit Community, Angel11-72.


Congratulations on being a member in Restaurantowner.com. And I’m happy to know you’re using the Inventory feature to keep track of your goods/products.


If you’re referring to the Item Name/Number information, you can remove the inventory number by editing it one at a time. The steps can easily be done in QuickBooks.

 

  1. In your company file, go the Lists menu bar and choose the Item List tab.
    invr1.png
  2. Right-click beside the product’s name, then select Edit Item.
    invr.png

  3. Remove the number in the Item Name/Number field box.
  4. Click on the OK button in the upper right hand.
    invr2.png

For more information about adding or modifying items, refer to this article: Add, edit, and delete inventory products.


This information should correct your inventories information. 


Let me know if you get the chance to try all these suggestions and what the results are. I want to make sure you’re all set with this concern.

 

Super Explorer *

Re: Starting Inventory on the end of April.

I'm sorry, I meant I had my chart of accounts for just cogs and expenses and accounts payable.

So I created a new COA and added all or at least most of the correct accounts under the correct category.  And I also transferred the numbers that were COGS's to Inventory.  So how would I clear out all the $ amounts in all of the now inventory items that we weren't keeping track of?  Does that make more sense?

QuickBooks Team

Re: Starting Inventory on the end of April.

Hey there, @Angel11-72.


Thanks for getting back to us and adding more information about your concern.


Creating a journal entry can help clear out the amounts that weren't tracked. This will record transactions as they occur and shows the specific accounts affected.


Here’s how:

 

  1. Make sure to open the company file.
  2. At the top menu bar, click on the Accountant tab and choose the Make General Journal Entries.
  3. In the Make General Journal Entries window, enter the correct date and entry no.
  4. Under Account, click on the drop-down and select the appropriate accounts used to track the Debit and Credit.
  5. Fill in the remaining field boxes and click on Save & Close.
    Check out these screenshots for visual reference.

jer.pngjer1.png

 

Since every business structure is unique, I recommend consulting an accountant to properly guide you with the debit and credit entries.

 

For help with QuickBooks tasks, click on this link to view related articles.


Please update me on the outcome after creating the journal entry. I want to make sure you're all set with this concern.

 

Super Explorer *

Re: Starting Inventory on the end of April.

Thank you very much.