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Hi joliver-takasho-,
It is important to have your data recorded correctly in QuickBooms Online. Due to the nature of this question, I would recommend you to consult an accounting professional to record correctly the adjustment on your inventory. You can go to our Find-a-Pro-Advisor page to look for a certified accountant or bookkeeper for an expert advice: https://quickbooks.intuit.com/au/find-a-proadvisor/.
Feel free to message us back if you have any other questions. Have a nice day.
Welcome to the Community, joliver-takasho.
If the inventory adjustment created is not a valid entry, you can delete the adjustment. Here's how:
You can also run reports to view your products and services and inventory status in QuickBooks Online.
You may want to check this article to learn more about Adjust inventory quantity on hand in QuickBooks Online.
Drop a comment below if you need more help. I'll be around if you have further questions.
Hi Sheila,
Thanks for responding so quickly.
We recently transferred to a new inventory management system and also went from Xero to QBO as QBO works better with the inventory system (Fishbowl)
We uploaded our inventory from the old system to Fishbowl so we have quantities and values.
As a result this created a DR entry in Inventory (balance sheet) and a CR entry in Inventory Shrinkage (profit loss). As a result we are showing a huge profit for September due to the CR entry in Inventory Shrinkage.
Its like a Inventory Adjustment entry but its for all our stock as it is bringing in the Inventory Opening balance.
I am sure this is not an uncommon occurrence when businesses transfer from one system to another however I don't know how to treat that entry in the PL
Best,
Justin
Hi joliver-takasho-,
It is important to have your data recorded correctly in QuickBooms Online. Due to the nature of this question, I would recommend you to consult an accounting professional to record correctly the adjustment on your inventory. You can go to our Find-a-Pro-Advisor page to look for a certified accountant or bookkeeper for an expert advice: https://quickbooks.intuit.com/au/find-a-proadvisor/.
Feel free to message us back if you have any other questions. Have a nice day.
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