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Level 2

Beginning Inventory vs. Inventory Asset

In years past, inventory was tracked outside of Quickbooks and an amount was just entered under Beginning Inventory and adjusted at the end of each year based on the inventory tracking outside of quickbooks.  Starting 1/1/2018, actual parts and inventory was put into and tracked in quickbooks.  The amounts associated with this inventory are in the Inventory Asset account.  So at the end of 2018, I had the left over amount in the Beginning Inventory account and the amount in the Inventory Asset account.  I just need the Inventory Asset account number, but I'm not sure how to back out the Beginning Inventory amount?

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Best answer March 05, 2019

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Anonymous
Not applicable

Beginning Inventory vs. Inventory Asset

On Jan01/18 when the inventory was "put into QB" the newly created QB stock should have been offset against the 'old inventory asset' resulting in no net change of assets, equity or expense. Apparently that did not happen - so where did the 'adjustment' go at that time? It may not too late to go back and correct that entry - not sure if you can edit an inventory adjustment - tryit.

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Highlighted
Anonymous
Not applicable

Beginning Inventory vs. Inventory Asset

On Jan01/18 when the inventory was "put into QB" the newly created QB stock should have been offset against the 'old inventory asset' resulting in no net change of assets, equity or expense. Apparently that did not happen - so where did the 'adjustment' go at that time? It may not too late to go back and correct that entry - not sure if you can edit an inventory adjustment - tryit.

View solution in original post

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Level 1

Beginning Inventory vs. Inventory Asset

I am actually new to Quickbooks.  I use my POS system to handle inventory.  So I have a beginning inventory and a ending inventory figure.

How would I input that the proper way so it shows on my P&L.  I have already put my COGS in Quickbooks, but that is worthless until I have my beginning and ending inventory with COGS sandwiched between the 2 inventory figures.

 

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QuickBooks Team

Beginning Inventory vs. Inventory Asset

Thank you for choosing QuickBooks, @ NovemberSky.

 

 

 

I'll be glad to assist you in updating your product setup and make your report corrected.

 

You can create or edit the start value of the inventory item. Then create transactions until the latest date to show the ending value. The P&L report will only show the income and expense of the item.

 

Let's edit the product's inventory starting value by following the steps below:

 

  1. Click on the Gear icon and choose Product and Services.
  2. Find the inventory product that you intend to edit.
  3. Under the ACTION column, click Edit.
  4. Under Quantity on hand, click Starting value.
  5. Click Got it!
  6. Fill out the Initial quantity on hand as well as the Initial cost.
  7. Click Save and close.

To learn more about managing your inventory, check out this article: Inventory Overview and Setup.

 

Let me know if you have any other concerns. Have a blissful day!

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