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Experienced Member

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 03-05-2019

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Established Community Backer ***

Re: 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.

1 Comment
Established Community Backer ***

Re: 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.