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Level 1

Inventory Shrinkage

Hello, I have - 30k plus in inventory shrinkage. We were making all inventory zero for 2018 to start fresh. Well this has made our expenses positive over 30k. I see now we didn't do something right, but how can I fix this? Does anyone have experience with this? Yesterday I was in an online chat with Quickbooks and after 45 mins they said there wasn't a way to fix this. Any help is greatly appreciated! 

2 Comments
QuickBooks Team

Re: Inventory Shrinkage

Glad to have you here, @Lolo2183.

 

I’d be delighted to share some information on how you can fix the inventory shrinkage in your QuickBooks account.

 

With QuickBooks Online if you wish to remove shrinkage you may delete all the Quantity Adjustments created for the specific product that caused it.

 

Here’s how:

  1. Go to the Search Icon.
  2. Click Advanced Search.
  3. Choose Inventory Quantity Adjustment from the All Transactions drop-down.
  4. You may filter the list of transactions to show only affected transactions.
  5. Click Search.
  6. Select the adjustment you want to delete.
  7. Click Delete.

The other way around is to create a Journal Entry to zero out the shrinkage.

 

On the other hand, I’d also recommend contacting your accountant for you to be guided properly on deciding the best route to take in removing shrinkage.

 

Keep me posted if you have other questions about managing your inventory. I’d be happy to help you more and answer all your inquiries. Have a good day ahead!.

Level 1

Re: Inventory Shrinkage

In this post you said you can use a journal entry to zero out the Inventory Shrinkage, but what offsetting account would be used to do this?


@juVielL wrote:

Glad to have you here, @Lolo2183.

 

I’d be delighted to share some information on how you can fix the inventory shrinkage in your QuickBooks account.

 

With QuickBooks Online if you wish to remove shrinkage you may delete all the Quantity Adjustments created for the specific product that caused it.

 

Here’s how:

  1. Go to the Search Icon.
  2. Click Advanced Search.
  3. Choose Inventory Quantity Adjustment from the All Transactions drop-down.
  4. You may filter the list of transactions to show only affected transactions.
  5. Click Search.
  6. Select the adjustment you want to delete.
  7. Click Delete.

The other way around is to create a Journal Entry to zero out the shrinkage.

 

On the other hand, I’d also recommend contacting your accountant for you to be guided properly on deciding the best route to take in removing shrinkage.

 

Keep me posted if you have other questions about managing your inventory. I’d be happy to help you more and answer all your inquiries. Have a good day ahead!.


 

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