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Join nowMost of our business is mail order and done through Amazon, Big Commerce, Ebay, Paypal. Each day I record the sales from these platforms but the inventory is not ran through Quickbooks. At the end of the month we do an inventory count and then adjust to what it is at the end of the month. I am not sure where to record the adjustment. The inventory asset account is adjusted to what was counted, but what kind of account should the adjustment be recorded to. The adjustment isn't all expenses, mostly items that were sold.
I'm here to make sure you can handle your inventory adjustments in QuickBooks Desktop (QBDT), @monahakb.
Since you already know what items to adjust, you can proceed with setting up your inventory adjustment account to track them. Before doing so, I recommend consulting an accountant for the best account to use. If you don't have one, you can use our Find an Accountant tool to look for one.
Here's how to create an inventory adjustment account:
Once done, you can now adjust your product’s quantity, value, or both. Let me guide you how:
For more details, please check out this article: Adjust your inventory in QBDT.
After that, you can run the Inventory Stock Status by Item report to check your product's quantity or the Inventory Valuation Summary report to know the product's value. This helps ensure your inventory is correct. To do this, go to the Reports menu, and then select the said reports from the Inventory section.
In case you want to adjust the inventory for finished products, you can refer to this article for the detailed instructions: Adjust inventory for finished goods.
I'm always around to help if you have additional queries about managing your inventories in QBDT. Just click the Reply button so I can assist you further. Have a good one.
Hi. What if the inventory adjustment is positive which means there are additional inventories. It was not purchased. It came in a form of donation or from household. How to treat this kind of adjustment? When I made “Additional Inventory” account in other current assets and used this account in inventory adjustments, it appeared negative in the Balance Sheet.
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