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!.

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?

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@IamjuViel 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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