Inventory Shrinkage

Dvorak24 · ‎October 29, 2020

Hello, I'm looking for some help with the following issue;

I have started a new company and instead of adding the inventory to the first purchase order I added it as a starting quantity amount when I uploaded the inventory list. I then adjusted the amounts of each inventory to 0 and then added the amounts to the purchase order like I should have done originally. I now have a problem with Inventory shrinkage and it is effecting my Profit and Loss Report.

How can I remove the Inventory shrinkage and original starting value in the Inventory Asset account on QuickBooks Online?

Thanks

Rustler · ‎October 30, 2020

You can try opening the register for inventory asset from the chart of accounts. Scroll down to entries that say START and edit each one setting the value to zero, do not change the qty.

by not changing the qty to zero your previous adjustment will remove that qty but there will be no value associated

View solution in original post

Rustler · ‎October 30, 2020

You can try opening the register for inventory asset from the chart of accounts. Scroll down to entries that say START and edit each one setting the value to zero, do not change the qty.

by not changing the qty to zero your previous adjustment will remove that qty but there will be no value associated

Dvorak24 · ‎November 01, 2020

Perfect, thanks for your help. Much appreciated

EAinBoston · ‎December 03, 2020

Hi Rustler,

One of my clients synched her Shopify account and there are now HUNDREDS of opening balances and shrinkage. Then she deleted all of that and they are still there. Please help. I don't want to keep track of her inventory on Quickbooks. I just want to make a year end adjustment for tax time. How can I fix this. I did a chat online with someone from QB and they had no suggestions but you always seem to know the answers!

infocore · ‎April 19, 2023

When I adjust my Inventory Quantity I am getting Inventory Shrinkage which affects my profit and loss statement

MichelleBh · ‎April 19, 2023

Hello there, @infocore.

You appear to have posted twice in the Community with the same concern. My colleague discussed the Inventory Shrinkage report in QuickBooks in another thread. Here's a link to further information: https://quickbooks.intuit.com/learn-support/en-us/reports-and-accounting/re-inventory-adjustment-and...

If you have any further questions, please post them here or on the other thread. We are always available to assist you in managing your inventory transactions. Keep yourself safe.

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