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belrica-ma
Level 2

How do I record accounts payable after having conducted inventory adjustment? after adjusting inventory, I noticed that we still have unencoded bills from last yr.

My worry is if I encode the bills, the inventory would increase be inaccurate. what is the best way to record the bill/ payable without disrupting the newly adjusted inventory?
Solved
Best answer January 08, 2020

Best Answers
ShiellaGraceA
QuickBooks Team

How do I record accounts payable after having conducted inventory adjustment? after adjusting inventory, I noticed that we still have unencoded bills from last yr.

Hi belrica-ma,

 

Thanks for joining.

 

You can create a temporary account to record your current year's purchases. They call this process the periodic method. However, I recommend consulting with an accountant before doing this to correctly record your bills.

 

Here's how to create an account:

  1. In the left navigation panel, choose Accounting.
  2. Then, go to New.
  3. In the Account window, choose Accounts payable (A/P) under Account Type.
  4. Enter the Name of your temporary account and other account information.
  5. Click Save and Close.

I've also added this video tutorials about inventory for your reference.

 

Please let me know in the comment section below if you have other questions. Have a good one.

View solution in original post

1 Comment
ShiellaGraceA
QuickBooks Team

How do I record accounts payable after having conducted inventory adjustment? after adjusting inventory, I noticed that we still have unencoded bills from last yr.

Hi belrica-ma,

 

Thanks for joining.

 

You can create a temporary account to record your current year's purchases. They call this process the periodic method. However, I recommend consulting with an accountant before doing this to correctly record your bills.

 

Here's how to create an account:

  1. In the left navigation panel, choose Accounting.
  2. Then, go to New.
  3. In the Account window, choose Accounts payable (A/P) under Account Type.
  4. Enter the Name of your temporary account and other account information.
  5. Click Save and Close.

I've also added this video tutorials about inventory for your reference.

 

Please let me know in the comment section below if you have other questions. Have a good one.

View solution in original post

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