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Level 2

I need to add 1000 pcs to my Inventory. How do I adjust quantity not under account "Inventory Shrinkage"so that 1000 pcs will be added to my inventory with the same cost?

 
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Best answer May 07, 2020

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QuickBooks Team

I need to add 1000 pcs to my Inventory. How do I adjust quantity not under account "Inventory Shrinkage"so that 1000 pcs will be added to my inventory with the same cost?

A pleasant day to you, @thegreyiam.

 

Allow me to provide some clarifications about this inventory concern.

 

When adding a quantity to your inventory, you'll need to select the Cost of Goods Sold (COGS) account from the Inventory adjustment section. Doing this will prevent the adjustment from being tracked under the shrinkage account. 

 

To do that:

  1. Select on + New.
  2. Under Other, choose on Inventory Qty Adjustment.
  3. Enter the Adjustment Date.
  4. In the Inventory adjustment account drop-down, select the COGS account.
  5. Select the products in the Product field drop-down. 
  6. For each item, enter either a new quantity or a change in quantity.
  7. Select Save and close.

To give you more insights about tracking inventories and the default accounts in QuickBooks Online, please visit these links:

Let me know if you have any other questions or concerns. I'll be around to address them for you. Take care!

 

 

 

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**Mark the post that answers your question by clicking on "Accept as solution"

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Highlighted
QuickBooks Team

I need to add 1000 pcs to my Inventory. How do I adjust quantity not under account "Inventory Shrinkage"so that 1000 pcs will be added to my inventory with the same cost?

I appreciate your prompt response, @thegreyiam.

 

Yes, that suggestion can work. Creating an expense transaction can add the number of your inventory item. In doing this, make sure to select the correct account to be used in the transaction.

 

Here's how:

  1. Click on the + New button.
  2. Under Vendors choose Expense.
  3. Enter the vendors name from the Payee box.
  4. Select the Payment account.
  5. From the Item details section, fill need the information needed.
  6. Press on Save once done.

Once done, your items will be now added into the inventory. You can pull up the Product and Services list to see the changes.

 

To give you more insights about entering or editing expense transactions in QuickBook Online, you may check out this: Enter, edit, or delete expenses in QuickBooks Online.

 

Know that my doors are always open to assist you if there's anything else that you need. Just let me know by leaving a reply below. Have a lovely day!

 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Accept as solution"

View solution in original post

Highlighted
Level 2

I need to add 1000 pcs to my Inventory. How do I adjust quantity not under account "Inventory Shrinkage"so that 1000 pcs will be added to my inventory with the same cost?

thank you everyone @ReyJohn_D @SarahannC @MirriamM @BettyJaneB for your suggestions. It is great I could have more than one solution and was able to consider and choose. 

Still the easiest and quickest way to add up inventory is to change the starting value. When I did so, I got what I wanted and the accounts set up accordingly as I wanted. Thanks again

View solution in original post

12 Comments 12
Highlighted
QuickBooks Team

I need to add 1000 pcs to my Inventory. How do I adjust quantity not under account "Inventory Shrinkage"so that 1000 pcs will be added to my inventory with the same cost?

Hi there, @siryisergii.

 

Inventory Shrinkage is a pre-created account of QuickBooks Online (QBO). Once you adjust the quantity on hand on your inventory product, QuickBooks automatically creates the Inventory Shrinkage account. This account is used to record all the changes or adjustments.

 

As a workaround you can create your own account and select it every time you make adjustments. Just click on the drop-down arrow under the Inventory adjustment account and select the correct account you want. For you to be guided, I suggest reaching an accountant when changing the account in adjusting the inventory.

 

For more information you can refer to this article link: Adjust inventory quantity on hand in QuickBooks Online

 

In case you want to undo the adjustment, please follow the steps below:

  1. Click the Search icon at the top right.
  2. Choose Advanced Search.
  3. Search for Inventory Quantity Adjustment.
  4. You can filter the adjustment to see the desired item.
  5. Click to open the item.
  6. Select Delete, then select Yes to confirm.

Please feel free to add a comment below if you have any other questions about inventory, I'll be always here to help you. Stay safe and take care always!

Highlighted
Level 2

I need to add 1000 pcs to my Inventory. How do I adjust quantity not under account "Inventory Shrinkage"so that 1000 pcs will be added to my inventory with the same cost?

Thanks for the answer, but I don't need to shrink my inventory, I need to add some items to my inventory. If I choose an account "Inventory Shrinkage" I will see the sum of money with a minus sign

Highlighted
QuickBooks Team

I need to add 1000 pcs to my Inventory. How do I adjust quantity not under account "Inventory Shrinkage"so that 1000 pcs will be added to my inventory with the same cost?

A pleasant day to you, @thegreyiam.

 

Allow me to provide some clarifications about this inventory concern.

 

When adding a quantity to your inventory, you'll need to select the Cost of Goods Sold (COGS) account from the Inventory adjustment section. Doing this will prevent the adjustment from being tracked under the shrinkage account. 

 

To do that:

  1. Select on + New.
  2. Under Other, choose on Inventory Qty Adjustment.
  3. Enter the Adjustment Date.
  4. In the Inventory adjustment account drop-down, select the COGS account.
  5. Select the products in the Product field drop-down. 
  6. For each item, enter either a new quantity or a change in quantity.
  7. Select Save and close.

To give you more insights about tracking inventories and the default accounts in QuickBooks Online, please visit these links:

Let me know if you have any other questions or concerns. I'll be around to address them for you. Take care!

 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Accept as solution"

View solution in original post

Highlighted
Level 2

I need to add 1000 pcs to my Inventory. How do I adjust quantity not under account "Inventory Shrinkage"so that 1000 pcs will be added to my inventory with the same cost?

Thanks @BettyJaneB

That is the way I think I will go. 

Someone from the Quickbooks Team, I think it was Nelson, suggested creating an expense then select the item I've purchased so that the number of quantity will add up on top of the current quantity I have right now.

@BettyJaneB, do you think this variant can work?

Highlighted
QuickBooks Team

I need to add 1000 pcs to my Inventory. How do I adjust quantity not under account "Inventory Shrinkage"so that 1000 pcs will be added to my inventory with the same cost?

I appreciate your prompt response, @thegreyiam.

 

Yes, that suggestion can work. Creating an expense transaction can add the number of your inventory item. In doing this, make sure to select the correct account to be used in the transaction.

 

Here's how:

  1. Click on the + New button.
  2. Under Vendors choose Expense.
  3. Enter the vendors name from the Payee box.
  4. Select the Payment account.
  5. From the Item details section, fill need the information needed.
  6. Press on Save once done.

Once done, your items will be now added into the inventory. You can pull up the Product and Services list to see the changes.

 

To give you more insights about entering or editing expense transactions in QuickBook Online, you may check out this: Enter, edit, or delete expenses in QuickBooks Online.

 

Know that my doors are always open to assist you if there's anything else that you need. Just let me know by leaving a reply below. Have a lovely day!

 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Accept as solution"

View solution in original post

Highlighted
Level 2

I need to add 1000 pcs to my Inventory. How do I adjust quantity not under account "Inventory Shrinkage"so that 1000 pcs will be added to my inventory with the same cost?

@BettyJaneB, I have tried both ways and they didn't work as I expected.

1) you suggested to use COGS account to add inventory, but there is no COGS account automatically created and I was just confused how to create this account correctly.

2) as for creating an expense to add inventory, the issue is when I do it I enter rate as "0", then save and I can see that in the Balance Sheet there is no high amount for money which is logical as I purchased for nothing. On the other hand when I state the rate, they the cost of a new inventory is deducted from my bank account and so it is shows in a Balance Sheet. 

 

What I need is, just to add inventory without any changes to Bank accounts and with a change to Inventory cost in general.

 

Is it possible to do it? 

Highlighted
Moderator

I need to add 1000 pcs to my Inventory. How do I adjust quantity not under account "Inventory Shrinkage"so that 1000 pcs will be added to my inventory with the same cost?

Hello again, @thegreyiam. I appreciate you performing the steps provided by my colleague's above.

 

Let's try editing your inventory quantity adjustment so you'd able to add 1000 pcs to your inventory. 

 

Here's how:

  1. Click the magnifying glass at the upper right hand. 
  2. Hit the Advanced Search link. 
  3. From the All Transactions drop-down, choose Inventory Quantity Adjustment.
  4. Select Search.
  5. From the search results, select the adjustment you need to edit.
  6. After selecting, the Adjustment entry opens.
  7. To edit, you can add new adjustments, or adjust the Change in Qty of previous adjustments.

From there, you're able to adjust inventory quantity.

 

Let me know how things work. I want to ensure this is taken cared of. Have a great day!

Highlighted
Level 2

I need to add 1000 pcs to my Inventory. How do I adjust quantity not under account "Inventory Shrinkage"so that 1000 pcs will be added to my inventory with the same cost?

Thanks @MirriamM for you suggestion.

If I do it the way you suggested, it still edit my inventory in Inventory adjustment account "Inventory Shrinkage". I don't need it as "Inventory Shrinkage" will be shown as an expense. 

All I need is just ADD more inventory without any changes in accounts, one change I need is the increase in Inventory overall price. 

Highlighted
Moderator

I need to add 1000 pcs to my Inventory. How do I adjust quantity not under account "Inventory Shrinkage"so that 1000 pcs will be added to my inventory with the same cost?

Hi there, siryisergii. Thanks for the follow-up questions.

 

As suggested by my colleagues above, using the Inventory Qty Adjustment feature will help us add 1000 pieces to your Inventory. I would still suggest following their steps since it's the right way to increase the quantity of Inventory.
 

I can see that you don't want the Inventory Shrinkage to not being set up as an expense account. I know a way on how to sort it out. We will need only to open the item and select another account.

 

You may want to use the COGS or the available other inventory accounts on it. You can also create another by clicking the Add new button if you want to. Then, Save and Close.

 

Below is a sample screenshot for additional reference:

hehehe.PNG

 

The reason why you see the Inventory Shrinkage as an expense account could be, that it was already set to it way back you created the item. 

 

You can use this article as a reference to learn what reports that will help you manage your sales and inventory status in QuickBooks Online.

 

I'm always here together with the Community people if you still need a hand. Let me also know how these things work for you. I want to make that you're good to go. Stay safe, and be well!

Highlighted
Level 2

I need to add 1000 pcs to my Inventory. How do I adjust quantity not under account "Inventory Shrinkage"so that 1000 pcs will be added to my inventory with the same cost?

Thanks everyone @SarahannC @MirriamM @BettyJaneB @DivinaMercy_N for your help.

I will try to use all the ways you have suggested.

Just one more last question:
What if I could change the starting value of my inventory and just add 1000pcs to it? Will all the accounts be set up accordingly and correctly?

Highlighted
QuickBooks Team

I need to add 1000 pcs to my Inventory. How do I adjust quantity not under account "Inventory Shrinkage"so that 1000 pcs will be added to my inventory with the same cost?

Thanks for considering the steps suggested by my colleagues above, @thegreyiam.


Allow me to chime in and share with you more information about inventory adjustment in QuickBooks Online.

First off, editing or adding 1000 pieces to the starting value for your inventory will not affect the already created transaction, but will affect the amount of the item you've initially set up.

 

Also, yes, the accounts set up initially will still be set up the same way and correctly as long as you don't change the account when editing your inventory quantity.


A74.PNG

Lastly, I'll be providing this article to gain more insights on how to edit your inventory quantity so you'll be able to manage it effectively and efficiently: How do I edit my Inventory quantity adjustment in QuickBooks Online?

 

Please let me know if you need more help with your inventory adjustment. I'd be glad to assist you further. Take care and have a great day, @thegreyiam.

Highlighted
Level 2

I need to add 1000 pcs to my Inventory. How do I adjust quantity not under account "Inventory Shrinkage"so that 1000 pcs will be added to my inventory with the same cost?

thank you everyone @ReyJohn_D @SarahannC @MirriamM @BettyJaneB for your suggestions. It is great I could have more than one solution and was able to consider and choose. 

Still the easiest and quickest way to add up inventory is to change the starting value. When I did so, I got what I wanted and the accounts set up accordingly as I wanted. Thanks again

View solution in original post

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