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jh2399
jh2399
Community Contributor **
posted
‎08-16-2019 11:07 AM
last updated ‎August 16, 2019 11:07 AM

Inventory Adjustment

Hello Everyone,

 

We are currently in the process of switching from a different accounting software to QuickBooks Premier 2019.

 

The issue that I'm having is that some of the inventory parts were entered with a 0 balance, when in actuality we had some on hand, and now I'm looking to correct that mistake. As far as I know you can change inventory in 3 different ways: you can receive the inventory with or without a bill, or you can make an inventory adjustment. I'm almost positive that I don't want to receive the inventory, so it looks like I'm looking at inventory adjustment.

 

My problem is then that I'm not sure exactly what my adjustment account should be. I'm pretty sure that I don't want it to be an income or expense as I don't think I'd want it to show up on the Profit and Loss report, but QuickBooks warns me about this when I choose Inventory Asset. Do I not actually want to adjust it using this account? What would be a better account if I don't want to use that one?

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Best answer 08-16-2019
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Alessandra_B
QuickBooks Team
‎08-16-2019 01:13 PM

Re: Inventory Adjustment

Hello there, @jh2399.

 

I see that you've posted this on a separate thread. My colleague has already provided their answer.

 

To view their answer, you can go to this link: https://quickbooks.intuit.com/learn-support/en-us/other-questions/re-inventory-adjustment/01/359079#....

 

We also have our Help Articles page if you want to learn some "How do I" steps in QuickBooks Desktop. 

 

Please don't hesitate to let me know if you have any other questions. 

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Alessandra_B
QuickBooks Team
‎08-16-2019 01:13 PM

Re: Inventory Adjustment

Hello there, @jh2399.

 

I see that you've posted this on a separate thread. My colleague has already provided their answer.

 

To view their answer, you can go to this link: https://quickbooks.intuit.com/learn-support/en-us/other-questions/re-inventory-adjustment/01/359079#....

 

We also have our Help Articles page if you want to learn some "How do I" steps in QuickBooks Desktop. 

 

Please don't hesitate to let me know if you have any other questions. 

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jh2399
jh2399
Community Contributor **
‎08-16-2019 01:48 PM

Re: Inventory Adjustment

Thanks, I didn't mean to create a duplicate. The first time I posted it, it said my post was rejected, so I thought maybe I had placed it in the wrong section.

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