Inventory part

Forum|Forum|6 years ago
June 16, 2020
1 reply
0 views

How do I enter inventory part beginning balance?

QuickBooks Desktop

Charies_M

Level 9

It's nice to have you here, Allmer.

In QuickBooks Desktop, you'll want to create an inventory adjustment to record the beginning balance quantities when your set up work is complete rather than entering a beginning balance for inventory part.

I'd be glad to show you how to do it:

Go to List and choose Item List.
Click the Activities button and select Adjust Quantity/Value On Hand.
Fill in the necessary information. For the Adjustment Account, use Opening Balance Equity if the entry is to put the original inventory quantity count into QuickBooks.
Click Save & Close.

For your guide on how to adjust your inventory quantity or value in QuickBooks Desktop, check out this link.

Get back to me if you need more help. I'm always happy to assist. Have a wonderful rest of the day!

AllmerAuthor

I have tried this process but it increases the inventory account balances. I have entered the beginning balances for all my chart of account including inventory accounts before entering inventory part beginning balances.

What is the best practice to go about this.

Thanks

JessT

Moderator

Hello Allmer!

Yes, your inventory account will accumulate the amounts of your adjustments.

Entering an account balance is an alternate way to enter the balance. However, if you need much more detailed transactions, you'll have to delete the beginning balance transaction of the inventory accounts and just rely on the balance accumulated from the adjustments. But before deleting them, please back up your file to keep a copy of the original data before the adjustments.

Feel free to go back to this thread if you have other questions about inventory adjustments. You can also check out our to see some updates in QuickBooks.

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