Question

physical inventory counts

Forum|Forum|3 years ago
December 23, 2022
1 reply
5 views

I have printed our Physical Inventory Worksheets and have performed the inventory counts. How do I enter the counts into Quick Books Desktop 2022??

QuickBooks Desktop

J

JamesAndrewM

Moderator

Welcome to the Community, @Ironworker.

You can manually add the items on Quickbooks Desktop (QBDT). Alternatively, you can import a list of items and their quantities into QuickBooks using the Import feature.

To enter a physical inventory count in QBDT, follow these steps:

Go to the Lists menu and select Item List.
Click the Item button at the bottom of the window, then click New from the dropdown menu.
In the New Item window, choose Inventory Part from the Type dropdown menu.
Enter the name and other details of the item, then click the Inventory tab.
In the On Hand field, enter the current quantity of the item that you counted during your physical inventory.
If the item has a reorder point, enter the value in the Reorder Point field.
In the Cost field, enter the cost of the item.
Click OK to save the item.

You can repeat these steps for each item in your physical inventory.

To import inventory data, you can follow these steps:

Go to the File menu and select Utilities.
Select Import, then follow the prompts to import your inventory data.

You can visit these articles to learn about receiving and tracking inventory:

Feel free to reply to this post if you need further assistance. Have a good one!

S

SBW

That doesn't answer the question. The "items" have already been created. The OP as well as I, have performed our annual inventory count and need to enter the new quantities on hand into QB. We should then be able to view some sort of variance report that we can review and investigate the variance as needed.

So, we have printed the Inventory Count Sheets, counted the parts (items) and need to update.

Where do we do that?

Thanks

A

Archie_B

Level 6

Good day, SBW.

Allow me to assist you in updating your inventory parts in QuickBooks Desktop so that they remain accurate.

To keep your inventory status in QuickBooks accurate, it's normal to adjust a product's quantity from time to time.

To start, we'll need to create an adjustment account in your chart of accounts to track your changes.

Here's how:

Go to Company, then Chart of Accounts.
Select the Account ▼ dropdown, then New.
From the Other Account Types ▼ dropdown, select Cost of Goods Sold.
Name this account “Inventory Adjustments”, and then Save and Close.

Once done, you can now adjust a product’s quantity. Like this:

Go to Vendors and then Inventory Activities. Then, choose Adjust Quantity/Value on Hand.
Tap Inventory, then Adjust Quantity/Value on Hand.
Pick the Adjustment Type ▼ dropdown, then select Quantity, and then the adjustment account we've set up in the Adjust Account ▼ dropdown.
Enter the Adjustment Date.
Add Reference No. You can also assign a customer, job, or class.
Click Find & Select Items. Select the items you want to adjust. If you have a lot, search for any product in the Find field.
Hit Add Selected items.
Add a new quantity or new value (or both) for each item. The difference should be negative if you’re recording a decrease in quantity. If you’re recording an increase, it should be positive.
Select Save and Close.

I'm adding this article for more information in adjusting the quantity or total value of your products: Adjust your inventory quantity or value in QuickBooks Desktop.

You can also visit our Help Page for more related topics and helpful articles about managing inventory.

Feel free to let me know if you still have other concerns about inventory management. I'd be delighted to assist. Have a great day!

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