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Level 1

QBO: Other > Inventory Adjustment. Auto creates account called Inventory Shrinkage if it does not already exist. Even if I choose a different account. Bug/Feature?

 
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Best answer April 17, 2019

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QuickBooks Team

QBO: Other > Inventory Adjustment. Auto creates account called Inventory Shrinkage if it does not already exist. Even if I choose a different account. Bug/Feature?

Hello there, @wz-lieberman.

 

It's my pleasure to help you share information about inventory adjustments in QuickBooks Online (QBO).

 

Once inventory tracking is enabled on your QBO account, when creating an inventory adjustment, QuickBooks automatically creates the Inventory Shrinkage account. This is how QBO works and it is part of the QBO feature.

 

If you wish to select another account when creating adjustment, you can simply click on the drop-down arrow under Inventory adjustment account and select the correct account you want.a7 inv ajd.PNG

 

You can read these articles to learn more about inventory tracking in QBO:

 

Please feel free to add a comment below if you have any other questions about inventory, I'll be always here to help you. Wishing you the best!

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Highlighted
QuickBooks Team

QBO: Other > Inventory Adjustment. Auto creates account called Inventory Shrinkage if it does not already exist. Even if I choose a different account. Bug/Feature?

Hello there, @wz-lieberman.

 

It's my pleasure to help you share information about inventory adjustments in QuickBooks Online (QBO).

 

Once inventory tracking is enabled on your QBO account, when creating an inventory adjustment, QuickBooks automatically creates the Inventory Shrinkage account. This is how QBO works and it is part of the QBO feature.

 

If you wish to select another account when creating adjustment, you can simply click on the drop-down arrow under Inventory adjustment account and select the correct account you want.a7 inv ajd.PNG

 

You can read these articles to learn more about inventory tracking in QBO:

 

Please feel free to add a comment below if you have any other questions about inventory, I'll be always here to help you. Wishing you the best!

View solution in original post

Highlighted
Level 2

QBO: Other > Inventory Adjustment. Auto creates account called Inventory Shrinkage if it does not already exist. Even if I choose a different account. Bug/Feature?

Hi, can you tell me WHY QBO automatically assigns an adjustment to Inventory Shrinkage? 

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QuickBooks Team

QBO: Other > Inventory Adjustment. Auto creates account called Inventory Shrinkage if it does not already exist. Even if I choose a different account. Bug/Feature?

Hi there, Sweetunda.

 

Inventory Shrinkage is one of QuickBooks Online's pre-created accounts. As mentioned by my colleague above, this is automatically created once you adjust the quantity on hand on your inventory product. QuickBooks uses this account to record all the changes or adjustments.

 

If you wish to use another account when creating adjustment, click on the drop-down arrow under the Inventory adjustment account and choose the correct account you want as my peer provided.

 

If you need to undo the adjustment, you can delete it to remove any records of adjustments. However, this will not remove the Inventory Shrinkage account in the system.

 

Here's how:

 

1. Click the Search icon at the top right.

2. Select 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.

 

You can read through this article for additional information with the solution above: How to adjust inventory quantity on hand.

 

Please check this article on how to check your inventory so you'll always have an accurate count: Fix negative inventory issues in QuickBooks Online.

 

If you have any other concerns, don't hesitate to let us know. I'm here to help.

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Level 2

QBO: Other > Inventory Adjustment. Auto creates account called Inventory Shrinkage if it does not already exist. Even if I choose a different account. Bug/Feature?

This is so dumb.

 

1) The account should be named Inventory Adjustment, not Inventory Shrinkage. There are times when you need to adjust the inventory upward, like in the event of finding lost inventory.

 

2) If you change the name of the Inventory Shrinkage account to Inventory Adjustment, the next time you make an inventory adjustment, quickbooks automatically makes a new account called Inventory Shrinkage and defaults to using it for the adjustment.

 

Please fix this.

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Moderator

QBO: Other > Inventory Adjustment. Auto creates account called Inventory Shrinkage if it does not already exist. Even if I choose a different account. Bug/Feature?

Hey there, @rtm.

 

I understand how beneficial being able to change the name to Inventory Adjustment. Right now, making it inactive or changing the name to a different one will not get rid of the Inventory Shrinkage account.

 

For now, the only workaround available is to create your own account and choose it every time you make adjustments (see sample screenshots below). 

 

 

 

We take these suggestions as a guide on which area of the product we should improve. I’ll submit feedback on your behalf about this feature for consideration in future updates.


Your voice is important to us, and we take customer’s suggestion as an opportunity to guide us on which area of the product we need to improve on.

 

To stay updated about the latest features being rolled out, visit the QuickBooks Blog page.


If there’s anything else I can help you with, click the Reply button and post a comment. I’ll be right here ready to help you. Have a good one.

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Level 2

QBO: Other > Inventory Adjustment. Auto creates account called Inventory Shrinkage if it does not already exist. Even if I choose a different account. Bug/Feature?

Thanks so much! Apologies for the delay in responding. 

Highlighted
Level 1

QBO: Other > Inventory Adjustment. Auto creates account called Inventory Shrinkage if it does not already exist. Even if I choose a different account. Bug/Feature?

I am adding inventory adjustment as a new account. I have a few questions:

 

Should account type be cogs?

Detail Type I imagine should be supplies and materials

Should it be a sub category to Inventory(other current assets) / inventory asset (other current assets) / inventory shrinkage (COGS) / or no sub category?

 

Here is the situation we purchased 10,000 units to resell and the vendor always provides a few extra.  So we dont purchase them. But i want to make sure inventory is correct. 

Highlighted
Level 1

QBO: Other > Inventory Adjustment. Auto creates account called Inventory Shrinkage if it does not already exist. Even if I choose a different account. Bug/Feature?

How can I batch delete the IAQ? I have several products and would like to delete the IAQ for them in one quick step.

 

Thank you

Highlighted
QuickBooks Team

QBO: Other > Inventory Adjustment. Auto creates account called Inventory Shrinkage if it does not already exist. Even if I choose a different account. Bug/Feature?

I can help you remove your inventory items in QuickBooks Online, @rughdesign.

 

QuickBooks Online has a Batch action feature that allows you to make your items inactive in just a snap. Let me guide you through the steps:

 

1. Click the Gear icon.

 2. Select Products and Services.

 3. Mark the items you'd like to remove.

 4. Click the Batch actions drop-down.

 5. Choose to Make inactive.

6. Click Yes to complete the action.

 

You also have the option to restore deleted products or service items. Please check out this article for the complete steps: How to edit, delete, and restore list elements.

 

Please let me know if you need further help with your inventory management. I'll be glad to work with you at any time. Have a good one!

                                                                                                       

Highlighted
Level 1

QBO: Other > Inventory Adjustment. Auto creates account called Inventory Shrinkage if it does not already exist. Even if I choose a different account. Bug/Feature?

Hello, I'm looking for some help with the following issue;

I have started a new company and instead of adding the inventory to the first purchase order I added it as a starting quantity amount when I uploaded the inventory list. I then adjusted the amounts of each inventory to 0 and then added the amounts to the purchase order like I should have done originally. I now have a problem with Inventory shrinkage and it is effecting my Profit and Loss Report. 

How can I remove the Inventory shrinkage and original starting value in the Inventory Asset account on QuickBooks Online?

 

Thanks

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