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K
Korfyp
April 4, 2019
Question

Future-dated inventory adjustments?

  • April 4, 2019
  • 1 reply
  • 1 view

Hello all.  We recently had some consultants "help" with our inventory woes, and I'm working to uncover all the things they screwed up. >:(  I found adjustment entries on products that look like this (this is on the Inventory Center view of a particular product):

 

 

Dec 2018 PI refers to a physical inventory count that we did in December 2018, which resulted in a bunch of adjustments like this one.  However, it appears this adjustment was incorrectly postdated for December 2019.

 

From this I infer that, effectively, the adjustment hasn't yet happened.  My gut tells me this is very bad, as this same apparent mistake is repeated across many products.  Am I right?  If so, what's the best approach to correcting this?  Thank you!

1 reply

JaneD
JaneD
Level 6
April 4, 2019

Good day, Korfyp.

 

I appreciate you checking in with us. I'm here to address your inventory adjustment concern.

 

You can edit the adjustment date anytime in QuickBooks Desktop. However, if there are transactions from the correct date of the adjustment, I recommend consulting an accountant prior to changing it.

 

Just open the inventory adjustment and enter the correct date in the Adjustment Date field.

 

I've attached some great articles about managing inventories in QuickBooks:  

That should do it. Please let me know if you have further questions. I'm always glad to help.

K
KorfypAuthor
April 4, 2019

Great, thank you for the information.   Am I correct in understanding that - if we take no action - these adjustments will take effect 8 months from now on December 31 2019?  And thus, whatever adjustment intended for December 2018 has not taken effect?

 

This item, plus hundreds more, have been sold thousands of times since the incorrect adjustment was made.  I'd like to better understand the severity of this, so please don't hesitate to use words similar to disaster if doing so would better communicate the magnitude of the mistake to me. 

A
Anonymous
April 4, 2019

It's nice to see you here again, @Korfyp,

 

Allow me to chime in and share some information about your inventory adjustments in QuickBooks Desktop.

 

Yes, you're right!  When you create the adjustment, you enter the date that you made the physical count of your inventory or the effective date when you want it to reflect. 

Here's a more simplified instruction to guide you with adjusting your inventory:

  1. Go to the Inventory menu.
  2. Click Adjust Quantity/Value on Hand.
  3. Complete the adjustment information and add the effective date in the Adjustment Date field.
  4. Click Save & Close.

You may want to refer to the article JaneD attached in her post above to know more about how the adjustment works.

 

As always, please let me know if I can be of additional assistance. I'd be delighted to work with you anytime. Have a great day!

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