physical inventory counts

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:

1. Go to the Lists menu and select Item List.
2. Click the Item button at the bottom of the window, then click New from the dropdown menu.
3. In the New Item window, choose Inventory Part from the Type dropdown menu.
4. Enter the name and other details of the item, then click the Inventory tab.
5. In the On Hand field, enter the current quantity of the item that you counted during your physical inventory.
6. If the item has a reorder point, enter the value in the Reorder Point field.
7. In the Cost field, enter the cost of the item.
8. 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:

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

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

• Receive inventory
• Understand Inventory Assets and COGS tracking

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

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 

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:

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

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

1. Go to Vendors and then Inventory Activities. Then, choose Adjust Quantity/Value on Hand.
2. Tap Inventory, then Adjust Quantity/Value on Hand.
3. Pick the Adjustment Type ▼ dropdown, then select Quantity, and then the adjustment account we've set up in the Adjust Account ▼ dropdown.
4. Enter the Adjustment Date.
5. Add Reference No. You can also assign a customer, job, or class.
6. Click Find & Select Items. Select the items you want to adjust. If you have a lot, search for any product in the Find field.
7. Hit Add Selected items.
8. 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.
9. 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!

Hello,

I have over 1000 inventory items I need to adjust quantities for, is there no way to copy/paste from the physical inventory worksheet (saved into and updated in Excel)?

Thanks for joining us here, wmboyd.

I'd be glad to inform you that you can copy the data from an Excel file and paste them in QuickBooks to update your inventories. Let me share these steps with you:

1. Go to the List menu and select Add/Edit Multiple List Entries.
2. Click the drop-down list for List and select Inventory Parts.
3. Copy your data from Excel and paste them in the screen.
4. Select Save Changes.

You can also use this feature to update multiple customers, vendors, and other items in the program. Let me also share this article for more details: Add and Edit Multiple Customers, Vendors, and Items.

Just in case you need more information about working with inventories in QuickBooks, check out these articles for more details:

• Adjust Your Inventory Quantity or Value in QuickBooks Desktop 
• Fix Negative Inventory Issues in QuickBooks Desktop 

I'll jump right back to this thread in case you have follow-up questions regarding inventories. The entire QuickBooks Team is also ready to help if you have other questions for us. 

I tried exactly this with one column and it did not work (but pasting only to the QTY ON HAND column).  So what is the correct way to do this?  Do you have to have all the fields (columns) shown in the Add/Edit Multiple List Entries screen in the copy from spreadsheet?

Thank you

Hello there, @wmboyd.

Let me share additional insights about updating the quantity on hand for the inventory items in QuickBooks Desktop (QBDT).

In the Add/Edit Multiple List Entries screen, not all the entries can be modified like the quantity on hand. Instead, you can go to the Adjust Quantity/Value on Hand screen to make changes. 

To do this, here's how:

1. Go to the Vendors menu at the top.
2. Select Inventory Activities.
3. Choose Adjust Quantity/Value on Hand.
4. In the Item column, select the item.
5. Enter the updated quantity in the New quantity column. 
6. Follow step 5 for the other items.
7. Once done, click Save & Close.

For more details in updating your inventory, see this article: Adjust your inventory or value in QuickBooks Desktop.

If you'd want to have a closer look at your inventory, we have several reports you can pull. You can visit our Community help page for more details.

Come back to this post if you have other concerns or follow-up questions. I'll be around to provide further assistance.

Hello Mirriam,

I understand how to do this.  The problem is, we have thousands of parts.  Adjusting each by hand is not practical.

If QB is unable to do this (which I don't understand why they don't support regular DOS commands), for other users I suggest using ZED Axis.

I know, though, that I was able to cut/paste some inventory information previously I've just forgotten how.