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dave203
Level 1
posted
‎April 04, 2022 12:14 AM
last updated ‎April 04, 2022 12:14 AM

How to adjust value of stock on hand

According to my Stock Valuation Summary, I have stock items with nil QTY on hand, but an ASSET VALUE.

 

Looking at one of these items, it appears that in a Supplier Credit transaction QBO has inserted an extra entry between the stock item and Cost Of Goods Sold in addition to the entry returning the stock.

 

There appears to be no way to correct this error! Please advise how to resolve.

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3 Comments 3
Archie_B
QuickBooks Team
QuickBooks Team
‎April 04, 2022 02:55 AM

How to adjust value of stock on hand

Thank you for reaching the Community, dave203.

 

Let me share some insights about adjusting the value of stock on hand in QuickBooks Online.

 

Right now, we can only adjust the quantity of the inventories in QuickBooks Online and not the value or amount. Also, you need to be careful when you save an adjustment. QuickBooks will automatically records appropriate adjustments to your stock Asset and Cost of Goods Sold accounts.

 

Here are some useful articles to learn more about handling inventory and adjustments:

 

 

If your still not sure how to handle this, I'd recommend consulting an accountant. 

 

Feel free to get back to me if you still have other concerns about inventory. I'll be here to help. Have a good day!

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dave203
Level 1
‎April 04, 2022 04:00 AM

How to adjust value of stock on hand

Obviously this does not solve the problem, or even properly explain how it may have arisen in the first place.

 

From an accounting point of view what is required to correct the problem is understood. The issue is the tools appear not to be present in QBO to correct the problem.

 

One can't edit the offending Supplier Credit transaction at the Journal level which gave rise to the problem (which frankly would be the most elegant solution). One can't adjust the value used for a particular transaction. And one can't post a Journal that will post against the Product Value. 

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Rubielyn_J
QuickBooks Team
QuickBooks Team
‎April 04, 2022 06:24 AM

How to adjust value of stock on hand

Thanks for getting back to this thread, @dave203.

 

I recognize how relevant adjusting the stock value on hand to your business is. Currently, this option is unavailable in QuickBooks Online as mentioned by my colleague above.

 

At times, we roll out enhancements based on our customer's requests. That being said, I suggest sending a recommendation to our product developers. They'll review this idea and might consider updating it in the future.

 

Here's how:

 

  1. Go to the Gear located at the top.
  2. Under Profile, click Feedback.
  3. Enter your recommendation and select Submit.

 

You can also utilize this link to check the status and keep you in the loop on our progress of your request: Customer Feedback for QuickBooks Online.

 

I also encourage you to visit this resource that will guide you in tracking your stock in QuickBooks Online: Set up and track your stocks.

 

I hope you will find the alternative essential. As always, add a comment below if you have any other questions about managing your inventories and stocks in QuickBooks. I'm here to help always. Take care!

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