Small business owners must carefully manage their inventory to keep their books in order. When a customer buys a product, you must remove a unit of that product from your inventory. Assuming you use Intuit’s Quickbooks accounting software, you can easily keep track of your inventory. But what if you need to adjust the quantity of your inventory?
If you need to adjust an inventory quantity without recording a sale transaction, you can do so using Quickbooks by performing the following steps.
First, log into your Quickbooks account as the administrator and choose the Plus (+) icon, followed by “Inventory Quantity Adjustments.” Next, enter the adjustment date, which is essentially the date you wish to adjust. You can then enter the Inventory Adjustment Account and select a product. Keep in mind that Quickbooks will automatically pre-populate both the description and current quantity of the inventory. However, you can enter your own custom description in the “Description” field. This is completely optional, though, and will not affect the adjustment of your inventory.
After completing the aforementioned steps, enter a new quantity for the inventory in the filed labeled “QTY.” You’ll also see an option to enter additional products. When you are finished, click “Save” to finish the process and save your changes. Sorry if you were expecting more, but that’s all it takes to adjust inventory using Quickbooks! Upon completing the steps, Quickbooks will record the adjustments to your stock Asset and Cost of Goods Sold, which you can find under stock Shrinkage.
Of course, you can also delete or edit an inventory adjustment. To edit or delete an inventory adjustment, log into your Quickbooks account and choose the Find (+) button, followed by “Advanced search.” From here, select “All Transactions,” at which point you should see a drop-down menu appear. Scroll through the drop-down menu and choose “Inventory Quantity Adjustment,” followed by ‘Search.” Go through your list of inventory adjustments, and once you’ve found the one you wish to modify, choose either “Edit” or “Delete,” depending on the action you wish to perform.
Editing or deleting an adjustment inventory is relatively simple. You either delete the inventory adjustment or modify it, after which you can click “Save” to complete the change.
Did this tutorial work for you? Let us know in the comments section below!