Software Applications

Quickbooks 2004/2005 Training

Adjusting Inventory

Although QuickBooks can automatically update your inventory when items are received and sold, you’ll need to manually adjust inventory to account for gains and shrinkage (theft, breakage, etc.):

  1. From the Vendors menu, select Inventory Activities, and then select Adjust Quantity/Value on Hand from the submenu.

The Adjust Quantity/Value on Hand window opens.

  1. Confirm the date and enter a reference number (optional).
  2. Select the adjustment account from the drop-down menu. For losses, this will be an expense account associated with the loss; for gains, it will be an income account.

Note: You should create separate adjustments for each account.

  1. Select the associated customer and class, as appropriate. This is optional.
  2. To adjust the quantity of an item in the inventory list, enter the new quantity or the difference in quantity (whichever you prefer) into the appropriate column.
  3. To update the value of inventory items, select the Value Adjustment checkbox. This displays the New Value column. Enter the new value of the items you’re adjusting.
  4. Click Save & Close to update the inventory.