Comments on: QuickBooks Inventory Quantity and Value Adjustments

By: Charlie

Charlie — Mon, 02 Jan 2012 19:27:55 +0000

Nora, I don’t see that in my Premier 2012 (US) version. What product are you using?

By: Nora

Nora — Sat, 31 Dec 2011 17:22:59 +0000

I need to know what I can do about inactive items still showing up on my “adjust quantities on hand” page. It makes it very difficult to keep track of items that are still active and items no longer sold. I run a flooring business and multiple items we no longer sell are still listed on that page.

By: Charlie

Charlie — Fri, 30 Dec 2011 01:48:51 +0000

If it is an existing adjustment, just locate that adjustment and then change the date. Note that this can affect other transactions, so be careful. For example, if you move an adjustment out to a farther date, and that reduces the quantity on hand of an item that is used on an existing build, you could turn that build transaction into a pending build. Lots of things can change.

By: Sawaya

Sawaya — Thu, 29 Dec 2011 23:05:02 +0000

How would I go about changing the date of an adjustment?

By: Charlie

Charlie — Fri, 18 Nov 2011 18:38:52 +0000

Shiraz, you don’t want to adjust the inventory (most likely) without knowing what is creating the problem. It is hard to determine without having hands on your file. You don’t mention what year or product or edition of product you are using, either.

Sometimes the data is corrupted – there is a “rebuild” option that you can run to try to clean up the file. However, Rebuild doesn’t fix everything. You might find it best to work with a qualified ProAdvisor who can look at the file for you. ProAdvisors have a version of QB that has additional diagnostic tools for inventory (depending on what year of product you have).

By: Shiraz

Shiraz — Fri, 18 Nov 2011 01:33:28 +0000

I have a client which as of 12/31/10 had 900,000 of inventory and as of 1/1/11 the inventory stated 788,000 leaving a discrepancy of 112,000 on the balance sheet. I have recently taken on the project of fixing this and have discovered the issue. I don’t know why or how this happened as there were no transactions b/w these two dates, considering they are 1 day apart, there shouldn’t be.

How do I go back to fix this issue or how to I adjust the inventory to the correct amount so that the balance sheet balances?

By: Charlie

Charlie — Fri, 26 Aug 2011 16:09:11 +0000

Mindy – are you using a Mac version, perhaps?

Thank you for the compliment – note that MOST of my new articles are appearing in a new blog, “QuickBooks and Beyond”, found at http://www.sleeter.com/blog/

By: Mindy

Mindy — Fri, 26 Aug 2011 04:33:40 +0000

DAN-Your question was identical to the one I had – thanks so much! If you ever read this, I’d love to know what software you’re using for inventory tracking of the “little stuff” and pricing – I’m in the exact same boat as you and can’t use the Manufacturing version of QkBks due to operating system incompatibility.
CHARLIE – GREAT BLOG! Have never had more clear explanations of some really complicated concepts. I’ve bookmarked it and I’m sure my accountant will thank you for saving her the headaches

By: Charlie

Charlie — Mon, 21 Feb 2011 17:36:25 +0000

If you do a physical count and adjust to the count, and then later make an adjustment that brings you to a negative level, then you either have a problem in tracking your usage or you are having a problem with loss, theft or whatever. A negative value says that you have either entered a value incorrectly (entering 16 instead of 1.6, for example), that you have missed a transaction (you forgot an adjustment when you added something to the bottle? or someone is removing inventory without recording it), that you are mismeasuring transactions (very good chance of this I would guess – you entered 1.6 but really used 1.8).

You have to determine what the cause of the discrepancy is, take a physical count of the item, adjust it to the appropriate level and to the appropriate account.

By: Cat

Cat — Sun, 20 Feb 2011 22:21:14 +0000

Hi Charlie, I use quickbooks to track bar liquor inventory. Invoices are entered by inventory item and used bottles are accounted for in an inventory adjustment, thus decreasing inventory amounts. But when I take physical inventory, to do an adjustment, I may have a number such as 1.6. When I enter this adjustment, and then do a used bottle adjustment later on, I can end up with a negative inventory amount… do you have any suggestions?