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accounting-ygpso
May 1, 2022
Question

Items adjust quantity issue.

  • May 1, 2022
  • 1 reply
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Hi, I was very confused with QBO. Here's my case. 1. At first, I set my entire QBO account into zero zero everything. 2. All my items/inventory are also at ZERO QTY on hand. I checked Charts of Accounts > Inventory Asset > Ending balance Php0.00 , which is correct. 3. I went back to Sales > Products and Services > locate one of my products > edit > adjust quantity > under Inventory Adjustment account, i chose "Stocks/Inventory Top Up" > New Qty i put 3 , with the impression that my inventory asset will also update into ending balance of Php150 total. 4. I went back to my charts of account > Inventory Asset > ending balance is still at Php0.000 Seems like QBO is telling me that "Items adjust quantity" would mean "minus to assets" , not "add to assets"? Why is that? I thought that when I added /adjusted the quantity of my stocks/inventory from zero to 3, my inventory asset value would increase. Please enlighten me on this. Thank you!

1 reply

KlentB
KlentB
May 1, 2022

I can shed a light on that, accounting-ygpso.
 

Adding an inventory quantity in QuickBooks Online should increase the balance of the Inventory Asset account. I've also tried creating on my end and was able to raise the balance of my account.

 

Please know that the program automatically posts the adjustments to your Inventory Asset and Cost of Goods Sold accounts. To ensure that it will affect the balance, you can select the default COGS account (Inventory Shrinkage). Here's how:

 

  1. Click the Magnifying glass icon.
  2. Under Recent Transactions, select the adjustment you've entered.
  3. From the Inventory adjustment account drop-down menu, select Inventory Shrinkage.
  4. Click Save and close.

If the same thing happens, I'd recommend accessing your QBO company using a private or incognito window.  There are times that the accumulated cache in the browser causes data issues in the program. Here are the keyboard shortcuts: 

 

  • For Firefox or Microsoft Edge, press Ctrl + Shift + P.
  • For Chrome, press Ctrl + Shift + N.
  • For Safari, press Command + Shift + N.

After that, check the account again. If it's now showing the correct balance, go back to your regular browser and then clear its cache to delete the stored junk files. Alternatively, you can use a different browser to further isolate the issue.

 

Lastly, here a references that you can visit to help track your inventory status and performance: Use reports to see your sales and inventory status.

 

If you have any other questions about inventory, please feel free to leave a comment below. I'll get back here as soon as I can to answer them.

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