Credit against a vendor account

It seems you're managing your inventory and vendor credits correctly, SR6109. Let's resolve that incorrect part with an inventory adjustment in QuickBooks Desktop (QBDT).

QBDT automatically updates inventory quantities and values as you track each purchase and sale. However, adjustments may be necessary to ensure your inventory status in QuickBooks remains accurate and up-to-date.

First, decide which kind of adjustment you need.

• Quantity on hand - This is how you track any decrease or increase in product quantity, not because of a sale or purchase. This is what we're adjusting today.
• Total value - Things like seasonal demand or spoilage can affect this value.

Then, set up your inventory adjustment account in your chart of accounts. Follow the steps below to do this.

1. On the top menu, go to Company and then Chart of Accounts. You can also use the keyboard shortcut Ctrl + A.
2. Navigate to the Account dropdown, then click New.
3. From the Other Account Types dropdown, select Cost of Goods Sold.
4. Name this account "Inventory Adjustments."
5. Hit Save and Close.

Once you've set that up, you can adjust a product's quantity or value. Here's how:

1. On the top menu, go to Vendors and then Inventory Activities.
2. Select Adjust Quantity/Value on Hand.
3. Fill out the form by picking the appropriate adjustment type and account. Also, enter the adjustment date and reference number in their respective fields.
4. Click Find & Select Items to choose the items you want to adjust. You can also use the Find field to search for products.
5. Press Add Selected Items. 
6. Add a new quantity for each item.
7. Hit Save and Close.

    

To dive deeper into adjusting your inventory, browse this article: Adjust your inventory quantity or value.

Moving forward, view your inventory status reports to ensure everything looks good. Here's how:

1. Go to Reports and then Inventory.
2. Check these reports:
   • Inventory Valuation Summary - to check your product's value
   • Inventory Stock Status by Item - to check your product's quantity
3. Review the reports and ensure everything is correct.

If you have any other inventory concerns in QBDT, please don't hesitate to leave a comment below. Adjusting your inventory is crucial for maintaining accurate financial records, and I'm here to help you achieve that.