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StirredDry
November 12, 2023
Question

Inventory

  • November 12, 2023
  • 1 reply
  • 0 views

Hi Community,

I set up various items at different locations and then entered a Bill with Items and their cost. The Inventory Valuation Report looked great. I then used the Inventory Quantity Adjustment to move goods from one location to another. Sometimes the value of the inventory is accurate, and others I still show a Zero at the new location. Anyone experience this and have a solution? 

1 reply

AlverMarkT
AlverMarkT
November 12, 2023

Thank you for joining us here in the QuickBooks Community, @StirredDry. I can explain why the quantity of your other item shows zero at the new location.

 

I agree with using the Inventory qty adjustment feature when moving items to different locations. However, this feature only allows adjusting an item's quantity increase or decrease. 

 

That said, I recommend creating a corresponding adjustment to the second item when you make a quantity adjustment on the first item to record the transfer of physical goods. Say, for example, you have an item on location A and another on location B. A quantity increase in the first location should have a corresponding decrease in the second location.

 

When done, you can rerun an inventory valuation report to see the changes made.

 

Did you know you can save time tracking and recording your receipts from vendors by just uploading them on QuickBooks Online? I'll add this article here to learn more about uploading receipts from your computer or mobile device: Upload your receipts to QuickBooks Online.

 

You're always welcome in the Community should you have updates or further concerns in managing your inventory. Stay safe.

S
StirredDryAuthor
November 17, 2023

Thanks for the comments.

 

Actually I think I figured out my own question. For the community, I think when you create a second (or more) location, you need to enter an opening value there. I did not do this, and had a zero. The effect was after I moved items from location A to the new location, the entire value was expensed. As soon as I deleted the transfer, and edited the second location with an estimate cost, I had properly valued inventory and a bit more profit. I opted to increase that price at location to B a bit, to include the $5/item that it cost me to move it to the new location. 

 

So there you go.... create an item at a new location WITH an opening value, and then transfer from one to the other! 

 

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