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C
Cuprem
August 2, 2023
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Inventory for manufacturer

  • August 2, 2023
  • 1 reply
  • 0 views

We are having trouble with adjusting inventory.  We are a company who manufactures products and found that things were not entered correctly showing many negatives.  When we adjusted inventory it changed our ingredients cost and net income drastically.  Is there anyone familiar with this type of problem.

 

Thank you

Best answer by ReymondO

Hi there. I'm here to guide you through correcting your QuickBooks Desktop inventory

 

It's possible that your inventory adjustment also altered the item value, leading to changes in ingredient or component costs as well as net income.

 

To address this, I recommend deleting the initial adjustment and then making the necessary corrections to rectify your item status. Here's how:

 

  1. Go to the Edit menu.
  2. Click Delete Inventory Adjustment.

 

Once completed, proceed with adjusting your inventory again. To ensure the accuracy of your adjustments, it's advisable to seek guidance from an accountant. Their expertise can assist in handling the adjustments effectively while minimizing any impact on your financials.

 

In addition, you can take a look at your inventory status reports to make sure everything looks good:

 

  1. Select Reports and then Inventory.
  2. To check your product’s value, select the Inventory Valuation Summary. To check your product’s quantity, select the Inventory Stock Status by Item.
  3. Look for the items you adjusted and make sure everything is correct.

 

Additionally, you can refer to this article for insights into adjusting your finished goods inventory without affecting component stock: Adjust your inventory of finished goods.

 

Feel free to use the Reply button below if you have further questions or details to add about adjusting your inventory. I'm here to assist you, Cuprem. Have a great day!

1 reply

R
ReymondOAnswer
August 2, 2023

Hi there. I'm here to guide you through correcting your QuickBooks Desktop inventory

 

It's possible that your inventory adjustment also altered the item value, leading to changes in ingredient or component costs as well as net income.

 

To address this, I recommend deleting the initial adjustment and then making the necessary corrections to rectify your item status. Here's how:

 

  1. Go to the Edit menu.
  2. Click Delete Inventory Adjustment.

 

Once completed, proceed with adjusting your inventory again. To ensure the accuracy of your adjustments, it's advisable to seek guidance from an accountant. Their expertise can assist in handling the adjustments effectively while minimizing any impact on your financials.

 

In addition, you can take a look at your inventory status reports to make sure everything looks good:

 

  1. Select Reports and then Inventory.
  2. To check your product’s value, select the Inventory Valuation Summary. To check your product’s quantity, select the Inventory Stock Status by Item.
  3. Look for the items you adjusted and make sure everything is correct.

 

Additionally, you can refer to this article for insights into adjusting your finished goods inventory without affecting component stock: Adjust your inventory of finished goods.

 

Feel free to use the Reply button below if you have further questions or details to add about adjusting your inventory. I'm here to assist you, Cuprem. Have a great day!

    C
    CupremAuthor
    August 4, 2023

    It did, thank you for helping us on this.  We appreciate it.

    R
    rvrfrf
    August 4, 2023

    Thanks for getting back with the Community, Cuprem.

     

    I'm happy to hear ReymondO was able to help with adjusting your inventory.

     

    You'll also be able to find many detailed resources about using QuickBooks in our help article archives.

     

    Please feel welcome to send a reply here or create a new thread if there's ever any questions. The Community's always here to help. Have a lovely Friday!

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