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sychan
October 30, 2020
Solved

stock adjustment - qty and value

  • October 30, 2020
  • 1 reply
  • 0 views

I would like to seek advice on how to adjust stock qty and value:

 

I made a mistake when creating Purchase Order and receiving the Order (bill paid and inventory qty / value updated) : I input the purchase qty to a wrong Product and would like to adjust.

Basically the total qty and total value of inventory is correct,  I only need to re-match the qty & value to the correct products.

Both products have zero qty before this PO, what is the best way to handle?

 

I tried to use "inventory qty adjustment" but since I could not enter value, therefore not sure how to proceed.

Can I just update the qty and value in the Product Sheet?

 

Thanks for the advice.

 

Regards,

SY Chan

Best answer by JessT

Hi SY Chan,

 

Thank you for the additional details. Let me continue to help you out.

 

As for the quantity correction, you can follow the steps for adjusting the quantity. However, for the price correction, you'll want to do it on the receipt transaction itself. Actually, it would be better if you can correct both the quantity and the price of the items on the Item Receipt transaction. That way, you'll have a correct Cost of Goods Sold value when you sell these items.

 

Let me know if you have more questions about your transactions.

1 reply

R
ReymondO
October 30, 2020

Yes, you can update the quantity and value of the product in the Product/Service information window, @sychan.

 

Let me show you how:

 

  1. Go to Sales and select Product and Services.
  2. Look for the item and then click Edit.
  3. Under the Quantity on hand section, select Quantity.
  4. Once the Inventory Quantity Adjustment window opened, enter the new quantity in the NEW QTY column.
  5. Click Save and close.

 

In addition, you can run the Physical Inventory Worksheet report in QuickBooks. This will show you the list of inventory items, with space to enter your physical count so you can compare to the quantity on hand in QBO. Just go to Reports and open the Physical Inventory Worksheet report.


Please know that our doors are always open to help you with any QuickBooks-related concern. Take care, and enjoy the day! 

S
sychanAuthor
October 31, 2020

Thanks @ReymondO 

 

My issue is mixing up the Inventory Receipt of 2 Products, I need to adjust both qty and  inventory value.  May I recap my problem:

 

I should have ordered:

Product A x 10 pcs x $2 each

Product B x 20 pcs x $2 each

 

However I made a mistake of creating PO and receipt as follows:

Product A x 30 pcs x $2 each = total $60 value

Product B x 0 Pce

 

Now I need to deduct 20 pcs (value $40) Product A and increase 20 Pcs of Product B. 

What can I do?

 

Thanks for your advice.

 

Best regards,

SY Chan

JessT
JessTAnswer
October 31, 2020

Hi SY Chan,

 

Thank you for the additional details. Let me continue to help you out.

 

As for the quantity correction, you can follow the steps for adjusting the quantity. However, for the price correction, you'll want to do it on the receipt transaction itself. Actually, it would be better if you can correct both the quantity and the price of the items on the Item Receipt transaction. That way, you'll have a correct Cost of Goods Sold value when you sell these items.

 

Let me know if you have more questions about your transactions.

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