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accounting-hycde
January 2, 2024
Question

How to update inventory counts with big discrepancies?

  • January 2, 2024
  • 1 reply
  • 0 views
The company previous staff did not do the job well and hence the inventory counts on QBO is inaccurate for years. We would really want to update and fix the issues and we have the physical counts. But how should we start without affecting the performance of the company? Will this bring a big loss to the company if we write off a large amount of inventory from our book? How should we start?

1 reply

T
Trish_T
January 3, 2024

Hi there accounting-hycde,

 

Welcome to Community.  I can understand your concerns when it comes to inventory and the quantity on hand.  I would be glad to assist!

 

QuickBooks Online enables you to enter an inventory quantity adjustment.  Follow this link to learn how.   However, if you need to make any changes to the adjustment, I suggest you speak with an accounting professional.  They will be able to provide the best course of action, to ensure a positive outcome in your books.  If you don't have an accountant, we can help you locate a ProAdvisor in your area. 

 

If you have any other questions, please don't hesitate to reach out.  We are always happy to help!

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