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blacksmurf
October 4, 2021
Question

inventory adjustments

  • October 4, 2021
  • 1 reply
  • 0 views

i know this topic has been asked many times but im still finding issues with updating my inventory quantities.  i really need to just update the quantities in inventory assets no were else. If i update them in cogs then when i run a profit and loss report its not giving a true cost off my goods sold as most of my sale reported come from inventory assets account

1 reply

T
Trish_T
October 5, 2021

Hi blacksmurf,

 

Welcome to Community!  QuickBooks Online is a great product for tracking and managing your inventory.  I'd be happy to provide more information!

 

Anytime you create and save an inventory adjustment, QuickBooks Online automatically records them to your Asset and Cost of Goods Sold (under stock shrinkage) accounts.  Having it reflected only to the Asset account would cause issues with FIFO, first in first out method used to calculate inventory costs. 

 

If you have any additional questions or concerns, please feel free to reach back out.  We're glad to help!

 

 

 

 

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