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September 1, 2024
Question

Turning on Inventory and making adjustments

  • September 1, 2024
  • 1 reply
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 We use QB Enterprise for Mfg. I turned on Advanced Inventory, I want to be sure I make the correct adjustments.  Which report do you feel is best to run to be sure I am adjusting the right amounts for the right year?

1 reply

September 1, 2024

I can share some information regarding what report you can use to see the product's value, juliac2.

 

When checking your product's value, you can run an Inventory Valuation Summary report by following these steps:

 

  1. Go to the Reports menu, then click Inventory dropdown.
  2. Choose Inventory Valuation Summary to see your product's value, while Inventory Stock Status by Item to review your product's quantity.
  3. Locate the items you've adjusted and ensure everything is accurate.

 

On the other hand, if you want to see the adjustments you've made, it's best to create an adjustment account to track these changes by going to the Chart of Accounts. Afterward, you can run a Custom Report to see the adjustments you've made for a certain period.

 

Here's how:

 

Step 1: Create an adjustment account in the Chart of Account

 

  1. Go to the Company menu, then click Chart of Accounts.
  2. Click the Account dropdown, then choose New.
  3. You can tick the Other Account Types, and select Cost of Goods Sold as the Account Type.
  4. Click Continue.
  5. Enter the Account Name, then fill out other necessary information.
  6. You can click Save & Close or Save & New.  

 

Step 2: Run a Custom Report

 

  1. Go to the Reports menu, choose the Custom Reports dropdown, then click Transaction Detail.
  2. From the Display tab, filter the Dates according to your preferences.
  3. In the Search Columns, you can search and tick the columns that you'd like to include in your report.
  4. Go to the Filters tab, then search and click Transaction type from the Filter search bar.
  5. From the Transaction Type dropdown, choose Inventory Adjustment.
  6. Click OK.

 

You can also check out these articles for more information regarding viewing the adjusted amount and efficiently tracking your inventory:

 

 

Furthermore, you can refer to this guide to personalize your report: Customize reports in QuickBooks Desktop.

 

We're still here to help if you have additional questions regarding adjusting the product's amount, juliac2. Please feel free to let us know.