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Dianna101
December 22, 2022
Question

Periodic Inventory Adjustments in Manufacturing

  • December 22, 2022
  • 1 reply
  • 0 views

We are a manufacturing company who uses the Periodic Inventory System. We hope to use the Advanced Inventory option from QuickBooks Enterprise to be able to produce inventory count sheets that list all of the bin locations of products within specific sites. After Inventory is counted, we could then hopefully make adjusting entries to bring our current inventory to the correct value of what was counted. 

My question is if and how making the adjusting entries will be affected by changing to the Advanced Inventory module?

Thanks!

1 reply

Daniela_A
Daniela_A
December 23, 2022

We are happy to hear about your interest in using one of our features, @Dianna101.

 

Allow me to chime in and share some insights about Advanced Inventory.

 

You can track inventory at different sites or locations once Advanced Inventory is enabled. For instance, you might keep inventory in various trucks, warehouses, different locations, or outside producers. You must appropriately configure this option to ensure that your quantity on hand by site is accurate. Moreover, turning on this feature won't affect the adjusting entries.

 

I suggest giving this article a review for additional info: Set up Advanced Inventory.

 

Additionally, I've added these articles that'll help you combine inventory parts and other items to create finished goods in QuickBooks Enterprise:

 

Feel free to mention me in the comments below if you need further assistance. Happy holidays, Dianna101!

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Dianna101Author
December 27, 2022

Hi @Daniela_A,
Thanks so much for your reply! I'm still wondering, with Advanced Inventory, when you make adjustments I assume you adjust the inventory number or value in a specific bin location or site, and not simply the total number/value of the inventory?
Happy holidays 🙂

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Trish_T
December 27, 2022

Hi Dianna101,

 

Thanks for getting back to us here.  There are times when you need to create inventory adjustments in QuickBooks to keep your inventory accurate.  Occasionally, you may need to adjust the quantity on hand for tracking a decrease or increase in your products that isn't related to a purchase or sale.  On the other hand, you may find it necessary to adjust the total value of a product.  However, it's recommended that you reach out to an accounting professional for their expertise before adjusting inventory values.  If you don't have an accountant, we can help you locate a ProAdvisor in your local area.  Here's a helpful guide to assist you with making inventory adjustments.

 

If you require additional assistance, please don't hesitate to contact us.  Your success is our number one priority and we'd love to help!

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