I’m glad you reach out to the Community about your inventory concern, Singyin.
I’m here to ensure your records including reports have the correct information. Let’s create a journal to fix the incorrect asset value amount.
Before adding the transaction, I recommend consulting your accountant to determine the specific accounts and category type to use. This is to prevent from throwing off your books. Once you have the information, follow the steps below to create the entry.
Here’s how:
- In QuickBooks Online (QBO), click the New menu in the upper right and choose Journal entry under Other.
- These steps will open the Journal Entry screen.
- Enter the Journal date and Journal No. in their appropriate fields.
- Head to the first line and click the Account drop-down to select the category type.
- Go to the next line and choose the account you’re moving money to or from.
- In the Debits and Credits column, make sure the amounts are the same to balance the accounts.
- Tap the Save and close button.
You can read this article to learn more about correcting a quantity without recording a purchase or sale, to match what you have in stock: Adjust inventory quantity on hand in QuickBooks Online. From there, you’ll see the instructions to edit or delete your adjustment.
In case you encounter inventory issues, this link outlines the steps on how to resolve them. It includes the steps on how to count the entire inventory, check the ones that are out of stock, and convert open purchase orders to bills, to name a few.
Reach out to me again if you have additional concerns about your asset value or inventory. I’ll jump right back in to assist further. Have a great day ahead.
