You’re right, creating a journal entry does not affect the items on inventory reports, @Jax_notsaying. I'm here to help you update your inventory items.
You can create an inventory adjustment to correct the amount in your asset value. I'll show you how it’s done in QuickBooks, and share the step-by-step process to help you familiarize the procedure.
Here’s how:
- Go to the + New button and tap Inventory Qty Adjustment.
- On the Inventory Quantity Adjustment page that appears, set the Adjustment Date.
- Proceed to the Inventory adjustment account drop-down and select the appropriate account.
- Enter the products in the Product field drop-down.
- Provide a new quantity or a change in quantity.
- Click Save and close once you're done.
QuickBooks Online automatically records the necessary adjustments to your stock Asset and Cost of Goods Sold (under stock Shrinkage) accounts, after you save it. Please also know that editing inventory adjustment entries can affect your accounting. That’s why I highly suggest consulting your accountant to ensure we’re using your books are accurate.
You also have the option to edit or delete an inventory quantity adjustment. See this article to learn more: Adjust inventory quantity on hand in QuickBooks Online.
Don't forget to reply to this thread if you need more help recording your inventory entries. I'll also help you out with any other processes or tasks in QuickBooks. I'll see you around real soon.
