cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
NEW Connect to DBS IDEAL direct bank feeds Click here

Reply to message

View discussion in a popup

Replying to:
Rea_M
Moderator

Reply to message

Good job in upgrading your QuickBooks Online (QBO) subscription to the Plus version, @PPPV1. This way, you can keep track of your inventories accordingly.

 

You'll have to manually adjust an item's quantity (numbers) without recording a purchase or sale, to match what you actually have in stock. With this, QBO automatically records appropriate adjustments to your stock Asset and Cost of Goods Sold (under stock Shrinkage) accounts.

 

To enter an inventory adjustment, here's how:

 

  1. Go to the + New button.
  2. Select Stock qty adjustment.
  3. Enter the Adjustment date.
  4. In the Stock adjustment account drop-down, select the appropriate account.
  5. Select the products in the Product field. Note: The description and current quantity on hand auto-populate.
  6. For each item, enter either a new quantity or a change in quantity.
  7. In the Memo field, enter the details about the adjustment.
  8. When you're done, select Save and close85.PNG

 

With the inventory feature in QBO, you can also create bundles where you group multiple products or services together. To know more about this, you can refer to this article: Track your stock in QuickBooks Online.

 

Also, you can use inventory reports to get helpful insights on the things you buy and sell, and the status of your stock. To know which report to pull up, I'd recommend checking out this article: Use reports to see your sales and stock status.

 

Keep me posted on how it goes. Let me know in the comments if you need further assistance in tracking your inventories in QBO. I'll gladly help. Take care and stay safe, @PPPV1.