Fix Messy Inventory in QuickBooks Desktop (Zero it all out)

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How to Zero-out all the inventory in QuickBooks Pro, Premier, Accountant, or Enterprise in batch, plus using my magic spreadsheet: bit.ly/magicald...
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[@vikkiwilde3330]

PS - I am working in Enterprise platinum 2021 with advanced inventory

[@rcippa2588]

Hi, great video. I have a particulary troubling inventory. I starting working for this small manufacturer in November 2019. This video will work well but there is one big issue. The stock status or inventory valuation summary is a negative 1.5 million!! So if I zero out everything and than do a physical and get the inventory to what it should be. The inventory is probably about a positive $100,000. I still have this offset of 1.5 million. I don't want it to go against an expense because then there will be taxes due. Do you have any comment or advise. Much appreciated.

[@LCort101]

Hi Hector, I have really enjoyed your videos so far. Thank you for sharing your knowledge. I understand how you created a new COGs account "Inventory Adjustments," so your Inventory Assets get moved into COGs. Is there anything you need to do next? This credits your COGs all that money. After doing this my Balance Sheet still shows values under Inventory Assets. I'm writing JE's to move the values to COGs. Is that a correct solution?

[@TheBlanco951]

does anyone recommend zeroing out inventory assemblies? are there any video tutorials on how to go about doing this process?

[@HectorGarciaCPA]

Dont have a video on that.. but if you need to do it, I wouldn’t NOT recommend it

[@AhmedAli-rw6ih]

Hi nice video. Can you please tell me how I can open macro as you described in this video.

[@HectorGarciaCPA]

Mine I sell

[@user-el1yw1bl6l]

Plz tell how can adjust inventory adjustment I want adjust just quality only not value , I mean adjust Quantity without value

[@HectorGarciaCPA]

QTY always adjusts value

[@user-el1yw1bl6l]

@@HectorGarciaCPA Thnkx prompt reply If any way to stock out Qty without value

[@cl8944]

Hi Hector I have a question So we put in the inventory but then how do it apply it to where ever we need to apply it too?

[@HectorGarciaCPA]

Adjust against COGS

[@acdztools8225]

Hola Hector, soy usuario de Quickbooks online, estoy comenzando a utilizarlo, cuando estaba generando los codigos de los productos a vender hubo uno en particular que coloque una cifra de 108 unidades cuando debia colocar solo 30, hice un ajuste de inventario de -78 unidades (sin estar seguro de lo que hacia) Inventory Shrinkage, y ahora me aparece en los estados financieros un monto referente a este ajuste. Como puedo arreglar este problema?, de antemano muchas gracias. Adicionalmente quisiera saber si dictas cursos de como manejar Quickbooks on line.

[@solly1530]

Hi Hector, I need help. We are using 2021 quickbooks. Let's say a customer ordered 100pcs of corn, but we only had ship 50, where can I see the balance of 50 in the packing slip so I know what my balance is for the order??

[@aaatruckrepairllc8358]

Hello, I have question about your magical tool. I have multiple sites in my QB desktop Enterprise version 22.0 and I need to zero out my inventory for a fresh start new count. Does your tool is able to do the specific site zero out or all sites in one shot? FYI, I am doing inventory in both of my sites on the same date.

[@HectorGarciaCPA]

No site support on IIF :(

[@vikkiwilde3330]

Hector, I have some of my inventory that has incorrect avg cost which is also causing many issues in my valuation summary. If I -0- out al my inventory do I need to fix my average costs first before I enter the new inventory counts? Also, what accounts will zeroing out my inventory affect on my Financials? P.S. I have purchased your spreadsheet for -0- on entry, Do I need to buy the one for valuation. Thank you

[@HectorGarciaCPA]

My spreadsheet has a kit for qty and another kit for value. You will use any of your COGS account as the adjusting account

[@fostersasu3210]

Hello boss. My inventory on hand is different when i check my quick report

[@HectorGarciaCPA]

Yes that’s possible

[@ST838]

Hector, your videos are very knowledgeable thank you. I have a issue if you can assist. I am running quickbooks enterprise solutions accountant 18. I was setting item locations i though i did it correctly but when receiving the inventory i was setting the item locations and after i clicked saved i am not seeing 95% of them in the Item List the items are there but with no location . I dont know what i did wrong your wisdom is greatly appreciated. Thank you

[@HectorGarciaCPA]

ST838 I don’t know if I have enough information to give you an answer....

[@ST838]

@@HectorGarciaCPA ok let me see if i can give you more information. I did a stock check in a my warehouse after i zero out my inventory. I added back inventory doing a receive inventory without a bill. I found that if you customize the columns there is a location column that you can add so when you enter the inventory/item number, you then add the QTY and also add a location of where the item is located in the warehouse. i am using numbers and letter. For example sections A,B,C,D,E,F lanes 1,2,3,4,5 and i use "s" for shelf together with a number 1-6 A1S1 if that makes sense to you.? So after i added all the quantities together with item location on the "receiving inventory" page i clicked save to complete. but when i went to List>Item List 95% of the items didn't have the locations i entered some where there but majority wasn't.

[@HectorGarciaCPA]

You are probably entering data into a custom field that doesn’t bring anything into an actual QuickBooks location... to be clear; you are using QuickBooks Enterprise with Advanced Inventory turned on Right?

[@sdaehaq9128]

how to turn on advanced inventory settings quickbooks

[@HectorGarciaCPA]

In the preferences menu, you need to have an active QB enterprise subscription

[@connietuthill6379]

You never showed the impact on the income statement. I need to zero out inventory without impacting the GL accounts.

[@HectorGarciaCPA]

Thats not possible. If your inventory has value in the balance sheet, you need to affect P&L to zero it out

[@danieltaki9153]

I used autohotkey and created a simple script that loops to send a 0 numpad key and a down arrow key continuously ^l:: Click Loop, 500 { Send {Numpad0} Send {Down} }

[@HectorGarciaCPA]

Love it