QuickBooks Online Inventory Adjusting The Quantity On Hand

In this learn QuickBooks Online Inventory course section, you will learn how to adjust inventory quantity on hand for special, rare or unusual situations. Normally, the quantity on hand of your merchandise will only change when you have a: sale, purchase or return. However, sometimes the physical count of inventory will change for things like: theft, casualty loss, spoilage, obsolescence or stupidity. You could even gain goods that you can make available for sale If you find or even if someone donates to you the product you sell. When you adjust inventory, the quantity will change in the inventory valuation detail report. The inventory asset account will change and the “balancing entry” for the other account that would change when adjusting inventory is called an “adjustment account”. It is usually an “other income” or “other expense” type of an account. This mean it will affect your net income but not your normal operating net income.
This QuickBooks KZbin Playlist will teach you every possible transaction type or issue that you could possibly have when managing merchandise inventory using QuickBooks Online. You will have total control over inventory quantities as well as your inventory work flow from purchases to warehouse storage to sales. All quantities will be tracked and all questions about non-inventory parts and 2 sided items will be answered. After watching this playlist, you will be able to guarantee that every aspect of your merchandise inventory records in QuickBooks Online will be correct to the last detail. You will master inventory reports and adjustments and always know what to do when receiving merchandise or selling the goods you trade.
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