A.3.6a Adjust and write off inventory to Cost of Goods Sold | Scribe

    A.3.6a Adjust and write off inventory to Cost of Goods Sold

    • 9 steps
    • QuickBooksQuickBooks
    • AkadianAkadian
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    Start in the Sample company.
    1
    To complete this exercise, you must be in the Sample company. From your QBOA account, click on the Gear icon on the top right corner of the screen, then select Sample company.
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    Note that you will be logged out of your current account. If you are sure, click "Continue" to confirm.
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    Here are the updated inventory numbers that you received from Craig.
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    Now let's see how to adjust QBO to the actual quantity on hand.
    2
    From the left navigation bar, hover over Sales, then select "Products & services".
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    Scroll to find the "Sprinkler Heads" and "Sprinkler Pipes" and click the checkboxes for each.
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    Scroll up to the top of the grid, click "Batch actions", then select "Adjust quantity".
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    In the Inventory adjustment account field, select "Cost of Goods Sold".
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    In the "New Qty" field, enter the correct quantities for each product, as shown in the Physical Inventory Worksheet above.
    7
    Click the black "Save" button.

    Results

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    Now you can check the results of your work.
    8
    Click "More".
    9
    Click "Transaction journal".
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    Note that both the Inventory Asset and the Cost of Goods Sold accounts have been affected.

    🎥 Video

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    Want to follow along? [Click here](https://youtu.be/NqqlyDme_NI) for our video walk-through.

    📚 Get the Full Course

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    This exercise comes from our advanced level ProAdvisor certification course. Do more like it and pass your QuickBooks Advanced ProAdvisor certification course in one weekend by [clicking here.](https://www.fastandeasyqbo.com/advanced)