PC.3.A.11 - Adjusting Inventory
- 9 steps
Fast & Easy QBO
QuickBooks
The Sample Company
1
To complete this exercise, you must be in the Sample company. To get into it, click on the Gear icon on the top right corner of the screen, then select Sample company.
Note that you will be logged out of your current account. If you are sure, click "Continue" to confirm.
Hands On Practice
Now let's get started with the exercise. As a reminder, here is the scenario:
Your client Craig noticed discrepancies in his stock levels and asked you to help him correct them.
**What you need to know:**
The situation, as noted down by Craig, is:
**Sprinkler heads:** According to his QuickBooks Online inventory: **25;** In reality: **20**
**Sprinkler pipes:** According to his QuickBooks Online inventory: **31;** In reality: **35**
**What you need to do:**
- Enter the inventory quantity adjustment in batch to adjust the quantities based on Craig’s inventory count
- Use Cost of Goods Sold (COGS) as the Inventory adjustment account
2
From the left navigation bar, hover over Sales, then select "Products & services".
3
Click on the "checkbox" next to Sprinkler Heads and Sprinkler Pipes.
4
Click on "Batch Actions", then select "Adjust quantity".
5
On the Inventory adjustment account field, select "Cost of Goods Sold".
6
On the first line (Sprinkler Heads), in the New QTY field, type "20".
7
On the second line (Sprinkler Pipes), in New QTY field, type "35".
8
Click the black "Save" button.
Let's see how this looks on the Transaction Journal.
9
Click "More", then select "Transaction journal".
The Transaction Journal shows how the adjustment was made.
🏋️♀️ Get More Practice
This exercise was featured as an Exercise of the Week in the QBO Gym. Do more hands-on exercises just like this by joining our FREE, 5-day Bookkeeping Challenge. [Just click here.](https://www.fastandeasyqbo.com/gym5)
📝 Feedback
Questions/Problems/Concerns? [Send Feedback](https://www.bookwidgets.com/play/k6rmQMKk-iQAEzXMdagAAA/BEXUQBE/feedback-scrib?teacher_id=6434462993219584)