If you’re adopting a “Periodic Inventory” basis, do not select “Inventory as Detail Type” in the Chart of Accounts. Instead, use Other Current Assets for Detail Type and for the Category Type, Purchases as the account name. For the Detail Type, you never want to use “Inventory Asset”, this happens to be default account name designated for Perpetual Inventory tracking in QBO. If you want to switch later, it creates problems.
How to make batch inventory stock quantity adjustment after physical count in QuickBooks Online Inventory
Here is how to make batch adjustment inventory quantity on hand after physical count or just want to make qty adjustment in inventory.
1. Select “Gear’ icon at the top.
2. Select Products and Services under Lists.
3. Select Filters (funnel icon) and filter “Inventory” only and click Apply.
4. Select “All” box (left Name column).
5. It will show “Batch action” on the right hand side.
6. Click on the “Batch Actions” drop-down arrow and select “Adjust Quantity” from the list.
7. It will display pre-filled “Quantity on hand” and “New Qty” columns.
8. Change new quantity as needed.
9. Optional: The default inventory adjustment account in QBO is Inventory Shrinkage account. You can use this account or create a new account if needed to track it separately.
10. Save and close.
You can also drag the items into the order you want.
If you have QuickBooks Desktop file older than 2015 with inventory items and try to convert to QBO, read this article first. You will need 2015 or newer version to import inventory properly. They offer you the latest trial version. Click here for trial links. This is for US version only.
Note: Even with this latest version of QBD, you may experience some issues with inventory in QBO. Also, you may want to a 100% physical inventory, and adjust current qty to match in desktop before exporting to QBO. There is no value adjustment in QBO.
See also QuickBooks Help article.
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This new update in February 2016 may have resolved the crucial “Inventory Starting Value” adjustment issues. It’s very important to note that they release these new features to users on their incremental plan. Hope all users will see it soon.
For adjustment, go to the chart of accounts > select Inventory Asset account > click “View register” under Action column > locate “Inventory Starting Value” row item > click “edit” and make necessary adjustments that include quantity, starting as of date, cost, adjustment account, and the memo field.
With this new update, they may have also resolved quantity update delete “error -30006” issue as well.
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