How to make quantity on hand inventory adjustment in new QBO?
- From the homepage screen, go the Company Gear
- Select Products and Services under Lists heading
- Locate and double click on the product need adjustment
- Click Update button
- Enter NEW quantity on hand
- Tab
- It will automatically show the difference (plus or minus)
- That’s it!
- Save
How would the inventory adjustment the P&L since no adjustment account provided?
In new QuickBooks Online, they will automatically post the difference in value to Inventory Shrinkage account (default) as COGS expense adjustment.
If your inventory shrinkage account is positive amount that means you have reduced quantity from your initial quantity on hand entry.
On the other hand, if your inventory shrinkage account is negative amount that means you have increased quantity from your initial quantity on hand entry.
You will need to write reclassify journal if Inventory Shrinkage account (COGS) account is not preferred appropriate adjustment account.
