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Quickbooks – Adjusting Inventory when Receiving Stock

Quickbooks – Adjusting Inventory when Receiving Stock

Quickbooks – Adjusting Inventory when Receiving Stock

Client called – When I receive stock, to add to existing inventory, what is the best way to update the on-hand count – do I click on item from inventory list, click edit, then change the on-hand amount? Or do I always do a purchase?
Answer – never change the on-hand quantity in the item record.
When you receive new stock, you enter via Purchasing > Receive Items.
If you need to adjust your existing on-hand quantities, use either Inventory > New Quantity Adjustment or Inventory > Start Physical Inventory. You can print a physical stock worksheet from the second way.
If you haven’t been receiving your stock with purchasing, it is likely you need to adjust your average cost. You can do that at Inventory > New Cost Adjustment.
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#Quickbooks Pro Tip – Shortcut Timesaver – CTRL + W = instantly open the Write Cheques window

Account Keeping Plus Pro tips

Pro Tips

Pro Tip – Shortcut Timesaver – CTRL + W = instantly open the Write Cheques window to record bank fees, expenses already paid and that are paid immediately, (commonly only enter bills as purchases that are for stock, but some enter all bills due in a few weeks time). If you don’t record any bills as purchases, but only when you pay them and they appear on the bank statement, you are running a cash accounts. If you enter some or all bills by purchases, you are running accrual accounting