QuickBooks | Stock Adjustment
Software: Intuit QuickBooks accounting software
After completing your physical stock count, you are required to do a stock adjustment in QuickBooks to match the stock on hand in QuickBooks with the physical stock count. From the Vendors menu, go to the Inventory Activities and follow by the Adjust Quantity/Value on Hand to start your stock adjustment.
Intuit QuickBooks has an option that allowing you to adjust only the quantity, the total value or both the quantity and total value. From the Adjustment Type drop down list, select an adjustment type for your stock adjustment transaction.
Enter the Adjustment Date and select your Adjustment Account (either Expense type or Cost of Goods Sold type of account will be used, check with your accountant for the type of account use for your business).
Next, click the “Find & Select Items” button to select your item to be adjusted. Then, enter the new quantity (and value if required) as according to your physical stock take. Lastly, click the “Save & Close” button when you have completed the adjustment.
The double entry for the adjustment will be debit/credit the Stock Adjustment expense account and credit/debit the Stock Assets account (Inventory Assets).