Items and inventory
Adjusting your inventory
If you need to adjust a discrepancy in your inventory quantity or value (e.g. writing off a damaged item, or revaluing your entire inventory), you can do so in the Inventory adjustments module.
Learn by watching
Watch this video on how to make inventory adjustments or read on below.
Step-by-step instructions
To create an adjustment:
- Enter the
Date
on which you want to record this inventory adjustment. - Choose the currency.
- Choose an
Item
from the dropdown menu. - Add a
Description
explaining the reasons for the changes made in the quantity on hand of this item. - Indicate the change in
Quantity
. For example, if you want to reduce your item quantity by 1, enter -1. - Indicate the change in
Inventory value
. For example, if you want to reduce your inventory value for the selected item by 100, enter -100. - Select the
Account
to which you would like to make this change. For example, if it's an adjustment for damaged items, you may have a dedicated expense account calledDamaged items expense
. - Change the status of the adjustment to
POSTED
to post the adjustment to your books. You can confirm that the adjustment has been posted when a yellow journal icon shows up in the first column.