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QuickBooks ProAdvisor MBA PHR
QuickBooks ProAdvisor MBA PHR, Management Consultant, QuickBooks ProAdvisor, MBA, PHR
Category: Financial Software
Satisfied Customers: 82
Experience:  QuickBooks Pro, POS Point of Sale, Online & Enterprise Solutions
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hi Doug. we have quickbooks 13 and we wanna zero the inventory

Customer Question

hi Doug. we have quickbooks 13 and we wanna zero the inventory amount out and basically start over by doing a physical inventory and filling in the correct amount on the parts that I actually have. does that make sense?
Submitted: 3 years ago.
Category: Financial Software
Expert:  QuickBooks ProAdvisor MBA PHR replied 3 years ago.

I am not Doug, but I can provide you with assistance. Your question says you are using QuickBooks 13, by that I assume you mean QuickBooks Pro 2013 financial software and not the Point of Sale for retail. I can help with either.

In QuickBooks Pro you can change your Inventory values by General Journal entries. Go to your Chart of Accounts, Right click on the Inventory Account you wish to edit. You will need to create an Expense account to track the value of Items removed (you can Name it something like "Inventory Adjustments").

When making the Jounal Entries: To Increase the value of your Inventory, place values in the Debit column for Inventory, to Decrease the value, place values in the Credit column for Inventory. Example: Current Inventory Furniture Balance 6000 but it should be 4000 you would Credit Inventory Furniture 2000 and Debit Inventory Adjustments 2000. Or to zero the balance you would Credit Inventory 6000, Debit Inventory Adjustments 6000

If when you run your reports you see that numbers are changing in the wrong direction, go back and reverse your Debits & Credit columns.

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Customer: replied 3 years ago.

I think you misunderstood me. what I wanna do is zero out the quantity of all the items. I wanna keep the items saved and have them all show zero. I use QB for just inventory. so the actual prices aren't my concern as I change them as I go. I just wanna get to a screen where I can go down and change the quantity of the items to zero

Expert:  QuickBooks ProAdvisor MBA PHR replied 3 years ago.
I am sorry for any misunderstanding. Can you please clarify, are you using QuickBooks Pro financial software, or are you using QuickBooks Point of Sale software? Each can track inventory, but does so differently.

Thank you!
Expert:  QuickBooks ProAdvisor MBA PHR replied 3 years ago.
Here is the official Intuit help link for Adjusting Quantity. You will need to know what your current Inventory is to correctly enter the adjusting amount, and dont forget you will need to have an Expense Account created to offset the changes to. Generally, I would create an Expense account named "Inventory Adjustments" so that changes are clear when you come back to them later in the future.

I am not sure if the QB version you are using gives you the option, but you can also do a Physical Inventory, and from that "wizard" screen you can just go down the list and enter all zeros, but not all versions have this. Otherwise it is an item by item adjustment, but that is for your safety to not inadvertently make Inventory changes.

Thanks again for allowing me to assist you!
Expert:  QuickBooks ProAdvisor MBA PHR replied 3 years ago.
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Anna M. Fox, PHR MBA
QuickBooks Certified ProAdvisor
Fox HR Solutions

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