skciha
Jan 23, 2009, 10:33 AM
I need to know what type of entries I would make to adjust inventory, for example when I need to adjust inventory from one item to another or my stock count is off and I need to add or subtract inventory.
skciha Jan 23, 2009, 10:33 AM I need to know what type of entries I would make to adjust inventory, for example when I need to adjust inventory from one item to another or my stock count is off and I need to add or subtract inventory. codyman144 Jan 23, 2009, 12:38 PM If the pieces are in different accounts you would debt the account where you found more and credit the account where there is less for the value of the inventory involved. If your account stock is off lets just say less than expected then you would Debt: An expense account (Like the one you usually use to record inventory expenses) Credit: Inventory If you have more than expected you would do the opposite. This is an oversimplified answer and I would need a lot more information to give you a 100% correct answer. Like what kind of business are you in, do you usually sell the inventory for a profit? What accounts do you have available to use? Have you already booked a reserve for inventory losses? What kind of system are you using to track your inventory? Copyright ©2005-, Ask Me Help Desk
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