Need to make an adjusting entry to inventory in Quickbooks. I want to increase my inventory dollar figure by 130k(debit). Do I credit sales because this was product that was actually not sold but went into inventory instead? Not sure what to do because it's actually increasing the profit when I do this. This is going to be a monthly adjustment as we take a physical inventory monthly rather than on a daily basis. Purchases and sales are entered daily and hopefully I can just do an adjustment on a monthly basis for the inventory. Thanks

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Originally Posted by mrhr

Need to make an adjusting entry to inventory in Quickbooks. I want to increase my inventory dollar figure by 130k(debit). Do I credit sales because this was product that was actually not sold but went into inventory instead? Not sure what to do because it's actually increasing the profit when I do this. This is going to be a monthly adjustment as we take a physical inventory monthly rather than on a daily basis. Purchases and sales are entered daily and hopefully I can just do an adjustment on a monthly basis for the inventory. Thanks

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There is a journal function in quickbooks the other side of the entry should have originated in creditors when you entered the purchase so you need to examine the entry made when the item was purchased, you can correct that, if no entry was made then make the entry