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    mrhr's Avatar
    mrhr Posts: 4, Reputation: 1
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    #1

    May 21, 2012, 02:41 PM
    Accounting questions help
    I need to make an adjusting entry in Quickbooks. My inventory figure is off at the end of the month. I need to increase (debit)inventory and I assume decrease sales income since these are purchases that were made and never sold but went into inventory. It's not coming out right.. it's actually increasing profit. What am I doing wrong
    mrhr's Avatar
    mrhr Posts: 4, Reputation: 1
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    #2

    May 21, 2012, 03:07 PM
    I want to adjust the dollar figure, not the quantity of items in inventory
    mrhr's Avatar
    mrhr Posts: 4, Reputation: 1
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    #3

    May 21, 2012, 03:14 PM
    Need to make an adjusting entry to inventory. I want to increase my inventory 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
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #4

    May 21, 2012, 06:33 PM
    Quote Originally Posted by mrhr View Post
    Need to make an adjusting entry to inventory. I want to increase my inventory 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
    See my other answer
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