By default, the Point of Sale in QuickBooks creates an account named POS Inventory Adjustment. Users can use this account to send transactions when:
- Inventory item has been created manually with cost and quantity associated with it.
- Inventory item is deleted with cost and quantity still associated with it.
- Creating the cost adjustment memo.
- The quantity of an item in Edit Item screen has been changed, or quantity adjustment memo has been manually created.
- A quantity or cost adjustment memo has been reversed.
- Changes have been made in the physical inventory via Point of Sale Physical Inventory process.
Typically, the QuickBooks POS inventory adjustment is used as Holding Account. The balances in this are removed or changed using the General Journal Entry that is made by accountant.
QuickBooks POS inventory adjustment issues
When you are called into the consult with fresher clients who have either set up the POS by themselves or had employed another consultant to work on it, most probably you will be faced with negative amount in your POS inventory adjustment expenditure. This is a very common issue. Such an issue is a sign that your client isn’t receiving the inventory properly. In most situation, the client usually just type in the quantities of items in the (on-hand) field. The POS will caution you of the adjustment that is been created by providing a warning message. This message is mostly ignored by users and continues. At this time, what is happening is that POS confirms that the user has Y qty at Z cost and consequently increases the inventory and places the offset into the POS inventory adjustment. Since both the accounts are debit-type accounts, the expenses are determined as negative.
How to fix the issue:
- Firstly, you need to acquire all the inventories on the receiving vouchers.
- After that, depending on how long the issue has been going on in the program, the fix can be as easy as changing all the entered check/ bills from whatever listed into the POS inventory adjustment expense.
You may perform adjustments to the QuickBooks inventory system in order to account for the sales made to customers, inventory purchased and adjustments to the value of the merchandise. This kind of adjustment may be performed at any time, however if the changes are experienced frequently in the inventory levels, adjustments should be made often to avoid experiencing issues.
Postechie Support Service
We hope the given information has been useful for you in managing your business finance efficiently. If you feel the need to learn more about QuickBooks POS inventory adjustment, feel free to contact our Postechie professionals. Simply dial on to our support number 1800-935-0532 or email at firstname.lastname@example.org. The professionals will take note of your queries and then provide you with all the necessary information. Apart from clearing your queries, our professionals are also experts in resolving any issues related to QuickBooks. Feel free to chat with us live via Live Chat support.