As of now, the only way to adjust inventory in QuickBooks Online is to go item, by item, edit the items, and click update, to change the quantity on hand. You have no opportunity to adjust the value of the inventory.
I have a better way to adjust inventory in QuickBooks online.
The method I am going to show you in the video here will allow you to do adjust both quantity and value. This method will also allow you how to effectively eliminate all of the FIFO levels, and bring everything up to date based on the value at the count date.
You can adjust inventory in QuickBooks Online using one screen.
The means available for adjusting inventory in QuickBooks Online, has been a significant limitation, which has prevented many companies from moving off of the desktop version. The fact that you can adjust all of your items in one screen, (once you see this video) alone, might make the difference, so that your clients can now make the switch.
Many people that I speak to, who run inventory based companies would love to switch to QuickBooks Online, but they are concerned about losing the robust functionality that QuickBooks desktop offers. This is actually a misnomer. For a long time, using the right add-on application, you have been able to manage your inventory with QuickBooks Online, as the core general ledger app. If for some reason that doesn’t work for you, things are still changing. QuickBooks Online is getting closer, and closer to being able to do it all, when it comes to managing and tracking your inventory.
When you understand your debits and credits, it makes it possible to think these things through in a different way. You can look at a form in QuickBooks Online and visualize where the amounts you use on that form, will hit the financial statements. Now bookkeeping is less a matter of how to fill out forms, and more a matter of how to use those forms to drive values to the right places on the financial statements. This is how you get accurate financial statements for your clients.