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Helpful Hints for Adjustments
If your count doesn’t match your Order Time inventory but the two systems match, you need to make an adjustment to both systems. Make the adjustment in Order Time then synchronize.
If QuickBooks matches your count but Order Time does not, make the adjustment in Order Time but prevent the synch from going to QuickBooks
If your count matches Order Time but not QuickBooks, you need to make an adjustment to QuickBooks only, do the adjustment in QuickBooks only.
In QuickBooks, the Inventory value on your Balance Sheet should match the total on the Inventory Valuation Summary Report.
General Rule of Thumb – NEVER make a journal entry into the Inventory account on QuickBooks. Use the adjustment tools to update the inventory.
Alyson Distel is the President and Founder of Edison Business Solutions which helps small and midsized businesses and manufacturers that need QuickBooks help, accounting systems analysis and outsourced CFO services. She is a certified QuickBooks ProAdvisor and has more than 25 years of combined experience as a VP of Administration and Finance, CFO, controller and project manager.
Edison Business Solutions brings clarity to the financial side of your business. They can show you how to use sophisticated accounting software to provide visibility into how your business is spending money and allocating resources. They can tell you what parts of your business are making money or losing money, and we can show you why. Once you have a clear picture of your financial data, they provide CFO-level expertise to help you make better business decisions that reduce costs and maximize profits. Alyson specializes in Manufacturing based businesses but also works with companies of other types and helps you with inventory-related issues.