It’s that time of year again. Time to make sure your inventory records match your actual inventory. Here are 5 “quick” (pun intended) QuickBooks Inventory Clean Up Tips:
1. Ensure your item list is accurate. Review the Asset Account, Cost of Goods Sold and Inventory Accounts to ensure the appropriate types are selected.
2. Review inactive items. If you have quantity on hand that are marked inactive, make them active so they will show up on the Inventory Valuation Summary report. This will prevent a variance between the Balance Sheet and the Inventory Valuation Summary Report.
3. Your “No Item” report should be at 0. Make sure all transactions are tied to inventory items.
4. Do not post to Inventory Accounts. When recording an inventory adjustment, do not post to inventory accounts; it will move the dollar amount from inventory account to another inventory account.
5. Use the Items Tab when recording inventory. Rather than posting directly to an Inventory account, use the items tab when you record inventory.
Just in case you missed it, we posted a recording of the QuickBooks Inventory Cleanup Webinar hosted by Kat Roskovics and Alicia Raesz.
For more information and help with QuickBooks inventory cleanup, contact us at (800) 931-2120 or send us a message.