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5 QuickBooks Inventory Clean Up Tips

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.

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About Marjorie Adams

Our head QuickBooks trainer and guru, Marjorie Adams, is Founder and CEO of Fourlane, Inc., an award-winning consulting firm and Intuit’s #1 QuickBooks Reseller Partner. Fourlane’s team of experts offers several QuickBooks oriented services including consulting, training, programming, integration, and more. Over the years, Fourlane has helped over 10,000 customers across many different industries with their QuickBooks accounting software. Marjorie Adams is considered one of the top QuickBooks trainers in the country. She was listed on CPA Practice Advisor’s 40 Under 40 in 2014 & 2015, and has been recognized as Intuitive Accountant’s 2015 QuickBooks Desktop ProAdvisor of the Year. Marjorie sits on Intuit’s VIP Program, is a frequent contributor to Inuit Accountants News Central, and has developed Intuit’s QuickBooks Enterprise Certification training. She has also been published in The Wall Street Journal, Forbes, BusinessWeek, American Express Open, the Huffington Post, and Inc. Magazine.

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