Recording of Stock Consumption/ Stock Wastage/ Stock Audit Adjustments
Inventory Activities/ Stock Adjustments: Recording of Stock Consumption/ Stock Wastage/ Stock Audit Adjustments How to add Opening Stock in Quick Books? With Stock adjustments form you can record opening stock/ Stock wastage/ Stock Consumption with change of Offset GL account for each specific type of entry. Stock can be adjusted based on just Quantity and Quantity and Value. To record consumption of certain items in case you are handling manufacturing/production in quick books and making items adjustments on periodic closing stock count, choose cost of goods sold (COGS) account as it would be direct material consumed cost. Stock Wastage/Damage recording = COGS Account Opening Stock entry/Adjustment in Opening Stock = Opening Balance Equity Account (System will warn you to select expense account, but for opening stock ignore that message). Physical & System Stock Difference/ Stock Audit Adjustment = Use COGS account and keep it same for both upward and downwa...