Ronika Khanna shows how to adjust quantities for multiple inventory items at once in QuickBooks Online. Select items in Products and Services, use Batch Actions to adjust quantity, set a date like August 31, and verify the changes in the Inventory Valuation Summary report.
August 31 (year-end for the example business).
Six items.
Hello everyone. In today's tutorial we are going to look at how to batch write off inventory items. This means that you can, in QuickBooks Online, actually write off multiple inventory items all at the same time and relatively painlessly. So this is just simply a quick tutorial to show you how to do that. First of all, you want to come to this interface which is the products and services. You can go to Sales on the left hand side click on Products and Services. Or you can go to the Gear section and click on Products and Services. It will bring you here. This is where all of your products and services are. Now if you're simply interested in inventory, and this is for those of you who are using plus or Advanced and are tracking their inventory in QuickBooks or online. So this is where it appears. And if you do want to write off multiple items at once, first of all you can go to the filter, select active, inactive or all and the type. In my case I only want to see inventory items. I don't want to see non inventory, service or bundles. This is important because I am not interested in actually deleting the full product or service in terms of stock status. I am looking at all, not just low stock and out of stock.
In my case, I actually want to delete this, this, this, this, this and this. So I have six items that I want to delete. I have just indicated it by clicking on the check mark next to the item. And now I'm going to go to batch actions and there's a few things that I can do here. I can make these inactive if I don't want to see them in my inventory list. I can reorder them or I can adjust the quantity. And in our case, since we are writing off these items, I am going to adjust the quantity.
So you'll see that QuickBooks automatically populates the existing quantities. It gives you a column for new quantity and the change will depend on what I indicate to be the new quantity in this column. So I want my adjustment date to be August 31, which coincides with the year end for this business. And in my case I want all of these new quantities to be zero. But you might simply be writing off a portion. So in that case you can actually edit this and you can make this a thousand or a hundred. I'm going to make it zero and then I'm going to make the next one zero and the next one and the next one.
And there we go. So now everything here is zero. So I'm going to click on save and close and that is pretty much it. Those inventory quantities will no longer show up here and on my reports, they will also be shown as zero. And to find your inventory report, you can actually do a report over here. Click on Run report or. But this report doesn't actually have totals on it, it has everything else. So you can export it to Excel and potentially review your details in Excel or you can go to reports.
And you would go to standard type in inventory and you would click on the inventory valuation summary and there's also a customized summary. So let's take a look at that.
And here you can actually customize the view of your inventory. There's a variety of things you can do. You can filter by products. You can show active non zero rows.
So that's useful because right now here we have a bunch of zeros. So if we do the non zero, it really kind of limits the number of items that appear on this report and it's much more manageable. That's pretty much how to write off and review your inventory report in QuickBooks Online. I hope this was helpful. If you have any questions, don't hesitate to leave a a comment and please like and subscribe. Have a great day.
