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Entering my 2016 YE adjusting entries, is there a way to enter inventory adjustment amounts in an entry in the general journal? Have some entries combined with inventory adjustments.
Hi Ashley!
You absolutely can do this through the general journal screen.
However, there is a catch. When it comes to your inventory accounts, it can get a little tricky. When you use the general journal to post entries to inventory accounts, there must be a quantity assigned on that same line. So, if you are debiting an inventory account, a positive quantity is required (try using 1). If you are crediting an inventory account, a negative quantity is required (try using -1).
There is a bit of a process to it all, and it depends on what exactly your accountant is trying to do. The above comment is a very general statement. As you are doing this transaction, I would suggest giving me a call at our toll free line 1-800-667-7893. We can get into more specific information based on your situation if the above does not work for you.
I hope this helps!