I have the amount for the current invenotry. I have to record the proper inventory to adjust the invenotry for the Asset Inventory account and the ending invenotry in the Cost of Goods Sold section of the Income statement.Anyone help me out here?!
      Answer1:I have never used simply accounting, but my guess is that you have to force a manual entry to write off the inventory imbalance. For instance if your current inventory in Simply Accounting shows 20, and your physical inventory count shows 17, you would have to book an entry for 3 items, to write off the bad inventory. Perhaps you have an inventory reserve account you will have to write this 3 off against. If your physical inventory is more than they system shows, youd adjust for the amount its off by crediting the reserve account and debiting the inventory account, and vice versa for the opposite scenario...