Manually Adjusting Year End Inventory

At year-end, your accountant may want you to value your inventory at a specific amount.  Determine the value of your inventory at year end using your Inventory Report.  Select Reports from the left menu and Inventory from the reports list.

Select Summary as the type, your year-end date and All accounts.

Determine the value of your year-end inventory.  For our example, the user would like to increase the value of the inventory (Hard Red Spring Wheat) to $567/tonne, for a total of $68,607.  This is a difference of $62,557.00 in total dollar value.

Select General Journal from the Quick-Action Menu.

You will need to follow the following format to make a journal entry to only change the value of the inventory, without affecting the quantity.

This entry adjusts the value to what you want it to be, the total amount of the change in inventory value that you desire.

Record the transaction.  Open the inventory report, and your report should be updated to the new values.

Last updated on June 30, 2025 by FCC AgExpert