QB Issue Resolution:

You can create a temporary account to record your current year’s purchases. They call this process the periodic method. However, I recommend consulting with an accountant before doing this to correctly record your bills.

 

Here’s how to create an account:

  1. In the left navigation panel, choose Accounting.
  2. Then, go to New.
  3. In the Account window, choose Accounts payable (A/P) under Account Type.
  4. Enter the Name of your temporary account and other account information.
  5. Click Save and Close.

I’ve also added this video tutorials about inventory for your reference.

Resolution for Issue 'How do I record accounts payable after having conducted inventory adjustment? after adjusting inventory, I noticed that we still have unencoded bills from last yr. My worry is if I encode the bills, the inventory would increase be inaccurate. what is the best way to record the bill/ payable without disrupting the newly adjusted inventory?' available: Yes (Solved).
Source: Intuit Community forum.

How do I record accounts payable after having conducted inventory adjustment? after adjusting inventory, I noticed that we still have unencoded bills from last yr. My worry is if I encode the bills, the inventory would increase be inaccurate. what is the best way to record the bill/ payable without disrupting the newly adjusted inventory?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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