How can I record inventory shrinkage write-off in QB online?

Hi bvcompanyltd8. 

To record a write-off for inventory shrinkage, your business will debit (increase) the Inventory Shrinkage Expense account in QuickBooks Online (QBO) and credit (decrease) the inventory account. 

Here's the step-by-step guide:

Step 1: Create an Inventory Shrinkage Expense account.

1. Go to Chart of accounts.
2. Click New, then enter Inventory Shrinkage Expense for the Account name.
3. Under the Account type dropdown, select Expenses.
4. Under the Detail type dropdown, select Supplies and materials (or Cost of Goods Sold).

Step 2: Record the Stock qty adjustment.

1. Go to +New.
2. Under the Other column, select Stock qty adjustment.
   
   
    
3. Complete the details needed.

Step 3: Create a Journal entry.

1. Go to +New and select Journal Entry.
2. In the first line, choose the Inventory Shrinkage Expense account and enter the amount in the Debits field.
3. In the second line, select the Cost of Goods Sold (COGS) account and enter the same amount in the Credits field.
4. Click Save and close.

This ensures that the financial statements accurately reflect the actual value of the inventory and the cost of the shrinkage. Also, you can always consult your accountant or tax advisor to accurately record your business financials for complex scenarios.

Moreover, you may want to check out this article to learn more about inventory adjustment: Adjust inventory quantity on hand in QBO.

If you have any further questions or need additional assistance regarding inventory shrinkage, please don't hesitate to reach out to the Community. We're more than willing to assist.