Skip to main content
M
matthew-kapes-co
December 31, 2021
Question

My inventory asset account is a mess because I inactivated items that had stock. Is there a transaction I can make that would bring it to zero?

  • December 31, 2021
  • 1 reply
  • 0 views
Is there a transaction I can make that will allow me to just start again?

1 reply

C
ChristineJoieR
December 31, 2021

Hello there, @matthew-kapes-co.
 


It's a joy for me to assist you in sharing inventory adjustments information in QuickBooks Online (QBO).
 


Once you’ve inactivated or deleted items on your QBO account, when creating an inventory adjustment, QuickBooks automatically creates the Inventory Shrinkage account. This is how QBO works and it is part of the QBO feature.
 


Since you no longer track inventory, you can make a journal entry to remove the object from your book:
 

  1. Click the + New.
  2. Choose Journal Entry.
  3. Enter the necessary information.
  4. Click Save.

 
I also recommend consulting with your accountant, who can advise you on which technique is best for your particular books.
 


You can refer to frequent asked questions (FAQ) about inventory management. Check out Quick-Look FAQ: Inventory Management.
 


If you have any other inventory-related queries, please leave a comment below and I'll do my best to assist you. I wish you the best of luck!

M
matthew-kapes-coAuthor
December 31, 2021

@ChristineJoieR this creates a problem in inventory shrinkage. Why is QOB so difficult to correct errors on. It literally punishes you for making an error. I had products and I had to inactive these products which created inventory shrinkage, and now the only way to balance the inventory shrinkage is to create a fake inventory item with the same amount, but then that messes up my balance sheet under inventory asset. Please help me, I am so sick and tired of this piece of software.  

Terms & ConditionsAccessibility statement