I have items with 0 quantity but show a value in the asset value. How do i fix this so that the asset value is 0?

Thank you for reaching out to the QuickBooks Community, Max. I'd be happy to share details on how inventory items work in QuickBooks and guide you through the steps to correct the asset value to $0.00.

An incorrect Starting value or an inventory quantity adjustment can cause a zero-quantity item to show a value on your inventory valuation reports. With this, I recommend reviewing and updating your Products & services to fix this issue. Let me show you how.

1. Navigate to the Sales menu on the left panel to choose Products & services.
2. Select the item and hit the Edit button under the Action column. 
3. Go to the Quantity on hand section and hit the Starting value link for more information.  
4. Choose Got it to confirm the action.
5. On the Inventory Starting Value no.START page, check the item details, and update the information if needed.  
6. Click Save and close.

Moreover, if you need to delete any adjustments, you can reference this article for the complete process: Adjust inventory quantity on hand in QBO.

Please note that editing inventory adjustment entries can impact your accounting records. We recommend working with your accountant to ensure everything is accurate. If you don’t already have an accountant, you can easily find one in your area through the QuickBooks ProAdvisor website.

Accurate inventory and asset values provide essential insights for your business decisions. Please notify us in the comments below if you have further questions about adjusting inventory quantity in QBO. We're always here to help you!

Hi,

The starting value was correctly entered at $0. The item concerned is a Miscellaneous Item that has had multiple costs attributed to it. The first few postings the item went into negative stock and somehow had a number of different costs associated with it. There are no incorrect adjustments to the item. In fact I tried deleting the adjustments that had been made to see if that would fix the problem.

It defies all logic that Quickbooks allows an items to have 0 stock but have a value attributed to it. How can this be possible and how can you provide no solution to this to be able to adjust the value of such an item to $0?

Thanks.