Question

Eliminate inventory shrinkage transactions

Forum|Forum|5 years ago
November 27, 2020
1 reply
0 views

In my initial setup and uploading of inventory to QBO, I made some errors in the starting quantities and ended up deleting and re-adding a number of inventory items. All of those transactions are being classified as Inventory Shrinkage resulting in a shrinkage expense of $3375.28 on my profit and loss report. I am wondering if there is a way I can simply delete all of the transactions in that account. I know I can recategorize the account elsewhere, but it still shows up on the report as an expense no matter what I call it or how I categorize it. I tried to do a transaction for -3375.28 to effectively zero out the account balance but I can't figure out a way to do that without messing something else up.

QuickBooks Online

J

JamesM

Hello Carissa22,

Great to see you post another question in the community! Sometimes we make errors and that's okay, I'll be glad to give you a hand with figuring this out.

QuickBooks is an easy to use program which makes it easy to navigate. In order to clear unwanted transactions, you can either void or delete them. Voiding a transaction doesn’t affect your account balances or reports, but you always have a record of it. When you delete a transaction, you completely erase it from your books. It won't appear anywhere on your reports or in your accounts. You can use your Audit Log to recover some details, but you can't recover the transaction.

Once you decide to void or delete a transaction, here's how to do it:

Go to the Sales or Expenses menu.
Find and open the transaction.
Review the transaction. Make sure you need to void or delete it.
If you want to include the void or delete date, add a note to the Memo or Message section.
Select More in the footer. Then select Void or Delete.
Select Yes to confirm.

You can only void one transaction at a time. Since the change is permanent, QuickBooks limits how many you can void to prevent mistakes. I'd also recommend contacting our support team so they can take a closer look at your account and help get you on track ASAP. I'll list the contact details below. Otherwise, give this a try and if you have questions, don't hesitate to reach back to me in the comments.

Phone and Chat: Click Contact Us to learn how to reach phone and chat support.
Schedule a Callback: click (?)Help in the upper right > click Contact Us > explain your situation > click Let's Talk > choose Get a callback (Note: Callback hours are the same as regular phone hours.)
Social Media: Facebook, Twitter, and Instagram from Monday to Friday between 9 a.m. and 8 p.m. ET