We had to take product out of inventory as it was sold under the wrong part number. It is now showing we lost this product. How do we show we did not lose profit?

Hi there katebauer95,

Thanks for reaching out about your inventory. QuickBooks Online is a great tool able to assist in keeping track of sales and expenses so you know the profit of your company. I can point you in the right direction for assistance with these transactions.

If the wrong product is chosen to be sold, this can have an effect on the profitability of your business. One way to fix this would be to edit the transactions with the incorrect product so everything matches up correctly, but if it was done in a prior period, another type of adjustment may be better. To know which way you should adjust your books to make sure all balances and profit are correct, I recommend speaking to your accountant. They'll be able to use their expertise to assist in adjusting this to make sure all is well in the books. You can invite your accountant to your QuickBooks Online account by clicking on the My Accountant tab. There's also an option to find an accountant near you in that section by clicking on the Find a Pro to help button.

If you have any other questions, feel free to reach out here.