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Accounting646
March 3, 2021
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Inventory on Balance Sheet

  • March 3, 2021
  • 1 reply
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Hello,  When creating products, the "Inventory" category was accidently used.  I created a product in "Non-Inventory".  However, the product is still showing on the balance sheet (even if I mark it inactive).  Is there a way to delete it so that it doesn't appear on the balance sheet?  Thanks in advance!

Best answer by AlexV

Welcome to QuickBooks Community, Accounting646.

 

Let me share some details about your balance sheet.

 

We're unable to completely delete a product in QuickBooks Online. This is to ensure that your data is intact and accurate. 

 

Also, though the products are inactive, it'll still show on your reports if they were used on transactions. You'll want to open and edit the transactions and replace the inventory item with non-inventory.

 

To understand more about the said report, here's the explanation of what is a Balance Sheet report.

 

Do you have more questions? Leave a message below and we'll get back to you.

1 reply

AlexV
AlexVAnswer
March 3, 2021

Welcome to QuickBooks Community, Accounting646.

 

Let me share some details about your balance sheet.

 

We're unable to completely delete a product in QuickBooks Online. This is to ensure that your data is intact and accurate. 

 

Also, though the products are inactive, it'll still show on your reports if they were used on transactions. You'll want to open and edit the transactions and replace the inventory item with non-inventory.

 

To understand more about the said report, here's the explanation of what is a Balance Sheet report.

 

Do you have more questions? Leave a message below and we'll get back to you.

A
Accounting646Author
March 4, 2021

Thank you for that information.  I understand how the balance sheet works.  Is there a way to remove the line items from the "Inventory Asset" category on the B/S?  The items also appear in the Opening Balance Equity.  Thanks so much!

R
Rasa-LilaM
March 4, 2021

Hello there, Accounting646.


I appreciate for adding more details about your concern. Let’s edit the starting value for the items to remove the amount on the balance sheet. I’ll be your guide on how to achieve this task.

 

  1. In your company, tap the Sales menu on the left panel and select Products and Services.
  2. From the list, go to the item you’re working on and hit the Edit link under the Action column.
  3. In the Product/Service information window, go to the Quantity on hand section and click the Starting value link.
  4. Tap the Got it button to confirm the action.
  5. On the Inventory Starting ValueRecent #START page, clear the boxes for the Initial quantity on hand box and Initial cost.
  6. Then, type in zero in the Initial quantity on hand field.
  7. Press the Save and close button and hit Yes.

 

Perform the process for the affected items. For additional reference, these articles cover all the information about updating your product or service types. From there, you’ll the instructions on how to add or edit items.

 

Reach out to me if you have other concerns or questions. I’ll be happy to answer them for you. Have a great day ahead.

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