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ericaanderson
March 24, 2024
Question

Inventory Valuation

  • March 24, 2024
  • 1 reply
  • 0 views

I have some old inventory items that show a value - although there are 0 items in inventory.  Any idea how to clear these values IN THE CURRENT YEAR?

They are mostly under 5 cents and clearly off due to rounding, but there are a ton of them.  I don't want to do a GJE as previously suggested as these values are attached to items.  

1 reply

Clark_B
Clark_B
March 24, 2024

Hello there, Erica.

 

I'd be glad to provide information for you to clear or adjust your inventory value in QuickBooks Online (QBO).

 

Incorrect costs and initial quantities entered during setup lead to incorrect inventory asset account values. Here's how you can fix it:

 

  1. Go to Settings and select Products and Services.
  2. Highlight the item, then select Edit from the Action column.
  3. Select Starting Value, and click Got it.
  4. Enter the item's correct date and cost.
  5. Select Save and Close.

 

However, it is best to consult your accountant for more accurate information or guidance on handling your accounts accurately.

 

I'll also add this article to guide you track your inventory items, such as your best sellers, what's on hand, and the cost of goods in the future: Use reports to see your sales and inventory status.

 

Let me know If you have additional questions about inventory value or handling items. I'll be here to further assist you.

E
ericaandersonAuthor
April 1, 2024

All of the items have the correct starting date and cost.  

They are items that are no longer in inventory - the inventory count is 0, but the inventory value is 1 - 5 cents for some reason.  Looking to get rid of the inventory value only.

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