I've had Quickbooks Plus for several months now, but my inventory shrinkage account is not being updated. All of my sold products stay in the inventory asset account.

Good to see you here in the Community, @lburke88.

To update the inventory shrinkage account, you'll have to adjust the quantity on hand of an inventory item. QuickBooks Online (QBO) automatically records the adjustments to your Asset and the Cost of Goods Sold. Thus, also affecting the Inventory Shrinkage account.

We can create a journal entry to adjust your inventory. However, this would require the guidance of your accountant. They'll be able to determine what accounts should be debited or credited.

You can use this link for reference: Adjust inventory quantity on hand in QuickBooks Online.

I've added this article to learn more about inventory tracking in QBO: How to set up Inventory tracking.

Please visit this link on how to check your inventory so you'll always have an accurate count: Fix negative inventory issues in QuickBooks Online.

If you have any other concerns, don't hesitate to let us know. I'm here to help.