I have items with 0 quantity but show a value in the asset value. How do i fix this so that the asset value is 0?

Thank you for reaching out to the QuickBooks Community, Max. I'd be happy to share details on how inventory items work in QuickBooks and guide you through the steps to correct the asset value to $0.00.

An incorrect Starting value or an inventory quantity adjustment can cause a zero-quantity item to show a value on your inventory valuation reports. With this, I recommend reviewing and updating your Products & services to fix this issue. Let me show you how.

1. Navigate to the Sales menu on the left panel to choose Products & services.
2. Select the item and hit the Edit button under the Action column. 
3. Go to the Quantity on hand section and hit the Starting value link for more information.  
4. Choose Got it to confirm the action.
5. On the Inventory Starting Value no.START page, check the item details, and update the information if needed.  
6. Click Save and close.

Moreover, if you need to delete any adjustments, you can reference this article for the complete process: Adjust inventory quantity on hand in QBO.

Please note that editing inventory adjustment entries can impact your accounting records. We recommend working with your accountant to ensure everything is accurate. If you don’t already have an accountant, you can easily find one in your area through the QuickBooks ProAdvisor website.

Accurate inventory and asset values provide essential insights for your business decisions. Please notify us in the comments below if you have further questions about adjusting inventory quantity in QBO. We're always here to help you!

Hi,

The starting value was correctly entered at $0. The item concerned is a Miscellaneous Item that has had multiple costs attributed to it. The first few postings the item went into negative stock and somehow had a number of different costs associated with it. There are no incorrect adjustments to the item. In fact I tried deleting the adjustments that had been made to see if that would fix the problem.

It defies all logic that Quickbooks allows an items to have 0 stock but have a value attributed to it. How can this be possible and how can you provide no solution to this to be able to adjust the value of such an item to $0?

Thanks.

Thank you for your prompt response, Max. I will explain how Asset Value works in QuickBooks.

QuickBooks calculates the Asset Value of an item based on its Inventory Cost and the Quantity on Hand. If you set the Quantity on Hand to zero, both the Inventory Starting Value and the Asset Value will also show as zero. However, the Asset Value is updated each time you record a transaction.

If you haven't made any transactions, you can click on the Asset Value amount in the Inventory Starting Value to adjust the transactions, just like my colleague mentioned above.

However, if you have already recorded transactions, that could explain the difference in the Asset Value. You can view the Inventory Valuation Detail report to see more information. If you need to make adjustments, you can do so by clicking on the amount listed under the Asset Value.

Additionally, please refer to this article for comprehensive guidance if you want to edit or create management reports in QuickBooks: View and edit management reports in QuickBooks Online.

You are welcome to reach out if you have inquiries or questions about how Asset Values are calculated in QuickBooks. Simply click the Reply button below, and I will assist you promptly. you for your prompt response, Max. I will explain how Asset Value works in QuickBooks.

Thanks for your response, but how does it help me fix this problem? I have a quantity of 0 and an asset value of $1,401.53. See attached Inventory Valuation Detail. Strangely, in the detail report it says there are 12 on hand but in the Inventory Valuation Summary it says there are 0.

Allow me to clarify how the instructions provided by my colleague above can help you correct the value of your items accordingly, Max.

With the inventory adjustment function, you can handle discrepancies in your items/services quantity on hand (QOH). Before initiating this action, it's recommended that you work with an accounting professional, as this procedure is complex and can impact your books.

To proceed with updating your QOH, refer to these steps:

1. Go to the + New icon and select Inventory qty adjustment.
2. Enter the appropriate Adjustment date, Adjustment reason, and Inventory adjustment account.
3. You can also input a unique Reference number if needed.
4. Choose the Product/Variant in question and enter its New QTY.
5. Double-check everything, and once done, hit Save and close.

For more information about the process, kindly access this link: Adjust inventory quantity on hand in QuickBooks Online.

On the other hand, the advice shared by my colleague to fix the item's value on the Inventory Valuation Detail report can help you if you've already recorded a transaction that's causing a discrepancy. In doing so, you can adjust the items involved in the transaction and their amounts. With this, it's also best to seek assistance from an accounting professional.

Additionally, if you need to edit an item's designated account or classification, you can utilize these articles as your guidance:

• Change the account for a product or service item in QuickBooks Online
• Change product and service item types in QuickBooks Online

If you have more questions about managing your inventory value and QOH, click the Reply button. We're always available to assist.

Hi,

Please explain how this will fix the issue. The Quantity is showing as 0 on the Inventory Valuation Report but shows with a quantity of 12 in the Detail Report. The Value shows as $1,401.53. I need to adjust the value, not just the quantity. Please advise how to fix this issue.

Thanks.

I've just found that the quantity in the classic view is 0 but the quantity in the modern view is 12. Why is there a difference?

I've found we have quite a lot of these. The quantity in the classic view doesn't equal what is shown in the modern view and the detail view. The classic view quantity equals what is shown in the Products and Services List view. How is this the case and how do we fix it?

Thank you for getting back with an update, Max.  I would like to clarify why the Quantity and the Asset Value are showing different amounts.

Ideally, when the Quantity shows zero, the Asset Value should also display as zero. However, based on the screenshot you provided, the amounts reflected are not as expected.

The same goes whether you switch between the Classic view or the Modern view; the results at both ends should be consistent, provided that the date range is accurate.

To address this issue, I recommend opening your QBO in incognito mode. This mode prevents data from being saved on your browser's system, which aids in a smoother browsing experience. 

Here are the shortcut keys for incognito mode, which vary by browser type:

• Mozilla Firefox: Ctrl + Shift + P
• Microsoft Edge: Ctrl + Shift + N
• Google Chrome: Ctrl + Shift + N
• Safari: Command + Shift + N

If, in incognito mode, you see the same amount in both the Quantity and the Asset Value, revert to your regular browse and clear its cache and cookies. This helps eliminate excessive browser data that may impact the platform's features and performance. You can also utilize another supported browser once you get the same result.

If the issue persists, it's best to contact our next available Live Expert Team to investigate your case further and provide assistance in rectifying this error.

Furthermore, I am adding this resource to help you create presentation-worthy reports that consolidate previously disparate data: View and edit management reports in QuickBooks Online.

Our goal is to ensure your experience managing finances with QuickBooks is as seamless and efficient as possible. Please do not hesitate to ask more questions about your reports in QuickBooks. We're on standby and ready to assist at a moment's notice. Wishing you a prosperous financial year ahead!