How do I delete "Inventory Starting Value"?

Hi there,  

Sometimes it's necessary to adjust your inventory quantity and I'll be happy to give you a hand. 

QuickBooks offers a versatile Products and Services feature which is great for managing your items on the go. Based on what you've described, I recommend adjusting the quantity on hand to zero. Here's how: 

1. Click the + New button and select Inventory Qty Adjustment.
2. Enter the Adjustment Date and the Inventory adjustment account.
3. Select the Product and enter the new quantity.
4. Click Save and close.

Once you're done, you can check your Opening Balance Equity account to see the adjustments. Give this a try and if you have questions, please contact our support team using this link. Let me know if you have other questions by leaving a comment below. I'll be on standby.

Hi @JamesM 

It wont let me save "0" for initial quantity on hand. Is there another route I can take?

Tonny

@AddieC 

Thank you. I think that should work then.

I think some of the solutions here worked but now I face another problem.

When I go to create a inventory product, I somehow have my inventory account increase out of thin air.

In this example with the $50 in the red circle, how did this come about?

I didn't buy $50 worth of more inventory to set this account up. I'm trying to use the various other products to assemble this $50 worth item. I would like those other items used instead.

How do I remove this $50 added to inventory asset?

Hi there tonjunee,

It's great you keep an eye on your reports to ensure your books are accurate. With QuickBooks Online, you have the flexibility to delete or adjust your entries when necessary. I'll be happy to assist you with this.  

To remove the amount associated with your inactive inventory product, you first need to re-activate the item in your settings. Here's how to that.

1. Go to the Sales menu and select the Products and services tab.
2. Select the Filter icon.
3. From the Status ▼ dropdown, select Inactive and click on Apply. 
4. Find the item that needs to be reactivated.
5. From the Action ▼ dropdown, select Make active.
6. Click on clear filter to come back to your active items list.

Now that your item is active, you can remove the amount linked to it in a few steps.

1. Locate your item in the Products and services tab.
2. Select the ▼ dropdown beside Edit.
3. Click on Adjust starting value.
4. Change the $50 amount showing as the Initial cost to zero.
5. Select Save and close.

And voilà! You're now all set to bring back the item to inactive.

To learn more on inventory and the tracking inventory feature in QuickBooks Online, check out these articles.

• Add inventory products in QuickBooks Online
• Set up and track your inventory in QuickBooks Online

I hope this helps! Let me know how it goes.

Hi@PatriciaT 

Thanks for responding.

I changed the initial cost to $0. But now there is no change in inventory asset once I record the sale. This doesn't seem correct to me. How do I reduce the inventory asset without adding more initial cost out of thin air?

Hi again, tonjunee,

Glad to see you were able to remove the $50 amount. What you're currently experiencing is unusual and I can appreciate the outcome with your inventory asset isn't what you'd expect. The inventory asset should be reduced by sales and increased by purchases such as bills showing in your report. Here're some useful articles for your reference.

• Understand inventory assets and cost of goods sold tracking
• What is FIFO and how is it used for inventory cost accounting?

At this point, I'd recommend reaching out to our tech support team to investigate further why your sales receipt had a null effect on your inventory asset. They have all the necessary tools to pull up your account in a secure environment and ensure everything is set up correctly. Here's how to reach us.

Phone and Chat: Click Contact Us to learn how to reach phone and chat support.

Schedule a Callback: click (?)Help in the upper right > click Contact Us > explain your situation > click Let's Talk > choose Get a callback (Note: Callback hours are the same as regular phone hours.)

Social Media: Facebook, Twitter, and Instagram from Monday to Friday between 9 a.m. and 8 p.m. ET

All the best to you!

@PatriciaT 

Okay thank you. Looks like I'll have to schedule a phone call soon.

Hi, I have a quite similar problem here. Initially I was trying to create product but by mistakenly, I created the product with quantity and also the wrong account was picked (Capital Reserve A/C instead of Supplier A/C).

Later, I rectify the error via using inventory adjustment. But when I did the rectification, the wrong account was picked (Inventory shrinkage COS A/C instead of Capital Reserve A/C).

When I run the P&L & Balance Sheet, I identified those mistakes and deleted those inventory adjustments. coz of that Inventory shrinkage COS A/C became fine but Inventory A/C & Capital Reserve A/C are in mess.

Please suggest me to rectify this issue in a proper way

Hi Supporting Team,

I found the option for my problem. 

Thanks. 

When I go to Inventory starting value it does not allow me to change any values. They are all non-selectable items. PLEASE HELP

Hello Nikita2,

Thanks for joining us here.  Inventory tracking is available in QuickBooks Online Plus and Advanced.  Here's how you can adjust inventory quantity on hand.  If you require additional assistance, please contact us outside of Community.  It would be a great opportunity for us to work with you in real-time and ensure you're able to accomplish your QuickBooks goals without delay!

Feel free to touch base with us again, if you have other questions.  We would be glad to help!