able adjust the asset value

I’m glad you reach out to the Community about your inventory concern, Singyin.

I’m here to ensure your records including reports have the correct information. Let’s create a journal to fix the incorrect asset value amount.

Before adding the transaction, I recommend consulting your accountant to determine the specific accounts and category type to use. This is to prevent from throwing off your books. Once you have the information, follow the steps below to create the entry.

Here’s how:

1. In QuickBooks Online (QBO), click the New menu in the upper right and choose Journal entry under Other.
2. These steps will open the Journal Entry screen.
3. Enter the Journal date and Journal No. in their appropriate fields.
4. Head to the first line and click the Account drop-down to select the category type.
5. Go to the next line and choose the account you’re moving money to or from.
6. In the Debits and Credits column, make sure the amounts are the same to balance the accounts.
7. Tap the Save and close button.

  
You can read this article to learn more about correcting a quantity without recording a purchase or sale, to match what you have in stock: Adjust inventory quantity on hand in QuickBooks Online. From there, you’ll see the instructions to edit or delete your adjustment.

In case you encounter inventory issues, this link outlines the steps on how to resolve them. It includes the steps on how to count the entire inventory, check the ones that are out of stock, and convert open purchase orders to bills, to name a few. 

Reach out to me again if you have additional concerns about your asset value or inventory. I’ll jump right back in to assist further. Have a great day ahead.

hi @Rasa-LilaM ,

Thanks for your reply. so for my case if right now this particular items asset value is -0.01 so i need to put into debit or credit column? and this journal entry no able select the items and how the system is know whether is the particular item? 

thanks. 

Hi

this adjustment that you suggest does not fix the control account or the inventory valuation summary asset value.  it only adjusts the item on the general leger.  How do we do an adjustment to correct amounts on the asset value, which by doing so will also adjust the general ledger amounts required?

Jac

You’re right, creating a journal entry does not affect the items on inventory reports, @Jax_notsaying. I'm here to help you update your inventory items.

You can create an inventory adjustment to correct the amount in your asset value. I'll show you how it’s done in QuickBooks, and share the step-by-step process to help you familiarize the procedure.

Here’s how:

1. Go to the + New button and tap Inventory Qty Adjustment. 
2. On the Inventory Quantity Adjustment page that appears, set the Adjustment Date.
3. Proceed to the Inventory adjustment account drop-down and select the appropriate account.
4. Enter the products in the Product field drop-down. 
5. Provide a new quantity or a change in quantity.
6. Click Save and close once you're done. 

QuickBooks Online automatically records the necessary adjustments to your stock Asset and Cost of Goods Sold (under stock Shrinkage) accounts, after you save it. Please also know that editing inventory adjustment entries can affect your accounting. That’s why I highly suggest consulting your accountant to ensure we’re using your books are accurate.

You also have the option to edit or delete an inventory quantity adjustment. See this article to learn more: Adjust inventory quantity on hand in QuickBooks Online.

Don't forget to reply to this thread if you need more help recording your inventory entries. I'll also help you out with any other processes or tasks in QuickBooks. I'll see you around real soon.