Write down value of stock items in QB Online Advanced

Hello there, @tracey2972.

I'll provide information about writing down the value of stock items in QuickBooks Online (QBO).

In QBO, the option to write off a stock item's value is unavailable. You can only adjust the quantity of the inventories and not the value or amount. I suggest consulting with your accountant about this matter for guidance and to ensure the accuracy of your books since they know what's best for your business.

On the other hand, if you want to modify the cost and initial quantity of an item, see the steps below:

1. Go to the Gear icon and select Products and Services.
2. Highlight the item and choose Edit from the Action column.
3. Select Starting Value.
4. Hit Got it.
5. Enter the item's correct quantity and cost.
6. Then click Save and Close.

I'm also attaching these articles for more details on managing stocks and adjusting the stock quantity on hand in QuickBooks:

• Understand stock assets and cost of goods sold tracking in QuickBooks
• Adjust stock quantity on hand in QuickBooks Online

Tag me in this thread if you have clarification or additional concerns about managing inventory in QuickBooks. I'm always here for you.

Thanks for your reply.

This doesn't work at all - we need the value adjustment to be as at our year end, not from when we first set it up.

We can only make the change on a date that's before we posted any transactions using that product, if we do that then it will change our accounts from previous years.

Do you have any ideas that will only affect our accounts going forwards?

Hello Tracey2972, This isn't possible in QBO. With FIFO the stock value is set when it is purchased as the purchase price then when it is sold as the sales price. It cannot be altered between the purchase and the sale. You could speak to an accountant to see if there is another way you can record it.

Tracey, I have exactly the same issue. There has been a thread open on this subject for some years, and QBO simply can't do it. They don't  have any plans to ever be able to do it. For what is supposed to be accounting software, this is shocking. Having said that, there's plenty of other basic functionality that QBO can't do.

If you want to see Intuit's pathetic attempts at resolving this particular issue, then look here.

https://quickbooks.intuit.com/learn-support/en-uk/transactions/re-quickbooks-desktop-vs-online-can-i...

Sorry to be the bearer of bad news.

Hi Egbert, thanks for joining this thread. We appreciate you sharing your thoughts on adjusting the stock valuation. This is currently working as designed and we're sorry for any inconvenience caused by the absence of such function.

If you haven't already, please submit feedback (through the Settings > Feedback tool) so that your suggestion can be reviewed by our Product team. 

I'm just a post away if you have further questions or require additional assistance

So it is 'working as designed' is it? Then it needs redesigning. QBO is supposed to be accounting software.

I'm not going to submit anything via the feedback tool. I know it's a waste of time, so do you, and so does everyone else on this thread.