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Dvorak24
Level 1

Inventory Shrinkage

Hello, I'm looking for some help with the following issue;

I have started a new company and instead of adding the inventory to the first purchase order I added it as a starting quantity amount when I uploaded the inventory list. I then adjusted the amounts of each inventory to 0 and then added the amounts to the purchase order like I should have done originally. I now have a problem with Inventory shrinkage and it is effecting my Profit and Loss Report. 

How can I remove the Inventory shrinkage and original starting value in the Inventory Asset account on QuickBooks Online?

 

Thanks

Solved
Best answer October 30, 2020

Best Answers
Rustler
Level 15

Inventory Shrinkage

You can try opening the register for inventory asset from the chart of accounts.  Scroll down to entries that say START and edit each one setting the value to zero, do not change the qty.

by not changing the qty to zero your previous adjustment will remove that qty but there will be no value associated 

View solution in original post

3 Comments
Rustler
Level 15

Inventory Shrinkage

You can try opening the register for inventory asset from the chart of accounts.  Scroll down to entries that say START and edit each one setting the value to zero, do not change the qty.

by not changing the qty to zero your previous adjustment will remove that qty but there will be no value associated 

View solution in original post

Dvorak24
Level 1

Inventory Shrinkage

Perfect, thanks for your help. Much appreciated 

EAinBoston
Level 1

Inventory Shrinkage

Hi Rustler,

One of my clients synched her Shopify account and there are now HUNDREDS of opening balances and shrinkage. Then she deleted all of that and they are still there. Please help. I don't want to keep track of her inventory on Quickbooks. I just want to make a year end adjustment for tax time. How can I fix this. I did a chat online with someone from QB and they had no suggestions but you always seem to know the answers!

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