New to quickbooks online and I'm trying to add existing inventory.

Thanks for trying QuickBooks Online, KB013.

I'm here to help you update the cost of your inventory. We'll need to re-import the inventory and clear the cost associated to it. I'll show you how:

1. From the Sales tab, select Product and Services.
2. In the New drop-down, select Import.
3. Locate the file and click Open.
4. Click Next.
5. Map the data, and then click Next.
6. In the IMPORT section, clear the PURCHASE COST.
7. Click Import.

With regard to the transaction, we can create a Journal Entry. Then, manually record the current balance for each account. I would also recommend reaching out to your accountant so they can guide you on what accounts are best to used.

I've also added these articles for more information about creating a Journal Entry:

• Create a journal entry
• What's a reconciliation?
• Reconcile an account

I'm always here if you still need my help. Thank you!