How to adjust inventory value for loss due to discounted sales

I know a way how to adjust inventory value for loss due to discounted sales, erinfs.

You can adjust your inventory by using the Opening Balance Equity as the posting account. This way, it will not show on the Profit and Loss Report.

To begin, create the account so you can use it when adjusting the inventory parts. Here’s how:

1. Navigate to the List menu to open the Chart of Accounts.
2. When the page opens, right-click your mouse anywhere and choose New.
3. In the Account window, mark the radio button for Equity and then hit the Continue button to proceed.

Let me know if you have further questions or any other concerns. I’m always ready to help. Have a good one.

1. At the top bar, go to the Inventory menu to select the Adjust Quantity/Value on Hand.
2. Another window will open, type in the Adjustment Date and enter Opening Balance Equity as the Adjustment Account.
3. You can also type in additional details such as reference number, Customer/Job, or Class.
4. Then, choose the product you’re adjusting to and add it in QuickBooks. For the step-by-step procedure, click here and proceed directly to Step 2 until Step 3.

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Let me know if you have further questions or any other concerns. I’m always ready to help. Have a good one.

Thank you so much, but I'd like to adjust the value, not the quantity, as there were hundreds of items sold in this sale. If I wanted to do that much work, I'd just create an invoice. Also, to be clear, this was for a business that I closed, so I don't know that using Opening Balance Equity is the right approach.

@erinfs 

You want to do a journal entry to reduce inventory with a corresponding increase in cost of goods sold (COGS).  To do that, create a journal entry by debiting COGS and crediting inventory.  Up until the point where things got chaotic, were you tracking the COGS of items that sold?  If so, I would use the inventory number at that point and subtract your ending inventory to get your COGS debit/inventory credit.  If not, post more info and I can try to help further.   

The only "loss" you have is the difference between what you sold an item for and what you paid for it (COGS).  In your example, an item that cost you $120 and sells for $45 will result in a loss of $75 ($120-$45).  The $275 original price is irrelevant.