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Level 3

delete opening inventory entry

I mistakenly created a handful on inventory products with opening balances.  I have since decided not to include those items in my inventory.  I made inactive the products but an uncle to remove the "Inventory Starting Value" entry in the "Opening Balance Equity" & the "Inventory Asset" accounts, both have zero balances.  

I wouldn't mind so much but these items are constantly listed at the bottom of the "Purchases by Product/Service Detail" report each time I run it.

Solved
Best answer 02-06-2020

Best Answers
Highlighted
QuickBooks Team

delete opening inventory entry

I understand that you want to delete an item, juliaah33.

 

The best option I can suggest is to adjust it to zero out the quantity on hand. You can follow these steps:

  1. Go to the + New button and select Inventory Qty Adjustment.
  2. Enter the Adjustment Date and the Inventory adjustment account.
  3. Select the Product and enter the new quantity.
  4. Click Save and close.

Once done, you can review  your Asset and Opening Balance Equity account to see the adjustments.

 

I'll be here if you need more help. Have a great day!

View solution in original post

4 Comments
Highlighted
Level 15

delete opening inventory entry

in the chart of accounts use the register for inventory asset, find the item and find the entry that says START, edit that entry to zero qty and zero cost

Highlighted
Level 3

delete opening inventory entry

Thank you.  I had done that previously.  I just would like to delete the entries all together but there is no option to do so.  Now, these mistakenly created inventory items will ALWAYS be listed on my reports even with a zero value associated with them. 

Highlighted
Level 1

delete opening inventory entry

I'm having the same issue. Even the transaction deleter apps say you can't delete an Inventory item only make it Inactive so I think the starting balance entries are stuck there permanently.

 

Highlighted
QuickBooks Team

delete opening inventory entry

I understand that you want to delete an item, juliaah33.

 

The best option I can suggest is to adjust it to zero out the quantity on hand. You can follow these steps:

  1. Go to the + New button and select Inventory Qty Adjustment.
  2. Enter the Adjustment Date and the Inventory adjustment account.
  3. Select the Product and enter the new quantity.
  4. Click Save and close.

Once done, you can review  your Asset and Opening Balance Equity account to see the adjustments.

 

I'll be here if you need more help. Have a great day!

View solution in original post

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