How can I adjust inventory value on hand, but not quantity on hand? I have some items that have a value, but zero quantity on hand (per Inventory Valuation Summary rpt)

You may be able to discover what's causing the issue pretty quickly by filtering the Inventory Valuation Detail for the product that has zero quantity, THEN searching the displayed report rapidly (Ctrl-F) for Bill first, then for Check... because these two transactions add to inventory.  Skim for common fields in the transactions that repeatedly have zero quantity but not zero value... for example, does a particular vendor seem to be associated with these transactions?   Consider adding some more columns (Customize button > Change columns to expand list)... one that comes to mind is SKU, because if an item was a special order and not being assigned a SKU, it could be that the quantity was skipped but the value was known.

Thank you for your input.  For one of the items, I did as you suggested and filtered the detail.  I found that the item (175 units) came into stock on an inventory adjustment.  I presume that it used the cost tied to the item at the Item-level setup.  This was a situation where the part # changed, so we adjusted out 175 of the old item and adjusted in 175 of the new item.  The new item (the one that today shows value, but no quantity) had never been received before on a PO/Bill or check.  It actually looks like the adjustment is fine: 175 pieces, $14.40 each, total FIFO cost of $2520.  The problem is that subsequent invoices deducted stock qty, but did not deduct cost. On the Inventory Valuation Detail, the "Qty on Hand" is reduced for every invoiced unit, but the "Asset Value" remained the same, $2250, until there was ultimately zero in stock, but a $2250 asset value remaining.  I'm sure I could go back and delete that adjustment and add the stock from PO instead, but that transaction would be in 2019.  I know that this made GP overstated for those invoices, but I'd would still like to fix it with an adjustment in the current year, so as not to mess with closed months/years.  Any ideas?  There are a few others (smaller $$ amounts) which likely will be more difficult to determine the root costing problem.

Thanks for getting back to this thread, @SoonerBrian. Let me add some details to help you adjust your inventory in QuickBooks.

In QuickBooks, we can only adjust the quantity of the inventories and not the value or amount. It constantly considers the first items you purchase as the first items you sell. Also known as the FIFO process, where the value was taken from the oldest unsold item. In which the program will still utilize the old value when making transactions.

If it needs to adjust the COGs, then you’ll want to adjust the purchase transaction itself. Changing the starting value only affects the initial value of your inventory.

I also suggest consulting your accountant to ensure that you selected the correct account when recording. This way, the adjustments made are accurate.

In addition to that, let me share these links to help you manage your inventory items in QuickBooks:

• Impacts of inventory tracking on balance sheet and profit & loss reports
• Adjust inventory quantity on hand in QuickBooks Online

Fill me in if you have other questions about inventory quantities. I'll be around to assist you again. Keep safe!