I added my inventory account payables in QB and added my current inventory. However, I noticed that this caused the Inventory Asset Account to almost double in amount

Welcome aboard to the Online Community, belrica-ma.

To rectify the issue, let’s open the bill created for the item and then run the Transaction Journal Report. This is to check the accounts used to track the product.

1. Go to Expenses on the left panel and choose Expenses to access the list of entries.
   
2. From there, mark the box for the bill you’re working on and then click the View/Edit link under the Action column.
   
3. On the Bill page, scroll down and hit the More menu to select Transaction Journal.
   
4. These actions will display the transaction's details.
   
5. If the account is incorrect, hit the Bill to access the Category/Item details and then enter the appropriate information.
6. Tap the Save button to keep the changes.

You can also open the Product and Services page to review the category for the inventory. Here’s how:

1. Tap the Gear icon at the top and choose Product and Services under Lists.
2. On the All Lists page, choose the product and then click the Edit link under the Action Column.
3. In the Product/Service information window, go to the Income account or Expense account section to see the specific category for the product.
   
4. If the information entered is inaccurate, simply input the correct one and then hit Save and close.

The following articles provide an overview on how to update the product/service types as well as changing the account.

• Inventory
• Here's how

If you have any questions while working in QBO, post a comment below. I’ll get back and help you. Have a great rest of the day.

Hi, what I did to make the Bill upload faster is to record it as a general inventory account. Is there another way to correct the Inventory Account via journal entry? Thanks. 

Hi there, @belrica-ma.

If you've created the inventory item and entered the quantity, you'll want to create only one. QuickBooks Online (QBO) will automatically calculate the asset based on the cost of the item.

You'll also want to check this article in case you want to learn how to track your inventory in QBO.

Let me know in the comment section below if you have other concerns with your QBO. I'll be around to help.

I'm afraid this is not possible for me to delete the Bill or the item. When I uploaded the Bill, it contains the whole amount of the inventory. Due to the inventory not being counted at once, we already had some transactions before I could upload the inventory that's already been deducted from the sales.  So now, the customer accounts and invoice amounts are balanced as well as the inventory count. Hope someone can help me just update the the Inventory Account for the balance sheet. Thanks in advance.

Welcome back to the Community, @belrica-ma. 

Let's get some clarification on your inventory issue. 

To better assist you with this matter, I recommend contacting our QuickBooks Online Support Team so that we can get a handle on the subject. Here's how:

1. Go to the Help icon.

2. Select Contact Us.

3. Enter your question and choose Let's Talk.

4. Scroll down and request a Callback.

Afterward, it will give you an estimated time of when they will contact you. 

Our Support Team will be able to explain and show you how to resolve your problem by using a screen share to walk you through some steps. 

I'm always here if you have any further questions. Have a great day!