Inventory Shrinkage/ Item Delete

I have a way here where we can zero out the value, @Ccalabrese.

Thanks for dropping by in the Community. You can follow these instructions to get your concern resolved. 

You can inactivate the items. QuickBooks Online uses Inventory Shrinkage as a default account where losses are located. If you wish to allocate these items to a different account, you can create another one.  Here’s how:

1. Go to the Gear icon and select Chart of Accounts.
2. Click New to create a new account.
3. Select and enter the necessary details in each field.
4. Press Save and Close when you’re done.

Then you’ll need to edit the Inventory Quantity Adjustment to a different account, so it allocates somewhere else. I’ve attached a screenshot for your visual reference:

To check the inventory status in the system, you can utilize reports to view them.

If you have other inventory concerns, please let me know. I’ll be here to help you out.

My view is different within QB online. It requires me to declare account type and detail type.  I have done inventory adjustments along the way but they are all on Products that I am trying to zero out.  Does that have anything to do with it? 

Also, the screenshot  said "Inventory Adjustment #1". I know how to do the inventory adjustment, so is that where I zero every item out? not creating a new account?  

I'd be happy to address your follow-up question about inventory shrinkage, Ccalabrese.

If you're referring to the Account Type and Detail Type found when creating a new account, that is normal. If you're not sure which account and detail to use, I recommend reaching out to your accountant. This is to make sure everything is accurate.

Regarding your question about the screenshot for Inventory Adjustment, the answer is yes. From there you can manually change the New QTY to zero.

Here’s how to edit your product and service item:
 

1. Go to the Gear icon. 
2. Select Products and services.
3. Locate the product you want to adjust and click the Quantity link under the Quantity on hand column.
4. Enter zero under the New QTY column of the item then click Save and close.
   

You can also read this article for more information: Adjust inventory quantity on hand in QuickBooks Online.

Here's an article for available reports that will help you see the product cost, the product on hand, and more: Use reports to see your sales and inventory status.

To give more information about managing inventory in QuickBooks Online, check out this article: Inventory management.

I'll be right here if you have further questions. Keep safe and have a good one.