Inventory Valuation

Hello there, Erica.

I'd be glad to provide information for you to clear or adjust your inventory value in QuickBooks Online (QBO).

Incorrect costs and initial quantities entered during setup lead to incorrect inventory asset account values. Here's how you can fix it:

1. Go to Settings and select Products and Services.
2. Highlight the item, then select Edit from the Action column.
3. Select Starting Value, and click Got it.
4. Enter the item's correct date and cost.
5. Select Save and Close.

However, it is best to consult your accountant for more accurate information or guidance on handling your accounts accurately.

I'll also add this article to guide you track your inventory items, such as your best sellers, what's on hand, and the cost of goods in the future: Use reports to see your sales and inventory status.

Let me know If you have additional questions about inventory value or handling items. I'll be here to further assist you.

All of the items have the correct starting date and cost.  

They are items that are no longer in inventory - the inventory count is 0, but the inventory value is 1 - 5 cents for some reason.  Looking to get rid of the inventory value only.

I'm afraid this will make changes in a prior year that has been closed, and all of the starting values are correct anyways.