Need to change(devaluate )the inventory value for discontinued products. items have been entered in different years, is this going to change previous years' books?

Hi there, @IntLeather.

I'll walk you through the steps on how to modify discontinued products in QuickBooks Online.

Yes, your previous closed books will be updated. But not to worry, I have a solution here, so your closed books won't mess up. Let me guide you on how to edit inventory items.

1. Go to the Sales tab, then select Product and services. 
2. Filter it to the Status, Type, and Category. 
3. Tap Apply. 
4. Click Edit to the appropriate item one at a time, then change the inventory value. If you can't modify it, please make the product active again for editing purposes. 
5. Follow the on-screen instructions. 

You'll then have to manually reconcile the affected accounts and items. This way, your close books will remain accurate. Let me show you how: 

1. Go to the Accounting tab on the left side. 
2. Locate and click the correct account that is affected by your adjustment. 
3. In the folder column, click it until you can see a letter R. R means to reconcile. 
4. Tap Save. 

After that, I'd suggest modifying your closed books. Before that, run the Exceptions to Closing Date report first to see the changes you made. 

Here's how: 

1. Choose Reports on the left side. 
2. Type the mentioned report in the search field and enter. 
3. Click Show all and review the details. 

For more details, check out this article: Edit your closed books.

Additionally, you have an option to consult an accountant before performing the process. To ensure your records are in ship shape. They can provide suggestions on how to properly handle the closed books. 

Furthermore, check out these articles below on how to manage inventory items and run different inventory reports. 

• Use reports to see your sales and inventory status
• Manage your inventory, products, and services in QuickBooks

Message me here if you have additional inventory questions or concerns. I'm always here anytime to help. Keep safe, @IntLeather.

So, if I have understood correctly, the procedure is to modify each 1000 items still in inventory,discontinued by clients, in the last 5 years and then proceed to readjust every single year till I get to 2021? 

Thanks for your previous answer

Best Regards

Nicola

Glad to have you back, @IntLeather!

Yes, it's best to start modifying your inventory from the oldest up until the latest date, each one at a time. As suggested by my colleague above, modifying your inventory items and their affected account this way will accurately update your books.

I'm also adding this reference with the guidance that'll help you track the status of your inventory items: How to see the Best Sellers, What’s on Hand, the Cost of Goods, and more about your Inventory in Qui...

I'm here to back you up again if you have more questions about managing your inventory. Just leave a reply below and I'll get back to you as soon as possible. Have a good one!