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robbin-taylor
Level 2

I have an inventory item with zero quantity, yet the asset value is not $0.00. How do I change the asset value to $0.00?

The asset value is $1022.50, with zero quantity of the item. This goes towards our inventory tax. How do I zero out this dollar amount?
Solved
Best answer January 12, 2022

Best Answers
ChristieAnn
QuickBooks Team

I have an inventory item with zero quantity, yet the asset value is not $0.00. How do I change the asset value to $0.00?

Thank you for coming back to the QuickBooks Community, robbin-taylor. I'll share details on how items work in QuickBooks. Then, ensure you'll be able to change the asset value to $0.00.

 

An item will show that it has an asset value with no inventory when the Starting value is incorrect. Also, there was an adjustment created for the product. With this, I suggest going to the  Products and Services page and reviewing the item’s setup. Then, update the details to fix the issue.

 

Here's how:

 

  1. Tap the Sales menu on the left panel to choose Products and Services.
  2. From the list, select the item you’re working on and hit the Edit button under the Action column.
  3. Go to the Quantity on hand section and hit the Starting value link to see more information about the product.
  4. Choose Got it to confirm the action.
  5. On the Inventory Starting Value # Start page, check the item details and make sure the data entered is correct.
  6. If it’s incorrect, update the information.
  7. Click Save and close.

 

If there's an adjustment entered for the goods, run through the data and make sure it’s correct. Follow the steps in this article on how to check information. Proceed to the Edit or delete an inventory quantity adjustment section to view the complete instructions: Adjust inventory quantity on hand in QuickBooks Online.

 

Lastly, you may refer to this article to view details on how to check your inventory so always have an accurate count: Fix negative inventory issues in QuickBooks Online.

 

If you have any further questions or concerns, please don't hesitate and reach back out to me. I'm always here to help you. Stay safe!

View solution in original post

3 Comments 3
ChristieAnn
QuickBooks Team

I have an inventory item with zero quantity, yet the asset value is not $0.00. How do I change the asset value to $0.00?

Thank you for coming back to the QuickBooks Community, robbin-taylor. I'll share details on how items work in QuickBooks. Then, ensure you'll be able to change the asset value to $0.00.

 

An item will show that it has an asset value with no inventory when the Starting value is incorrect. Also, there was an adjustment created for the product. With this, I suggest going to the  Products and Services page and reviewing the item’s setup. Then, update the details to fix the issue.

 

Here's how:

 

  1. Tap the Sales menu on the left panel to choose Products and Services.
  2. From the list, select the item you’re working on and hit the Edit button under the Action column.
  3. Go to the Quantity on hand section and hit the Starting value link to see more information about the product.
  4. Choose Got it to confirm the action.
  5. On the Inventory Starting Value # Start page, check the item details and make sure the data entered is correct.
  6. If it’s incorrect, update the information.
  7. Click Save and close.

 

If there's an adjustment entered for the goods, run through the data and make sure it’s correct. Follow the steps in this article on how to check information. Proceed to the Edit or delete an inventory quantity adjustment section to view the complete instructions: Adjust inventory quantity on hand in QuickBooks Online.

 

Lastly, you may refer to this article to view details on how to check your inventory so always have an accurate count: Fix negative inventory issues in QuickBooks Online.

 

If you have any further questions or concerns, please don't hesitate and reach back out to me. I'm always here to help you. Stay safe!

robbin-taylor
Level 2

I have an inventory item with zero quantity, yet the asset value is not $0.00. How do I change the asset value to $0.00?

Thank you for the information! I had to find somewhat of a work around because I did not have some of the dropdown menus mentioned in the response. I discovered I could accomplish the same thing if I found the product in the Product and Services module, then chose Run Report in that product's dropdown menu and select All Dates and run the report I was able to see all the transactions and quantity adjustments there. This same process has helped me fix the negative balances in the inventory report.

Boggles
Level 1

I have an inventory item with zero quantity, yet the asset value is not $0.00. How do I change the asset value to $0.00?

This will only work if you are able to adjust the starting value. What some of us are going through are we are years into a file. There have been countless transactions. I inherited a file that has several inventory items that have a value quantity of zero, but a value of over $100,000. It is because the first year there were transactions done with no value, and then values were put in later on. I have tried putting in dummy invoices and then changing the quantity back to zero. Every time, with every method, it always goes back to having a zero quantity with a value over $100,000. I can find where the error happened, but I can't adjust the book from 2 years ago. Screenshot attached.

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