I've had Quickbooks Plus for several months now, but my inventory shrinkage account is not being updated. All of my sold products stay in the inventory asset account.

Good to see you here in the Community, @lburke88.

To update the inventory shrinkage account, you'll have to adjust the quantity on hand of an inventory item. QuickBooks Online (QBO) automatically records the adjustments to your Asset and the Cost of Goods Sold. Thus, also affecting the Inventory Shrinkage account.

We can create a journal entry to adjust your inventory. However, this would require the guidance of your accountant. They'll be able to determine what accounts should be debited or credited.

You can use this link for reference: Adjust inventory quantity on hand in QuickBooks Online.

I've added this article to learn more about inventory tracking in QBO: How to set up Inventory tracking.

Please visit this link on how to check your inventory so you'll always have an accurate count: Fix negative inventory issues in QuickBooks Online.

If you have any other concerns, don't hesitate to let us know. I'm here to help.

Hello, Isn’t quickbooks Plus supposed to be tracking this?  I’m paying for the subscription. 

Hello,  isn’t quickbooks Plus supposed to track this?  I’ve been paying for the subscription and I’ve set up inventory tracking but it’s not automatically calculating any inventory shrinkage.  The quantities of products goes down, but there is no inventory shrinkage.  There must be some other solution for this?

Let me share further details about managing your inventory shrinkage account in QuickBooks Online (QBO), @lburke88.

The inventory shrinkage is one of the systems' pre-created accounts. It's only used and updated once you adjust the quantity on hand of your inventory item (or make an inventory adjustment). 

Yes, you're correct. The QBO Plus plan automatically tracks your adjustments to your stock Asset and Cost of Goods Sold (under stock Shrinkage) accounts. But, you'll need to manually enter an inventory quantity adjustment. Here's how:

1. Go to the + New button.
2. Select Inventory qty adjustment.
3. Enter the Adjustment date.
4. In the Inventory adjustment account drop-down, select the appropriate account.
5. Select the products in the Product field. 
6. For each item, enter either a new quantity or a change in quantity.
7. In the Memo field, enter the details about the adjustment.
8. When you're done, select Save and close.

I've attached a screenshot below that shows the last six steps.

Also, you can use reports to get helpful insights on the things you buy and sell and the status of your inventory. To know which one to run depending on the kind of info you want, you can refer to this article: Use reports to see your sales and inventory status.

In case you have other concerns about managing your inventory shrinkage account and transactions, I'm just a post away. Have a great day and take care.