In QuickBooks desktop I can make an inventory and total value adjustment which will take the cost of the product out of my total value. How do I do this in QB Online?

I'd gladly walk you through the process of creating a value adjustment for your inventory, mnk_398.

To update the value of your inventory in QuickBooks Online, simply head to the Products & Services page and follow these steps:

1. On the left navigation panel, hover on Sales. Then, click Products & services.
2. Locate the item you're adjusting the value for.
3. Press the dropdown arrow beside Edit.
4. Select Adjust starting value.
5. Make the necessary adjustments. Then, Save.

After completion, the value of your inventory will be modified to accurately reflect the current value of your stock.

For more information about managing your inventory, you can refer to this resource: Adjust inventory quantity on hand in QuickBooks Online.

For future use, here's an article on how to get helpful insights on the things you buy and sell: Use reports to see your sales and inventory status in QuickBooks Online.

Come back to the Community if you have any other concerns about your inventory in QuickBooks, mnk_398. I'll be right here to help you out.

Will this adjustment show as a reduction / expense for the loss of product due to damage?

Thanks for getting back to this thread, @mnk_398. I'm here to ensure you'll be able to know what happens after the Inventory adjustment in QuickBooks Online (QBO).

Upon saving the inventory adjustment in QuickBooks Online, these are automatically recorded to your Inventory Asset and Cost of Goods Sold (under Inventory Shrinkage) accounts.

For more information, you can visit this link: Adjust inventory quantity on hand in QuickBooks Online.

Moreover, you can utilize this guide to 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.

Please don't hesitate to reply to this thread if you need further assistance managing your bank accounts in QBO. I’m here to help you out.

ok, thank you for the update. Just went through the described process. All looks good. Thank you for the quick and accurate replies. 

Hello there, mnk_398.

We in the Community are happy that you were able to find my colleague's post helpful. We're more than happy to help you if you need more assistance.

Keep us posted if you have other questions or concerns. I’m here to help you out. Take care and have a great day!