Inventory on Balance Sheet

Thank you for that information.  I understand how the balance sheet works.  Is there a way to remove the line items from the "Inventory Asset" category on the B/S?  The items also appear in the Opening Balance Equity.  Thanks so much!

Hello there, Accounting646.

I appreciate for adding more details about your concern. Let’s edit the starting value for the items to remove the amount on the balance sheet. I’ll be your guide on how to achieve this task.

1. In your company, tap the Sales menu on the left panel and select Products and Services.
2. From the list, go to the item you’re working on and hit the Edit link under the Action column.
3. In the Product/Service information window, go to the Quantity on hand section and click the Starting value link.
4. Tap the Got it button to confirm the action.
5. On the Inventory Starting ValueRecent #START page, clear the boxes for the Initial quantity on hand box and Initial cost.
6. Then, type in zero in the Initial quantity on hand field.
7. Press the Save and close button and hit Yes.

Perform the process for the affected items. For additional reference, these articles cover all the information about updating your product or service types. From there, you’ll the instructions on how to add or edit items.

• Change product and service item types
• Add product and service items to QuickBooks Online

Reach out to me if you have other concerns or questions. I’ll be happy to answer them for you. Have a great day ahead.

Thank you.  This was helpful but I still this the product under "Inventory Asset" with a $0.00 value.  I even made the product inactive.  Is there a way to remove this product from the "Inventory Asset" and "Opening Balance Equity" accounts?  Thanks again!

Thank you but I don't see this customization option in the Detailed Balance Sheet report.  At this point, I don't think there is a way to remove these entries from this detailed balance sheet report.  Thanks for your help!