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There is a transaction in my QB for an ABSURD amount with no name. Type is "Inventory Starting Value". I never entered this amount and want it removed from history. How?

This transaction is causing my income to show a HUGE net negative that doesn't exist and never has. I do not know where this transaction came from and deleting it did not change anything. How do I completely remove it from QB so that it is no longer INCORRECTLY effecting EVERY related calculation?
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Re: There is a transaction in my QB for an ABSURD amount with no name. Type is "Inventory Startin...

Greetings, @sullivanshomest.

 

I'm here to help you get this transaction issue straightened out right away. Assuming you're referencing the negative net income from the Profit and Loss report, which account is it displaying in? Based on the type being Inventory Starting Value, it sounds like this may be the result of over-inflated Cost of Goods Sold (COGS). You can also check this from the COGS account register with these steps:

 

Find transactions in the COGS account

  1. From QuickBooks Online, navigate to the Accounting tab.
  2. Use the search bar to quickly locate Cost of Goods Sold.
  3. On the line for the account, click Run Report. The transactions that appear here show the expense all items involved on every sales transaction recorded in a given time period.

Check out this quick video example on how to locate and view the account report:

 

If the Cost of the items you're selling are mistakenly made too high, each sale you record will result in further negative net income. To begin verifying this, check out the instructions below:

 

Verify your inventory's assigned cost

  1. From QuickBooks Online, click the Gear icon (⚙) and select Products and Services.
  2. For every item you suspect might have an incorrect COGS value, click Edit.
  3. Scroll down and verify the amount in Cost.

This process is demonstrated in the video below:

 

By ensuring these values are correct, you can further boil down to the culprit of this absurd transaction amount incorrectly affecting your income. Check out our thorough guide on Understanding Inventory Assets and COGS Tracking for additional information. Please let me know if this helps you determine the cause of the issue, it's my top priority that this gets resolved. Thanks for reaching out, I look forward to hearing from you.

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