Inventory Asset recorded twice

Thank you for taking the time to post here in the Community space, @H Cohn. I'm here to provide you some details that will help you resolve  your concern.

Create a journal entry or delete the duplicate transaction to fix the dispute. You can create a journal entry if this item or value in your inventory asset has been done for a long time. You can also delete the duplicate item or value.

I would suggest speaking with your accountant. They can provide additional information and advice as they know what's best for your business.

Here's how to create a new Journal Entry:
 

1. Go to the Company menu.
2. Select Make General Journal Entries.
3. Fill out the fields to create your journal entry. Once done, ensure that your debits equal your credits.
4. Then select Save and close.
    

You can refer to this article for more details: Create a journal entry in QuickBooks Desktop for Windows or Mac

If you would like to delete an item, here's how:
 

1. Go to Lists menu.
2. Select Item List.
3. Choose the item you want to delete.
4. From the menu bar, select Edit and then Delete Item.
    

For additional information, you can check out this article: Add, edit, and delete items

I'm also adding this article that might help you in the future: Balance Sheet and Inventory/Stock Valuation reports show different amounts for Inventory Asset accou...

Please let me know if you have any other questions or need any other information about managing your inventory asset. I'll be available to help you. Keep yourself safe!

@H Cohn 

"The prior bookkeeper added this item with a value therefore putting the amount back into inventory."

Are you saying this amount was properly added to inventory and expensed (presumably to cost of goods sold) and then added to inventory a second time by mistake?  If that is true, then how was it added to inventory the second time?  The inventory asset account would have been debited, but what was the credit?  You need to determine what the credit was and then reverse the entry. 

When the item was created, she entered an amount in the total value. This is turn added that value to our inventory asset account. 

@H Cohn 

Got it.  It's my understanding that the credit entry to offset the total value entry is opening balance equity.  Do you have a balance in opening balance equity on your balance sheet?  To confirm, you should be able to locate the entry in the opening balance equity account.  If you find it, then your opening balance equity is overstated by the same amount as inventory.  To correct it, create a journal entry - debit opening balance equity and credit inventory asset.

This will reduce both opening balance equity and inventory on your balance sheet and have no effect on your P&L.