Happy to welcome you here in the QuickBooks Community forum, Paul.
I'll share information on how to fix your incorrect inventory and the overstated profit.
If your inventory isn't decreasing, it's conceivable that it wasn't accurately selected when you created the invoices. You'll want to check if it is the correct invoice and if the changes were saved for the item raised. You can pull up the Inventory Valuation Detail report and filter the items to check further. I'll show you how:
- Go to Reports from the left menu.
- Enter Inventory Valuation Detail in the Search box and select it.
- Select Customize.
- Choose the Filter dropdown and put a checkmark on Product/Service.
- Click Run report.
You can also review the inventory setup. QuickBooks Online has everything you need to manage your inventory. Track your inventory, get notified when it's back in stock, and gain insight into your purchases and sales. If you haven't enabled these settings, here's how:
- Go to Settings ⚙ and select Account and Settings.
- Select the Sales tab.
- Choose Edit ✎ in the Products and Services section.
- Turn on Show Product/Service column on sales forms.
- You can also turn on price rules to set up flexible pricing for the things you sell.
- Turn on both Track quantity and price/rate and Track inventory quantity on hand.
- Click Save and then Done.
For more of the other steps and detailed information, refer to this article: Set up and track your inventory in QuickBooks Online.
Feel free to check out these resources below to learn more about inventory quantity and reports in QuickBooks:
It's my pleasure to help you if you have other concerns. Just leave it in the comments section below or create a new thread. Keep safe.
