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matthew-kapes-co
Level 1
posted
‎December 31, 2021 04:14 AM
last updated ‎December 31, 2021 4:14 AM

My inventory asset account is a mess because I inactivated items that had stock. Is there a transaction I can make that would bring it to zero?

Is there a transaction I can make that will allow me to just start again?
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2 Comments 2
ChristineJoieR
QuickBooks Team
QuickBooks Team
‎December 31, 2021 07:58 AM

My inventory asset account is a mess because I inactivated items that had stock. Is there a transaction I can make that would bring it to zero?

Hello there, @matthew-kapes-co.
 


It's a joy for me to assist you in sharing inventory adjustments information in QuickBooks Online (QBO).
 


Once you’ve inactivated or deleted items on your QBO account, when creating an inventory adjustment, QuickBooks automatically creates the Inventory Shrinkage account. This is how QBO works and it is part of the QBO feature.
 


Since you no longer track inventory, you can make a journal entry to remove the object from your book:
 

  1. Click the + New.
  2. Choose Journal Entry.
  3. Enter the necessary information.
  4. Click Save.

 
I also recommend consulting with your accountant, who can advise you on which technique is best for your particular books.
 


You can refer to frequent asked questions (FAQ) about inventory management. Check out Quick-Look FAQ: Inventory Management.
 


If you have any other inventory-related queries, please leave a comment below and I'll do my best to assist you. I wish you the best of luck!

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matthew-kapes-co
Level 1
‎December 31, 2021 10:42 AM

My inventory asset account is a mess because I inactivated items that had stock. Is there a transaction I can make that would bring it to zero?

@ChristineJoieR this creates a problem in inventory shrinkage. Why is QOB so difficult to correct errors on. It literally punishes you for making an error. I had products and I had to inactive these products which created inventory shrinkage, and now the only way to balance the inventory shrinkage is to create a fake inventory item with the same amount, but then that messes up my balance sheet under inventory asset. Please help me, I am so sick and tired of this piece of software.  

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