I can share some information to help you with deleting the inventory shrinkage, @accounting-ygpso.
Inventory Shrinkage is an account automatically created by QuickBooks Online (QBO) once you adjust the quantity on hand on your inventory product. This is a default account that is used to record all the adjustments or changes you've made.
I always suggest reaching out to an accountant when editing inventory adjustment entries.
You can use the Advanced search function in QBO to find and delete this transaction.
Here's how:
- Go to the Search icon (magnifying glass) on the toolbar and click on Advanced search.
- In the Inventory adjustment account drop-down, select the appropriate account.
- From the All Transactions dropdown, pick Inventory Quantity Adjustment.
- Click on Search.
- Choose the adjustment that you need to remove and click on Delete.
For more information about Inventory Shrinkage, and how to edit or delete it, refer to this article: Adjust inventory quantity on hand in QuickBooks Online.
You can update an existing inventory quantity adjustment rather than create a new one. You may also make changes to the inventory or add new items as needed. See this guide for more information: Edit an inventory quantity adjustment.
After that, you can run reports to check what's your best sellers, what’s on hand, the cost of goods, or your inventory status: Use reports to see your sales and inventory status.
Let me know if you still need further help with deleting your inventory shrinkage. I'm always here to help. Have a great rest of the day!
