Hello - I am hoping to draw on the collective QBO knowledge on inventory values
We use inventory on QBO and have an issue where we have nil items in stock but the stock asset valuation report is showing a value.
We have one item with none in stock but the value is listed at -£71.09, and another with none in stock but the value is listed at +£650. Obviously with nil stock the value should be nil also.
I cant change the opening stock value as this would be incorrect, it is historic, it is not an opening stock value problem and I need to adjust as of 31Dec20.
I cant journal the adjustment so it affects the actual stock item (I can journal to move the value from the stock to COGS so the stock account shows the "correct" value omitting the incorrect ones BUT this does not change the actual stock item value).
I have spent 2 hours to QBO support and all they could suggest was the opening value adjustment or the journal, neither of which actually addresses the issue.
Can anybody advise me on how to adjust the stock asset value in the system? This is doable on all other stock systems I have used but I cannot see how in QBO.
Any help very gratefully received!!
I have attached one line of the stock valuation summary report showing the nil stock and the negative asset value.
