Hello there, Michelle.
I'm here to ensure the records of your inventory items are correct, specifically the asset value. We can create a journal to fix this. It will then adjust the item on General Ledger.
But before doing so, I'd recommend consulting with your accountant first to get guidance on how to properly handle this in your account depending on the type of business you're running, and for your books not to mess up. Your accountant can give you more expert ways on what accounts to use. If you don't have an accountant, you can find one here: Find an accountant.
To adjust the asset value, please follow these steps:
- Click on the +New icon.
- Select Journal Entry under Others.
- Fill in the Journal date and the Journal no. in their appropriate fields.
- In the first line, choose the specific account to use.
- Go to the next line and choose the account you’re moving money to or from.
- In the Debits and Credits column, make sure the amounts are the same to balance the accounts.
- Tap the Save and close button.
Also, feel free to visit this article to help you how to resolve other inventory issues.
Additionally, you can utilize this article as your reference in case you want to keep track of your inventory items such as your best sellers, what's on hand, and the cost of goods: Use reports to see your sales and inventory status.
Please don't hesitate to reply on this thread if you've got more queries about handling your inventory items in QuickBooks Online. It'll be my pleasure to assist you further. Have a wonderful day.
