Hello there, s1b.

I'll share some information to help you understand the reports in QuickBooks Online. 

Inventory is treated as an expense in cash basis accounting only becoming an asset when it is sold for cash. That is why is not shown on the balance sheet cash base report.

I would suggest seeking guidance from a certified accountant regarding the process at hand. They would be better suited to offer advice and ensure that the procedure is executed in a compliant and efficient manner.

Additionally, I'll be adding this related article to help you understand how to customize reports in QuickBooks Online.

I'll be around if you need further assistance managing your report or other related concerns in QuickBooks Online. Just click on the Reply button to keep me updated.