Appreciate the update, @accounting-ygpso.
I'll help delete the inventory shrinkage account in QuickBooks Online.
Yes, Inventory Shrinkage is an account automatically created after an inventory adjustment is made. Since you've already removed the said adjustment, let's also delete the account and fix the figures of your Profit and Loss report.
To do so:
- Go to Accounting.
- Select Chart of Accounts.
- Enter Inventory Shrinkage in the text area next to the Batch Actions menu.
- Under the Action column, select the Run Report menu.
- Select Make Inactive.
- Click Yes.
I'm adding this reference that'll help you understand your account and its transaction history which breaks down how much money you have or owe: The Chart of Accounts in QuickBooks.
Let me know in the comments below using the Reply button if you've got questions other than changing an account detail. I'll be here ready to lead a helping hand. Take care always!
