Hello there, @tracey2972.
I'll provide information about writing down the value of stock items in QuickBooks Online (QBO).
In QBO, the option to write off a stock item's value is unavailable. You can only adjust the quantity of the inventories and not the value or amount. I suggest consulting with your accountant about this matter for guidance and to ensure the accuracy of your books since they know what's best for your business.
On the other hand, if you want to modify the cost and initial quantity of an item, see the steps below:
- Go to the Gear icon and select Products and Services.
- Highlight the item and choose Edit from the Action column.
- Select Starting Value.
- Hit Got it.
- Enter the item's correct quantity and cost.
- Then click Save and Close.
I'm also attaching these articles for more details on managing stocks and adjusting the stock quantity on hand in QuickBooks:
Tag me in this thread if you have clarification or additional concerns about managing inventory in QuickBooks. I'm always here for you.
