I'd be happy to walk you through the steps on how to write down your inventory value, Liz.

You can go to your Product and Service page and adjust the value of your inventory from there. To begin with, you'll need to create a sub-account of your Cost of Goods Sold (COGS) account and use it for the adjustment. I'll show you how.

1. Go to the Accounting menu in your QuickBooks Online (QBO) account.
2. Select Chart of accounts.
3. Click New to create a new account.
4. Select Cost of Goods Sold as the Account Type.
5. Chose a Detail Type and enter a name for the account in the Name field.
6. Check the box labeled Is sub-account and choose the COGS account as the parent account. 
7. Then click Save and Close.

You can also check this article for more details: Add an account to your chart of accounts in QuickBooks Online.

Once done, we can now adjust your inventory value. I'd propose working with your accountant for additional guidance. This way, we can ensure the accuracy of your accounts after making these changes. If you're not affiliated with one, you can visit our ProAdvisor page and look for one from there.

When ready, you can follow these steps:

1. Go to the Gear icon and select Product and services.
2. Locate the inventory item you want to adjust, and select Adjust starting value from the Edit drop-down menu. 
3. A warning message will pop up notifying you about the effects of changing your inventory value. Click Got it! to close the message.
4. From the Initial cost field, change it to 1.
5. Select the COGS sub-account you've created in the Inventory adjustment account field. 
6. Then click Save and close.

Let me also add this link that you can read for guidance in case you need to adjust your inventory quantity: Adjust inventory quantity on hand in QuickBooks Online.

I'm just a post away if there's anything else you need assistance with adjusting your inventories. You can also add in your response if you have any other QBO concerns. I'll be more than happy to help you out anytime.