Good to see you here in the Community, @khurrum.

I can help change the account type of your items into an asset account in QuickBooks Online (QBO).

Here's how:

1. Go to the Gear icon.
2. Under Lists, select Products and services.
   
   
3. Select Edit under the Action column.
   
   
4. From the Income account drop-down arrow, choose the account you want to use.
5. Put a checkmark beside Also update this account in historical transactions. It's to update all your item's account types.
6. Hit Save and close.
   
   

I've added these articles about adding products and changing item types in QuickBooks: 

• Add product and service items
• Change product and service item types

Let me know if there's anything that I can help you in managing your transaction. I'd be around to help. Have a great day.