Hi tonjunee,

In my QuickBooks Online Advanced version, the "Inventory Valuation Summary" report is a standard report under Sales and customers or you can find it by typing the name in the report or main search bar. FYI, there is also an Inventory Valuation Detail report.

If you need to reduce the quantity of your inventory, you can do that with an Inventory qty adjustment entry. To find that, click on the + New button and look under OTHER. If you reduce your inventory this way, it will credit the asset account the same way it credits for sales based on FIFO (first in first out) purchase prices. You can choose which account you want debited as an offset. If you increase your inventory this way, QBO uses the last purchase rate to calculate the value of the increase.