How to delete posted transaction to Inventory Shrinkage (COGS) account in new QuickBooks Online?

From the home page screen

  • Go the Company “Gear” upper right corner
  • Select the Chart of Accounts under Settings heading
  • Select “Inventory Asset” account
  • Double click “ Inventory Asset” and the Asset Register for Inventory Asset will open
  • Locate “Inventory Qty Adjust” posted to “Inventory Shrinkage” account to delete
  • Double click the transaction line and Delete bar (along with three other options) will open
  • Selete “Delete” option
  • It will prompt with “Yes” or “No” message
  • Choose “Yes” button
  • Done.

QuickBooks Online: How to delete posted transaction to Inventory Shrinkage COGS Account

How to make quantity on hand inventory adjustment and how would that affect P&L in new QuickBooks Online?

How to make quantity on hand inventory adjustment in new QBO?

  • From the homepage screen, go the Company Gear
  • Select Products and Services under Lists heading
  • Locate and double click on the product need adjustment
  • Click Update button
  • Enter NEW quantity on hand
  • Tab
  • It will automatically show the difference (plus or minus)
  • That’s it!
  • Save

How would the inventory adjustment the P&L since no adjustment account provided?

In new QuickBooks Online, they will automatically post the difference in value to Inventory Shrinkage account (default) as COGS expense adjustment.

If your inventory shrinkage account is positive amount that means you have reduced quantity from your initial quantity on hand entry.

On the other hand, if your inventory shrinkage account is negative amount that means you have increased quantity from your initial quantity on hand entry.

You will need to write reclassify journal if Inventory Shrinkage account (COGS) account is not preferred appropriate adjustment account.

Inventory quantity adjustment
Inventory quantity adjustment