Currently, we can only make the products and service items inactive in QuickBooks Online. This is to ensure that any prior data associated to them will be retained on the company file for filing and auditing purposes of your business.
Here's how we can easily make them inactive:
Click the gear icon in the upper-right corner.
Select Products and services under LISTS.
Look for the item you want to make inactive.
Click the drop-down arrow next to Edit and select Make inactive.
Choose Yes to confirm the action.
If the item you want to make inactive doesn't have any associated transactions, we can just recycle it in the future. Renaming it would be easy. We can click Edit, and update the Name. From there, we can already save the changes by hitting Save and close.