I want to set up QuickBooks so I can add inventory value for account purposes only, not for inventory tracking. For example, if in Oct 2024 I have $60,000, now $10,000.

When you say this is just for account tracking, do you mean your QBO does not have an inventory tracking option, Whipzi, and that is why you are considering doing it manually?

If that is the case, I’d like to invite you to read about manually tracking inventory. It’ll give you some helpful guidance, but I can also show you a sample using the steps in the mentioned article.

Step 1. Create an account to track your inventory value using the steps in the hyperlinked article above.

Step 2. Once you have an account to track the value, create an account to track your cost of goods sold. Still, use the same steps in the article.

Step 3. Now, let's say you paid $60,000 in October 2024 to purchase the inventory, here's how you track it:
 

1. Click +New and choose Expense.
   
2. Change the date to sometime in October 2024.
3. In the Payee field, enter the name of the vendor where you purchase the inventory item. You can create a random name if you can't remember it anymore.
4. In the Payment Account field, enter the bank account you used to pay the item/s.
5. In the CATEGORY field on the table, choose the account you created in Step 1 and enter 60,000 in the AMOUNT field.
6. Click Save and close. You can do the same steps when recording for the $10,000 inventory.
   

When you sell the inventory, just follow the steps in the When you sell inventory section in the article above.

You can use the test account to try the steps before going to your actual company file.
 

On the other hand, if you do have the Inventory tracking option but want to do the manual route, can you provide more details about the $60,000 and the $10,000 that you want to track? Are they currently posted in your books, and do you want them to be revalued without changing quantities?

Also, you can generate detailed reports within QBO that provide valuable insights into your sales performance and inventory status, you can refer to this article: Use reports to see your sales and inventory status.

You may explore with our QuickBooks Live Experts that can empower you to easily adjust inventory values so you can maintain accurate financial records with minimal hassle.

If you have more questions or concerns, please leave a reply below. The Community team is always available.