QB Issue Resolution:

to fix this

 

journal entry

debit opening balance equity for the amount in the journal entry

credit inventory asset for the same amount

 

as it stands now

you debited inventory asset with journal entry

you create items with cost and qty, that debited inventory asset and credited OBE

 

so if you take the value out of inventory asset using a credit, and post it to OBE, that cancels the amounts and the balance sheet will be correct

 

going forward, think of inventory asset as a summing account, and think of each item as a sub account where cost and qty are kept.  You can Never use inventory asset in a journal entry, an adjustment or a purchase – if you do you change the balance sheet amount but do NOT affect item cost.  That means the balance sheet value for inventory asset will not equal the inventory valuation summary report, and it must.

 

Journal entries should be the exception when using QB, they often do not work as you think they should, and  when you use inventory type items they never work for inventory. It is much better to use the forms on the home page the way QB is designed to be used.    Journal entries also bypass accrual/cash reporting, and will not show on many reports.

Resolution for Issue 'Products and Services ‘Starting value’ causing duplication in Stock Asset account' available: Yes (Solved).
Source: Intuit Community forum.

Products and Services ‘Starting value’ causing duplication in Stock Asset account: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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