Inventory Asset account is a default type account automatically created by QBO to handle inventory transactions. For QBO Inventory module to work properly, you should be using “Inventory Asset” account only for all inventory items. Other inventory related GL accounts should be made inactive.

Resolution for 'consequences issue: 'When setting up products and services, what’s the difference between inventory & inventory asset when choosing inventory asset account? What are the consequences?' available: Yes.

The consequences 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 consequences issue yourself by looking for a resolution described in the article. If it is a complex consequences issue or you are unable to solve the issue, you may contact us by clicking here or by using other consequences support options.

For more information about resolving issues related to consequences in Quickbooks/QBO or to get support for the issue 'When setting up products and services, what’s the difference between inventory & inventory asset when choosing inventory asset account? What are the consequences?', click the link below: