Monday, January 18, 2010

QuickBooks: Removing Unused Inventory Items

A client asked: We have a number of inventory items that we no longer use. Can we delete them?

No, you should never delete inventory items. In fact, QuickBooks will not allow you to delete them. The cost of goods sold is based on average cost, so if you could delete inventory items then the average cost of sales will change. Do not delete any inventory-related transaction (i.e. check, bill, credit card, invoice or adjustment) after month-end.

To address your unused inventory items, you should make them inactive:

* Open the item list > right click on the item name
* Select 'Make Inactive' > uncheck the Show Inactive box
* Inactive items will not be shown when you create documents

When you do this, you should print the Inventory Valuation Summary at month end before inactivating items. This is the only report that excludes inactive items. If you run the report after inactivating items, these items will not be shown, even if they were in stock in the previous month.

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