You being a QuickBooks user, if you detect any technical or possible error in your item list there is a secure process of avoiding mistakes that will happen in the future is by using the incorrect items to make them inactive.
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Items Inactive in QuickBooks – Intuit
When an item is inactive and still can be viewed in reports however, it is not included in any drop-down lists on sales or purchase transactions. Thus if you want to know “What happens to the value of stock when you make an item inactive in QuickBooks”, then lets check out the process here..
Follow the Steps to Mark an items Inactive in QuickBooks
- Go to the menu bar -> Select Lists -> Item List
- Select the item you want to make inactive -> Click on the selected item
- Right-click the selected item
- Select Make Item Inactive
- If you view a warning message like: the item being part of a group, Click Yes to make the item inactive or click No to cancel your change ( as per your requirement)
When you make an item inactive in QuickBooks, it does not have any impact on the company’s financials. Nothing happens to the value of stock but making an item inactive hides it from your list of items. Therefore, there is no impact on any values or balances. If you want to correct your financials, you need to choose one of two options. They are as follows:
- Edit the account assignment on every specific item. This will help you fix all older entries that were using this item. You need to be careful while fixing as it can change prior-period financials. The consequence of changing the assignment on an assigned item remains that same as that what happens in the one sided items.
- You will know have to create a Journal Entry. This will help you reassign the amounts from 1 account to the other one.
It is always advisable to maintain a full backup of your data before making any changes.
- Open the Item List by selecting Lists Item List from the menu bar
- Select the Include Inactive checkbox
- Click once to the left of any list item to make the item inactive
If the checkbox is grayed out, you failed to turn out any item inactive. After making the first item inactive, you can select the checkbox.
How we were in detail while answering your query on “What happens to the value of stock when you make an item inactive in QuickBooks”. If you are still in doubt about how to make things work in quickbooks then try our toll free Quickbooks Canada Support number. Even if you are a US resident still you can give us a call and we will resolve your every issue.