Stocktaking

[Paul Wrightson <..hidden..>]

Hi everyone,

I did a quick check of inventory on hand. We are an IT shop and carry 
very little in inventory (if we need it, we go and buy it).
I have two parts that LS says I have -1 (negative one) on hand. We have 
not sold that part for a couple of years and we have none in stock.

I would like to get these parts "adjusted out" but I am wondering what 
is the best way - both in LS and in accounting (I am NOT an accountant).

My solution would be to set up a "stocktaking discrepancies" vendor and 
to purchase these items for $0.
This would increment the number on hand up to zero, but I am not sure of 
any GAAP repercussions!!

Any help would be greatly appreciated.
Thanks
Paul