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
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