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Level 2

Inventory Adjustment Caused Issues

The company I work for had a ton of inventory issues spanning back the last few years. They no longer wanted to use the inventory function, so our accountant advised us to switch everything over to non-inventory parts. I did inventory adjustments to set every item back to 0 (we had tons of negatives and false quantities). I transferred everything over to non inventory, the only issue now is our reports are all screwed up. We show a huge profit and inventory asset after the adjustments. The large profit is completely wrong, since we didn't actually sell anything we just adjusted it off. How can I fix this so my reports don't show these huge inaccuracies? Is there a specific journal entry I need to perform? Any advice is appreciated, trying to avoid a costly accountants bill.

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