Hi there, is me again, in charge of inventory with 5000+ items recently...here is the issue I found and need advice.

1, Which account should be used for adjustment account. (we don't have our own accountant) 

I found all the adjustment account we used is "income", whatever increase or decrease the quantity. I read some article that suggest use "income" for increase, use "expense" for decrease. If so, do I need create those two account with different names? or just use "income" and "expense" (the two already existed in QB), which way is better?

sometime we get some parts from damaged machines, which account I should use? what type of the acount?

2, How to close the previous PO?

Some of the items have PO from long time ago , like 3 or 5 years ago, it may confuse whether we need order the item. How can I close them? it seems we can't delete it. 

3, negative quantity (on hand and asset value)

I know that shouldn't happen, I can't track what happened since there were so many individual "managed" inventory. Can I use "item receipt without bill" and make it no expense? 

4, Separate transactions from one item.

We have some inventory items that include different item information. we already have thousands items, so the previous use some old item with low/no cost and no/ less QOH item and changed the item number/name and description (maybe something else), then keep using this as a new item.

how can I separate those transactions to a real new item? if keep using in this way, what it may cause? 

I appreciate any suggestion and help!