Is there a way to run an item listing report and sort it by similar items? Such as grouping all thermostats together, all wire together, all TVs together, all speakers together, etc.? For context, I am trying to clean up years worth of people at my company not using correct items on invoices, thus giving me a completely inaccurate inventory count on most of our items. I would like to group similar items together so I can get some information based on our inventory counts. All of our purchase orders are correct after having worked on that for the past few months. If I can take a look at, say thermostats, and I see that we have 10 of one kind in stock, but -3 of another and -7 on another, that will give me a good idea of what I need to change on the corresponding invoices.
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I was hired as the new office manager/bookkeeper at my company. We are a small company, and until I came on board, the owner was doing the books. He has absolutely no accounting knowledge whatsoever, so suffice to say, things were pretty messy when I came on board. He was not using inventory before I came along, so he had all of our products set up as "services". I have since changed everything over into inventory items, and I've been working hard on getting purchase orders and bills into the system, as well as changing over all of the items sold on invoices over to their corresponding inventory items so that our inventory counts would be correct. However, at this point, I've put in every purchase order I can find, and we still have alot of items with a negative quantity on hand. My boss was not good about keeping records of our purchases from previous years, so there are lots of items I simply cannot find any records for. There are many items we have bought in large quantities during previous years that we have kept in stock and have been selling from, so there may be some items we haven't bought since about 2015 or so. My question is, exactly how bad is it for me to just go ahead and manually adjust the quantity on hand? Does that cause issues as far as the IRS goes? I'm comfortable with the accounting side of things, but I'm not super knowledgeable as far as tax implications go, and I have never had to deal with an audit before, god forbid we have to go through that.
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