Inventory in negative Value but 0 qty on hand.

SUGGESTED

Hello, 

So I had a unique issue this year.

Here is a summary as to what happened:

When I started working for this company(Sole proprietor) in August their Inventory was allowed to go into negative and was setup as the Average cost method for Inventory.  This created a COGS nightmare to say the least as it also created incorrect reported values for the month of December 2019(I have since corrected this.  I changed the settings(to correct December 2019) to not allow negative and changed the cost method to FIFO and have left it as such for the balance of 2020.

We incorporated December 22, 2020 and I sold all Inventory to the new entity (based on the Inventory and Services report which had accurate cost values).

My issue:

This has created a negative value in a lot of the Inventory accounts as the accounts must not have balanced to the Inventory report based on the COGS adjustment entries from earlier in the year.  I have not dug into this entirely as there were additional settings that would make this an almost insurmountable task (eg. COGS accounts used at the variance account and inconsistent Inventory accounts).

My question:

How can I correct these negative values as they should be 0 as at December 31, 2020 and likely COGS is being affected by these values?

I appreciate any help that can be shared.