I printed an income statement this morning and noticed the inventory account had a huge negative balance.
On further inspection, it comes from Inventory Adjustment Transaction
1520 Inventory A 2957040
5020 Inventory A Cost 2957040
The transaction…
Do you have inventory on hand? You will need to account for the difference between your opening and closing inventory values.
To ensure that you report your Inventory Value accurately: The value in the Inventory Opening Balance Account is included as…