Looking to Clear Out our Inventory transaction Data

peloffis

We are coming up on our Year End, and we are going to be taking a physical. We would like to have our physical counts be the starting point for Inventory, and drop all of our old transactions. Our plan is to first physical count everything to zero and post. Hopefuly clean out any transaction data. Book any required adjustments. Update are standard costs. Then we are going to enter new counts and post.
Is there a function in the system for this (clear out the transaction data), or any recommendations ?
Note: We are standard cost, We have problems with our ILE's and Applications, and Value Entries, if we process a physical inventory ledger entry on an item and zero it out, we have zero on hand at a value > 0. Our first few months we were learning the system, then we thought we knew it, then we found out how much we did not know, and now we want to clean up.

Tables that look like they would be effected :
Item Application Entry
Item Journal Line
Item Ledger Entry
Value Entry

Thanks you.

dimus

and... G/L Entry
Make sure you're not repeating the same issues that led to this option.

As far as for clearing inventory on hand, you can run Calc. Inv. from Phys. Inv. Journal and update Qty. (Phys. inv.) with zero and post it. I assume you don't have WMS.