QuickBooks is designed to be a simple accounting and bookkeeping software suite. In the spirit of simplicity, it limits decisions that are within the Generally Accepted Accounting Principles.

Jeff is a writer, founder, and small business expert that focuses on educating founders on the ins and outs of running their business. From answering your legal questions to providing the right ...

Discover NIFO, a unique inventory valuation method based on replacement cost instead of original cost, its working mechanism, ...

Learn what inventory accounting is, how it works, and key methods like FIFO, LIFO, and WAC. Includes real-world examples, tips, and best practices. I like to think of inventory accounting like ...

Inventory methodology is used to measure the value of assets as well as determine the cost of goods sold during a year. The choice is important, and it may be tempting to use different methods for ...

Discover the key differences between IFRS and GAAP accounting standards, and learn how they impact financial reporting for ...

To determine the value of ending inventory and, ultimately, margins, many retailers have stuck with an accounting practice known as the retail inventory method — in some cases for more than 100 years ...

Plastics processors are fortunate to have several options for managing and calculating costs. In part one of this series, we discussed the benefits of a production profit contribution model. This ...