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.

Discover how the retail inventory method simplifies store inventory valuation with easy calculations, cost-to-retail ratios, ...

Taxpayers that fail the gross receipts test are not eligible for the new rules governing inventory accounting. The $25 million threshold will be indexed annually for inflation; the 2025 amount is $31 ...

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 ...

This story was originally published on Retail Dive. To receive daily news and insights, subscribe to our free daily Retail Dive newsletter. To determine the value of ending inventory and, ultimately, ...

For many companies, inventory represents a large, if not the largest, portion of their assets. As a result, inventory is a critical component of the balance sheet. Inventory can be valued using a few ...

Discover what inventory means, its essential types like raw materials and finished goods, and strategies for effective inventory management to enhance your business’s efficiency.

Few differences between IFRS and U.S. GAAP loom larger than accounting for inventories, particularly the disallowance of the last-in, first-out (LIFO) method in IFRS. The proposed shift of U.S. public ...

The Internal Revenue Service has issued new rules for changing a method of accounting for retail inventory. Revenue Procedure 2014-48 provides the exclusive procedures under which a taxpayer can ...

The Internal Revenue Service has reversed itself on the rolling-average method of valuing inventory and will now consider it valid for tax purposes. The IRS has traditionally viewed rolling-average ...