Learn about the methods of calculating and tracking inventory that are used in retail accounting.

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.

FIFO (first in, first out) is the most common method of accounting for inventory. It assumes that the first items in were the first items sold. When inventory is used to create products, there is ...

Daniel Liberto is a journalist with over 10 years of experience working with publications such as the Financial Times, The Independent, and Investors Chronicle. Michael Boyle is an experienced ...