To be able to account for inventory write-off, you need to know basic accounting. If you are not keeping books and records on a general ledger that has journal entries, then your small business does ...

Denver-basedAmbrook announced the launch of Ambrook Inventory, an accounting-integrated inventory feature designed to help ...

Business owners know that inventory losses occur. Damage, spoilage, theft, obsolescence, defects and a number of other problems can crop up at any time. If you use cash accounting, you write down the ...

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 ...

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 ...

Limited guidance from the IRS and accounting standard-setting bodies has led to a divergence in interpretation and practice for inventory valuation within the scope of business combinations.

Explore the major differences between IFRS and U.S. GAAP, including inventory write-downs, intangible assets, and accounting ...

Answer: I spent many years during my career arguing for cycle counting and losing to the financial folks who insisted on physical counts. Never mind that taking these inventories cost the company $100 ...

Learning how to manage inventory efficiently is critical to any business that sells physical goods. From timely ordering of supplies to tracking and storage, any mistakes can directly impact your ...

Discover how HIFO inventory accounting contrasts with LIFO and FIFO methods, and why it impacts COGS and taxable income, ...

The American Institute of CPAs wants the Internal Revenue Service and the Treasury Department to help businesses facing foreign trade obstacles to maintaining inventory during the pandemic. The AICPA ...