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 ...

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 ...

Inventory should be recorded at the lesser of your original cost or current market value. Here’s the crucial part that trips ...

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 ...

Accurate inventory accounting is vital, especially in the globalized world of low-cost competition. Five critical inventory accounting control lapses threaten a company’s long-term survival.

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 ...

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.

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

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 ...

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 ...