I used to be going to write Xero vs Quickbooks Online but the two I’m evaluating use an average cost approach instead of FIFO like QBO. Which one will be better for an auto parts vendor? I haven’t done any real bookkeeping yet but I have dealings that I will be plugging in. Certainly one of my other concerns is exactly how average cost and LIFO works. Like if I had sold some thing on 2/5, is everything just before and on 2/5 considered for CoGS, or will it consider the whole whole year if I put all my buy orders in for the whole year? I am just trying to abide by how the INTERNAL REVENUE SERVICE would want it be done.
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