The use of the term “reserve” in this concept is discouraged, since it implies the recordation of a contra asset against the inventory line item in the balance sheet. In a persistently deflationary environment, it is possible for the LIFO reserve to have a negative balance, which is caused by

Some vendors also offer other services such as outsourced bookkeeping. Finding qualified staff can be difficult—and training new hires while tax season ramps up is even more inconvenient. Outsourcing tax preparation to an experienced team with quick turnaround time helps you prepare more returns without hiring additional team members. SurePrep

The QuickBooks Online Simple plan costs $35/month and supports one user. Join the thousands of people like you already growing their businesses and knowledge with our team of experts. We deliver timely updates, interesting insights, and exclusive promos to your inbox. Although QuickBooks Online is a great cloud-based accounting platform,