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Does Quickbooks support FIFO or LIFO inventory costing?
September 17, 2011
7:41 pm
Ronald
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1 Quote

I'm wondering if Quickbooks supports FIFO or LIFO to cost out inventory? We're using FIFO with another system now and can't switch easily.

September 17, 2011
9:08 pm
Chief Mechanic
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2 Quote

It depends on the edition. QB Pro and Premier, even through the upcoming QB 2012, only support average costing. For Pro & Premier, if you need another costing method, you can consider third-party add-ons to take care of inventory & invoicing functions.
For QB Enterprise Solutions starting with version 12.0, to be released in September 2011, you can use FIFO costing with an extra-cost add-on. LIFO is not supported, but like Pro & Premier, you can get that with third party add-ons.

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