Is there a work around in QB premier desktop to keep FIFO method? We are going to be pushing the majority of our information from our database that keeps our inventory, to QB. Our current method is FIFO, and we want to keep it FIFO, but with the premier using average we will never reconcile between our two systems. We have a lot of inventory.
Thanks for dropping by the Community. I'm happy to shed some light on this for you. Unfortunately, advanced inventory options such as FIFO is only available in QuickBooks Enterprise. I can provide you the link on where to upgrade to enterprise if you'd like: QuickBooks Enterprise. I'm also including a link to the steps to set up FIFO within Enterprise should you decide to upgrade from Premier.
Thank you for your time and have a lovely afternoon.
I understand it is available in Enterprise, but I am looking for a work around to be able to reconcile our inventory with our other system. Why is average method the only way to keep inventory in every QB version except Enterprise when you have to file with the IRS to change your method? Seems like the costing method should have options in every version to better tailor to the clients. Do you anticipate this changing any time soon?
So the only other option, besides upgrading to QuickBooks Enterprise would be to look for a third party app that can account for the FIFO method when reconciling. You can visit our QuickBooks apps store to see if there's an app that's partnered with QuickBooks that suits your needs.
Thanks again for stopping by the Community and feel free to post here anytime. Have a nice evening.
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