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The IIF file format, Intuit Interchange Format is a proprietary text file used by Intuit's Quickbooks software for importing and exporting lists and transactions. References [ edit ]
Two very popular methods are 1)- retail inventory method, and 2)- gross profit (or gross margin) method. The retail inventory method uses a cost to retail price ratio. The physical inventory is valued at retail, and it is multiplied by the cost ratio (or percentage) to determine the estimated cost of the ending inventory. The gross profit ...
The difference between the cost of an inventory calculated under the FIFO and LIFO methods is called the LIFO reserve (in the example above, it is $750, i.e. $5250 - $4500). This reserve, a form of contra account, is essentially the amount by which an entity's taxable income has been deferred by using the LIFO method. [2]
A viable way to overcome this problem is to set up a journal report, to show all journal entries. Print the report using the "print to file" option. Set the file type to Excel before printing. Rename the extension of the resulting file from PRN to CSV. Use this XL2QIF Excel macro to convert to QIF. The Excel file may need to be reorganized to ...
The specification allows for bank- and application-specific extensions, although only a subset is necessary to describe a financial transaction. Versions 1.0 through 1.6 relied on SGML for data exchange, but later versions are XML based. According to the main OFX site, "The specification is freely licensed, allowing any software developer to ...
However, the update does not apply to all companies. Companies that use the FIFO (first-in, first-out) and average-cost methods of inventory valuation are required to implement the changes, whereas companies that use the LIFO (last-in, first-out) and retail inventory methods are not affected by the update. [3]
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