What Accounting Methods Are Available?

During the implementation process, the Taxbit Team will request guidance from the client as to which accounting methodology should be set up for the respective account. The accounting methodology is simply selected by the Taxbit Implementation Team member on the backend and can be changed upon request.  

Please note: Taxbit does not provide guidance on which accounting methodology should be used within your account. 

FIFO and LIFO accounting methodologies (by source and universal) are supported today for lot level Gain/Loss calculations in the Taxbit Accounting Suite. Additional accounting methodologies such as HIFO and WAC will be available upon request.