Get LIFO and Weighted Average Costing at the same time:

September 3, 2013
Magellanic Cloud

While other world famous (commonly known as most powerful) accounting software requires you, at setup stage, to choose one of three costing methods i.e. (i) LIFO, (ii) FIFO and (iii) Weighted Average.

You will choose only one of these methods at the setup stage. Afterwards, you will get all the costing reports based only on the one method you had chosen at the time of starting with that world’s most powerful accounting software.

lifwtd

Whereas in Soft Retail Accounting, you are in no need to setup your costing method and Soft Accounting will automatically give you costing reports based on (i) LIFO and (ii) Weighted Average at the same time. For example see following screen shots of (i) Income Statement LIFO basis and (ii) Income Statement Wtd. Avg basis … and see that for the same period, there is difference in net profit. Therefore we must conclude that Accounting Software is not complete if it gives only one type of costing information. Following screen shots are from Sample Data file:

is lifo

and now see following Wtd. Avg based Income Statement for the same period.

is wtd

Not only Income Statements, Soft Retail Accounting gives Balance Sheets also in these two varieties. In addition, the inventory reports also give information about gross profit on both LIFO basis as well as on Wtd. Avg basis. So with Soft Retail Accounting, you will get even more insight into the affairs of your business than can be offered by other renowned Accounting Software Systems.

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