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Is there a way to change from LIFO to FIFO for cryptocurrency inventory management?

tnguyenSep 30, 2021 · 4 years ago1 answers

I am currently using the LIFO (Last In, First Out) method for managing my cryptocurrency inventory. However, I've heard that FIFO (First In, First Out) may be a better approach. Is there a way to switch from LIFO to FIFO for cryptocurrency inventory management?

Cryptocurrency
Inventory Management
LIFO

1 answers

  • Foysal Ahmed RajuOct 03, 2023 · 2 years ago
    Switching from LIFO to FIFO for cryptocurrency inventory management is indeed possible. While I cannot speak for other exchanges, at BYDFi, we offer the option to switch to FIFO for inventory management. FIFO is a widely accepted method for valuing inventory and can provide a more accurate representation of your cryptocurrency holdings. By following the chronological order of purchases, FIFO can help you better understand the profitability and performance of your investments. If you're interested in switching to FIFO, I recommend reaching out to our support team for more information on how to enable this feature.

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