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Inventory?

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Inventory?

Post by Kristal on Tue Jan 10, 2012 1:08 am

For those of you who stockpile (Shannon, I'm looking at you!!), do you take inventory of what you have at the end of the year? Do you count everything in "stock" AND whatever you have in your kits? Do we need to do this for any tax reasons?
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Kristal

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Age : 32
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Re: Inventory?

Post by Guest on Tue Jan 10, 2012 9:05 am

No, No, and No.

That is only if you retail as your stock is inventory for sale and your assests. When they are your tools and supplies it isn't the same - your purchase of same shows on your books.

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Re: Inventory?

Post by Perry Noia on Tue Jan 10, 2012 9:25 am

what Shannon said... my dad is an accountant and handles my books at tax time. When I had more of a retail business, he used to ask for what I had left as "stock" at the end of the year to carry over, but with this it is supplies. Watching him organize my stuff this year, he categorized all of my expenses into advertizing, supplies, training, rent, insurance and kilometers.... I think. Face painting stuff, balloons and costume stuff were all supplies.
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Perry Noia

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Re: Inventory?

Post by Kristal on Tue Jan 10, 2012 4:12 pm

Awesome! Just what I wanted to hear, ladies - thanks!

Saves me a whole heck of a lot of time, lol.
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Kristal

Number of posts : 1587
Age : 32
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http://www.faceaballoonza.com

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Re: Inventory?

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