brmax Report post Posted March 2, 2016 Hi you all, Can some of you explain any! Inventory organization tips for sch c , like part 3 stuff. I am new here and there, So basic setup is I'm beginning work with quickbooks pro desk version and 2014. I haven't made much of any list, so supply has most/all and it needs organized. I have found the best machine information on the site here 3 years ago and just want to ask here, I know I can get the same, just not sure the best questions, and don't want to screw it up. Thanks Floyd Quote Share this post Link to post Share on other sites
TinkerTailor Report post Posted March 2, 2016 Pardon? Quote Share this post Link to post Share on other sites
brmax Report post Posted March 2, 2016 Hi, I was interested how Leather workers here that sell their products, and I'm not sure on the tax kinda stuff in the great north, but anyway how they might use Schedule c tax form 1040 in a business setting. I am starting to work with this in a small business and looking for some more general tips on methods like charts, clipboards, spreadsheets etc. A general startup conversation in the business subject, I'm looking at different pages on uncle sams site to get some information, and this leads to items like I mentioned for myself to get a count of items used in the year, and use it as a value sold or inventory for the new years books. I have a more than a few snaps and most of you know they are different pieces to make up, and so counting and charting of some sort. I believe this is just a example, like rings, eyelets, hides, yards or meter of bridle leather etc. So primarily the interest is in goods sold, though any supply conversation is cool. Good day there Floyd Quote Share this post Link to post Share on other sites
stelmackr Report post Posted March 3, 2016 I have some inventory tips I use in the following: http://leatherbigbookcovers.com/training/Tutorial--Business%20Considerations%20Article.pdf Bob Stelmack Quote Share this post Link to post Share on other sites
brmax Report post Posted March 3, 2016 (edited) Bob, that is a great write up, hits the points really clear. I say Thank You for the excellent work. I will continue to look through these again as I know many others will benefit the same. At the present using excel is going to be a new. I am a always interested in and find myself a stickler doing an organizing part and like it, or what the outcome is. Makes me grin some with your comment finding more efficient ways, for some essential activities we have to do. Somehow I begin to think some feel the very same in tooling or other parts of these task as I do in this Inventory thing. The pages you share are appreciated. Thanks Floyd Edited March 3, 2016 by brmax Quote Share this post Link to post Share on other sites
SmokeyPoint Report post Posted March 15, 2016 If you're going to try to try to track inventory against COGS in a manufacturing business, which is what it sounds like you're trying to do, then you'll need to jump up to the version of Quickbooks that supports that. The one you buy at Costco, pro I believe, doesn't really support it. And that other version is $$/month more than I wanted to pay. And it would turn leather crafting into a JOB! I talked with a friend who used to do a similar business for decades, and decided to do a simple cash-based accounting. Now, in QB things either get entered as bills or as sales (invoices). All leather, hardware, tools, etc., are expenses and all sales are income. A very simple profit/loss statement and my taxes are done. There's the accounting for tools and machinery for the SOS, but that's different and I track it separately. And, I do track the cost of materials per item so I can determine pricing, but that doesn't go into QB or on any tax forms. -Sean Quote Share this post Link to post Share on other sites
brmax Report post Posted March 17, 2016 Sean, appreciate the tips. I wished a means to use cogs without a zillion dollar program could be had. And that would be a desktop and not the online version at this time. Then again as you mention I really don't want the inventory task to be the main job for sure. When your expensing in that cash method are you using 22 line for supplies or another. I'm trying to keep it as close together as possible, and In this setup had thought accrual was the ticket even though a small amount of supplies. Just working through it for now and had been looking at some extension classes as a possible solution. good day there Floyd Quote Share this post Link to post Share on other sites
SmokeyPoint Report post Posted March 17, 2016 We use the H&R Block tax software for small businesses and it walks us through the process. Just enter sales and expenses - that's it. My wife does the actual taxes but I'm there when she does that part because I want to make sure the numbers are right. Don't know what line it enters it on, that's where I depart the process. -Sean Quote Share this post Link to post Share on other sites
stelmackr Report post Posted March 16, 2021 On 3/2/2016 at 5:56 PM, stelmackr said: I have some inventory tips I use in the following: http://leatherbigbookcovers.com/training/Tutorial--Business%20Considerations%20Article.pdf Bob Stelmack Had some issues with internet. That article on inventory tips and some business considerations has been moved to: https://drive.google.com/file/d/10FKLIbsZQ9sNbXn6Rs-eR7yYa2sFYzqj/view Quote Share this post Link to post Share on other sites
