inventory - and others?

[Guest guest]

I know what you mean...that is why I am going to purchase this software which

will help make things at year end a whole lot easier.

http://www.craftingsoftware.com/craft-software.htm

La Shonda

Handcrafted Soaps and Toiletries

Nyah Beauty

[Guest guest]

A royal pain in the patootie to say the least, and the link, member

attached in reply to your questions, looks real nice to me ; ) There

is so much ambiguity in regard to selling soaps, and things. I had

been advised booth fees can be deducted; other persons said it can

not. I'm confused myself in regard to what is considered a loss.

Actually, I recently downloaded a simple freebie program (without the

perks) from a site that calculates how much I spend in ingredients

per bar. I had no idea how much money I was loosing by selling my

bars at the price I did, in regard to the many oils, etc. I use per

batch, not to mention packaging. So those words " you could be loosing

money " on the web page for the organizer software is truly right on.

Keeping track of all the soaps I have on hand, what I have " given " a

way as gifts to family members, and I should say cute little family

members who sneak in to my soap room, and abscond with the soaps is

very difficult to keep track of. I'm also wondering about the batches

that are botches???? Hope someone comes online and can help out with

some good advice. Huggs, Bekka

[Guest guest]

Botched batches, as well as bars that go belly up for one reason or

another, are written off as shrink. Bars given away or used for

personal use are removed from the inventory as well on page 2 of

Federal Schedule C.

Booth fees can most certainly be written off as an expense! I put

them on the " Rent " line on page 1, since they are technically rent.

Namaste,

Kalisiak

sville Emporium ~ From Head to Toe, Body and Soul

> I had

> been advised booth fees can be deducted; other persons said it can

> not. I'm confused myself in regard to what is considered a loss.

[Guest guest]

Carol,

Probably the easiest way is to inventory supplies left at the end of the

year and subtract them from your 'cost of supplies' for the year. I

estimate this...1/2 a 5 gallon pail of coconut oil, 2 lbs. of shea butter,

etc....

I keep the unused amounts on a special list to be included in next years

cost inventory.

For example, the last week in Dec. I got a shipment of about 300 shipping

boxes.....even though that invoice is dated 2003, I'll hold that over to

2004, because most of them will be used in 2004.

As for soap....I usually have very little left at the end of the

year...because it's right after holiday time.

I don't worry about that.

I think it's very hard to be exact about this....I just make sure I only

claim an expense once!

Hope this helps a bit.

inventory - and others?

Hello , and anyone else who would care to jump in here..... I was

reviewing some old posts, and I need some clarification on inventory.

This is my

first year selling, and I'm preparing my records for my accountant. I

know

he'll need my sales totals, and my expenses, but I'm still confused

about the

inventory and am hoping you can help me.

You said

" Basically you can only claim expenses for ingredients

that

you actually made into soap and SOLD! so...all of those

ingredients still there at the end of the year AND the soap

that's unsold,

aren't counted. "

Now bear with me on these questions-please...<g>

1) does this mean that I would go through my receipts for items

purchased

associated with my first sale onward, and count everything as

" expenses. " Then...

2) add up all my soap that is left, and all raw materials that are left,

and

subtract these amounts from the " expenses? "

3) what about things like supplies for baskets, packaging, bags etc,

that are

left?

4) do I use the retail amt for the soap bars I am subtracting? or cost?

5) is there an easier way? Or another method?

Thanks!!!

:-)

Carol J