023. How to Record Inventory You Decide to Keep for Yourself

Have you ever been unboxing the latest inventory for your business and you just HAD to keep something for yourself??

I mean, it’s one of the benefits of owning your own business – getting first dibs on everything!

But, from a bookkeeping & tax perspective, you want to make sure that you are handling these items appropriately. But, how exactly do you do that?

In today’s episode we’re going to cover my recommended method for handling this situation so make it clean & simple for your bookkeeping & taxes

 

Ready to take your learning a step further?

Register for my Free Masterclass, Make Your Money Make Sense! Where you’ll learn how to understand where your money is going, avoid costly bookkeeping mistakes, and set up an easy to follow bookkeeping system.

Sign up now: www.findingfreedomfinancial.com/masterclass

 

Other Ways to Work With Me:

• Need to get your bookkeeping caught up or cleaned up? Sometimes you just need a clean starting point so you can take it over yourself. Apply to work with us at www.findingfreedomfinancial.com/contact and we'll get your books up to date and ready to hand off.
• Need some support as you do you own bookkeeping? Then I wanna invite you to join me inside of the Bookkeeping Made Simple for Boutiques Membership, where you can get trainings & support to help you feel confident as you manage the money-stuff yourself. Using Quickbooks Online, I walk you through through the exact setup & process you need to implement everything for accurate and EASY bookkeeping all year long - no more tax time scramble! Join us at www.findingfreedomfinancial.com/membership
• Are you a Shopify seller who’s not quite ready to invest in a bookkeeping software like Quickbooks? Don’t worry - I got you! I’ve created a custom Shopify Seller Income & Expense Tracker that you can use to easily enter each transaction coming in and out of your business, along with your sales data coming directly from Shopify to put together a standard P&L (Income Statement) that you can hand over to your tax preparer. Download your copy at www.findingfreedomfinancial.com/spreadsheet

 

Prefer to learn while you read? Check out the blog post for this episode:

https://www.findingfreedomfinancial.com/how-to-record-inventory/

 

Related Episodes & Resources Mentioned:

Sales Tax Questions I Hear ALL the Time - Answered for you! https://www.findingfreedomfinancial.com/33

How to Keep Good Bookkeeping Records for Your Shopify Store: http://findingfreedomfinancial.com/49