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:

• If you’re ready to just hand the numbers off to someone so you can stay in your own zone of genius, apply for one of our open client spots so we can take it off your hands. Don’t worry, we’ll send you your financial reports each month so you can feel confident in your numbers without doing the work yourself. Apply now by booking a coffee chat consultation at www.findingfreedomfinancial.com/contact
• Need some guidance on how to do you own bookkeeping in Quickbook Online? Then check out Bookkeeping Made Simple for Boutiques, our signature course that walks you through the exact setup & process you need to implement for accurate and EASY bookkeeping all year long - no more tax time scramble! Enroll at www.findingfreedomfinancial.com/course
• 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