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![[NEW BLOG POST] My Handmade Biz - How to track inventory
Keeping track of inventory involves details about: - What we’ve bought - How much it cost - The amount we used - What is left - And, the normal retail value
Sounds super simple, right? WRONG!
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![[NEW BLOG POST]
My handmade biz-What is Inventory?
Inventory is sort of a bookkeeping black hole.
You have to keep track of the cost of all the materials and supplies that you keep on hand to make your finished items, in detail – but you can’t deduct what you spent when you spend it.
Yes, you spent the money – but Inventory is an Asset and it’s tracked on the Balance Sheet. It doesn’t hit Cost of Goods Sold on your Profit & Loss Report UNTIL you sell the item that you used the materials in and then it’s only the cost of the materials that you used in that specific item.
Read more at https://yarnybookkeeper.com/what-is-inventory/
OR click the blog link in my bio
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#yarnybookkeeper #bookkeepingforyourhandmadebusiness #bookkeepingforyourcreativebusiness #bookkeepingforyouryarnrelatedbusiness
#bookkeepingforcreatives #bookkeepingtips #yarnpreneur #CIAmember #iamayarnpreneur #handmadebusiness #creativebusiness #mycreativebiz #makersmovement #smallbusinesslove #craftbusiness #mycreativebiz
#creativeentrepreneur #creativepreneur #crochetpreneur #smallbiz #savvybusinessowner #makersmovement #smallbusinesslove #craftbusiness](https://scontent.cdninstagram.com/v/t51.2885-15/sh0.08/e35/s640x640/79249126_498767230752427_4341965788129070923_n.jpg?_nc_ht=scontent.cdninstagram.com&_nc_ohc=ccMM4Wx_nXYAX_ATRw-&oh=07c9edda71396a2e7efa3d456986b098&oe=5EBFDCCA)