4 Tips for Keeping Track of Your Craft Projects
Everything from ideas on how to develop a system for keeping track of your craft projects to keeping a list of projects that you want to make
![[My Handmade Biz] When does Inventory & COGS hit my bookkeeping? Sometimes it can be 2 or 3 years before you sell an item and get to recognize the COGS. This is why keeping detailed records is important.](https://yarnybookkeeper.com/wp-content/uploads/2020/01/2020-01-27-Inventory-to-COGS-540x400.jpg)
My Handmade Biz-When does Inventory & COGS hit my bookkeeping?
I bet you’re wondering, WHEN does Inventory & COGS (Cost of Goods Sold) hit my bookkeeping? More specifically when do project costs appear on your Profit & Loss Report under Cost of Goods Sold (if you want to go all accounting speak) and then what about my tax return? If you’ve been following along this …
My Handmade Biz-Why Track Cost of Goods Sold?
Why do I need to track Cost of Goods Sold and WHAT exactly is it? Understanding what Cost of Goods Sold is and WHY it’s important to track it is certainly a confusing thing for most handmade and creative business owners. Let’s see if we can clear that up. Over the last couple of weeks …
Keeping Track of Expenses for Your Handmade Business
Tracking expenses is vital for your handmade business. By categorizing expenses into Cost of Goods Sold (materials, tools, fees, shipping) and Overhead (licenses, displays, advertising), you gain clarity on your business’s financial health. With consistent record-keeping, you can determine profitability and optimize tax deductions. Embrace the creative aspect of bookkeeping, design your system to reflect your brand, and make it fun to stay motivated. Start by organizing receipts and coding expenses as COGS or Overhead. Take control of your finances and unlock the potential for business success!