Helping handmade, creative and craft business owners learn to handle their bookkeeping, one step at a time!
Helping handmade, creative and craft business owners learn to handle their bookkeeping, one step at a time!
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Tracking the cost of the handmade items you sell is super important. If you don’t know what it cost you to make it – how do you know what to sell it for? And more importantly how can you tell if you made or lost money on that item?
How inventory works and why it’s important in your handmade, creative, or craft business can be totally confusing to understand. Running a handmade, creative, or craft business is a labor of love. The overhead required to keep it running smoothly is usually your precious time and energy. Understanding how inventory works and why it’s important to keep track of it, allows …
Some people will tell you that discounts aren’t really good for your craft business, that they devalue your biz and your abilities. Others are of the opinion that sales and promotions work, so why wouldn’t you discount your items?
Finished items inventory is this weeks topic. If you’ve been wondering how to track your inventory of finished items using spreadsheets, I’ll teach you how in this blog post. Keeping track of inventory is tough. There are so many moving pieces that you need to keep track of. Materials and supplies that you buy and use Finished items as they …
Yarn support and bookkeeping – is it really necessary? Yarn support is when a yarn company gives a designer free yarn to use in a knitting or crochet pattern design. Some people will argue that the yarn isn’t a gift to the designer, but rather a collaboration for both parties – with benefits. While I agree that it is a …
![[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.jpg)
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 month, you’ll find that I’ve …
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 we’ve talked about inventory – …
How to track inventory is a question that makes the eyes of most handmade and creative business owners glaze over in confusion and perhaps just a touch of terror. This post offers practical tips on how to track inventory including what info you need to track. Last week, in Part 1 of this 4 part series on Inventory and Cost …
INVENTORY – an accounting term and bookkeeping task that causes terror and total confusion in the hearts and minds of makers, designers, or anyone who owns a handmade or creative business. Let’s start with – Why is inventory important? Materials and supplies are probably the BIGGEST spending category many of us have in our handmade or creative business. BUT we …