inventory

[William R. Monroe]

Daniel,

In case it hasn't been mentioned, if this is for tax filing purposes, e.g.
end of year shtuff, none of these items need be inventoried.  I have zero
inventory in my business.  Most things that go into clients pianos are
simply "supplies."  That is, when I buy center pins, wire, glues, felts,
etc. just to have ready when needed, those purchases go into the books as
supplies.  Other items, such as Dampp Chasers, String Covers, and those
larger ticket items go into Cost of Goods Sold (COGS).  They are not things
I "keep in stock", but are purchased for resale to a specific client - e.g.
COGS.

Same thing applies if I purchase any quantities of those smaller items like
center pins, flanges, butt springs, elbows, etc., if they are for a specific
client, they are COGS, not supplies.

In short, Inventories are an unnecessary headache for MOST of us.

Regards,
William R. Monroe

> hi list
> i'm wanting to start keeping track of my inventory for tax purposes. the
> only hangup i'm having though is how to keep track of stuff like piano
wire.