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#1
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Jewelry Designer Manager tool?
I've heard/read that this is a great tool... but I'm thinking it looks like
a lot of work. Is it really necessary do you think? I'm sure I have $1000 worth of beads sitting around here and I can't imagine entering them all in to this program even if I did know how much each one cost. I guess this might sound like a stupid question, but do I really have to keep track of inventory for tax purposes? As long as I pay the sales tax on items sold in my state, does inventory matter? http://www.jewelrydesignermanager.com Thanks -- Pam Brisse The Blue Between - hand crafted jewelry and bead art http://www.bluebetween.com |
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#2
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On Tue, 10 Feb 2004 10:11:25 -0800, "Pam" wrote:
I've heard/read that this is a great tool... but I'm thinking it looks like a lot of work. Is it really necessary do you think? I'm sure I have $1000 worth of beads sitting around here and I can't imagine entering them all in to this program even if I did know how much each one cost. I guess this might sound like a stupid question, but do I really have to keep track of inventory for tax purposes? As long as I pay the sales tax on items sold in my state, does inventory matter? http://www.jewelrydesignermanager.com Thanks I just have to post this. I have no idea on how to help with your question. Swoooooooosh! Right over my head. I thought this had to do with a program to design jewelry! lol Anyway... I do hope someone can help you. Harry My Ebay Auctions are at http://snipurl.com/3okw |
#3
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Thanks Harry and btw, great job on your first necklace! can't wait to see
what else you come up with. Amazing how so many of us can look at the same beads and come up with such different ideas for them, isn't it?! -- Pam Brisse The Blue Between - hand crafted jewelry and bead art http://www.bluebetween.com "Harry" wrote in message ... I just have to post this. I have no idea on how to help with your question. Swoooooooosh! Right over my head. I thought this had to do with a program to design jewelry! lol Anyway... I do hope someone can help you. Harry My Ebay Auctions are at http://snipurl.com/3okw |
#4
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On Tue, 10 Feb 2004 10:51:39 -0800, "Pam" wrote:
Thanks Harry and btw, great job on your first necklace! can't wait to see what else you come up with. Amazing how so many of us can look at the same beads and come up with such different ideas for them, isn't it?! You are very welcome and I thank you so much. It is true that people look at the same thing and see something completely different. It never ceases to amaze me. I can't wait to see what I come up with next. lol Harry My Ebay Auctions are at http://snipurl.com/3okw |
#5
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"Pam" wrote in message
... I've heard/read that this is a great tool... but I'm thinking it looks like a lot of work. Is it really necessary do you think? I'm sure I have $1000 worth of beads sitting around here and I can't imagine entering them all in to this program even if I did know how much each one cost. I guess this might sound like a stupid question, but do I really have to keep track of inventory for tax purposes? As long as I pay the sales tax on items sold in my state, does inventory matter? http://www.jewelrydesignermanager.com Well, I can't really help with answers on the program itself, but I have seen lots of positive comments on it from other jewelry makers. The one negative was that the initial entry of inventory was time-consuming. As for inventory, YES you have to keep inventory for tax purposes per the IRS. If you sell retail or manufacture products you have to be able to track raw material on hand, material cost of finished items that are not yet sold, and cost of materials in items sold at the end of the year for your tax return. HTH! Tanya |
#6
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I use Peachtree Accounting, which while not intended specifically for
jewelry, will produce all the bookwork I need for a business.... I think Jewelry Designer Manager looks good, but it's not worth it to me to do double entry, or to spend the money and not get all the reports I can get from Peachtree. OTOH, JDM would do a better job of keeping track of finished pieces - lets you put a picture in with the record, stuff like that. Is taking an inventory important? Depends on how you are doing your taxes. If you are just selling a bit, and paying income tax on your personal 1040, and don't want to write anything off, then no. Just add your income onto your 1040 and be done with it. Be aware that if it goes over $400, you must also file schedule SE (self-employment tax) - otherwise known as social security. If you are truly trying to function as a business, and are wanting to write expenses off, then yes, you must take an inventory. That is because the IRS, for purposes of Schedule C (gains and losses) calculates cost of goods sold as ending inventory minus beginning inventory. And from one who's BTDT, it's far easier to take an inventory when you have less than $1000 worth of goods, than it will be later... :-) Karin Pam wrote: I've heard/read that this is a great tool... but I'm thinking it looks like a lot of work. Is it really necessary do you think? I'm sure I have $1000 worth of beads sitting around here and I can't imagine entering them all in to this program even if I did know how much each one cost. I guess this might sound like a stupid question, but do I really have to keep track of inventory for tax purposes? As long as I pay the sales tax on items sold in my state, does inventory matter? http://www.jewelrydesignermanager.com Thanks -- Pam Brisse The Blue Between - hand crafted jewelry and bead art http://www.bluebetween.com |
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Thanks Tanya, I guess I'd better get a call in to my accountant. When I
asked a friend who has a retail business what the differences for me would be vs. my service biz (websites) she said it was mostly just sales tax. If she said anything about inventory it must have gone in one ear and out the other. Darn, I have some work to do "Magik" wrote in message ... Well, I can't really help with answers on the program itself, but I have seen lots of positive comments on it from other jewelry makers. The one negative was that the initial entry of inventory was time-consuming. As for inventory, YES you have to keep inventory for tax purposes per the IRS. If you sell retail or manufacture products you have to be able to track raw material on hand, material cost of finished items that are not yet sold, and cost of materials in items sold at the end of the year for your tax return. HTH! Tanya |
#8
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Hmnn... Quicken came on my new compuer and I have MS Money so I'll look and
see if they have any sort of inventory tool. I'm not really sure where to start as I have no idea how much most of the beads I have cost - though I did save the receipts so at least I have totals. Yikes. Good thing it's the begining of the year and not the end of it - I've only sold about 10 pieces so far. Thanks Pam "Karin Cernik" wrote in message ... I use Peachtree Accounting, which while not intended specifically for jewelry, will produce all the bookwork I need for a business.... I think Jewelry Designer Manager looks good, but it's not worth it to me to do double entry, or to spend the money and not get all the reports I can get from Peachtree. OTOH, JDM would do a better job of keeping track of finished pieces - lets you put a picture in with the record, stuff like that. Is taking an inventory important? Depends on how you are doing your taxes. If you are just selling a bit, and paying income tax on your personal 1040, and don't want to write anything off, then no. Just add your income onto your 1040 and be done with it. Be aware that if it goes over $400, you must also file schedule SE (self-employment tax) - otherwise known as social security. If you are truly trying to function as a business, and are wanting to write expenses off, then yes, you must take an inventory. That is because the IRS, for purposes of Schedule C (gains and losses) calculates cost of goods sold as ending inventory minus beginning inventory. And from one who's BTDT, it's far easier to take an inventory when you have less than $1000 worth of goods, than it will be later... :-) Karin Pam wrote: I've heard/read that this is a great tool... but I'm thinking it looks like a lot of work. Is it really necessary do you think? I'm sure I have $1000 worth of beads sitting around here and I can't imagine entering them all in to this program even if I did know how much each one cost. I guess this might sound like a stupid question, but do I really have to keep track of inventory for tax purposes? As long as I pay the sales tax on items sold in my state, does inventory matter? http://www.jewelrydesignermanager.com Thanks -- Pam Brisse The Blue Between - hand crafted jewelry and bead art http://www.bluebetween.com |
#9
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I'm not really sure where to
start as I have no idea how much most of the beads I have cost - though I did save the receipts so at least I have totals. Yikes. I know, I know! I've been accumulating my bead stash since......1966. Thank goodness I sell only one piece every 3 months (if that). I don't make enough to qualify. THANK GOD! ~~ Sooz ------- "Those in the cheaper seats clap. The rest of you rattle your jewelry." John Lennon (1940 - 1980) Royal Varieties Performance ~ Dr. Sooz's Bead Links http://airandearth.netfirms.com/soozlinkslist.html |
#10
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1966!!! Your whole house must be full of beads!!!
"Dr. Sooz" wrote in message ... I'm not really sure where to start as I have no idea how much most of the beads I have cost - though I did save the receipts so at least I have totals. Yikes. I know, I know! I've been accumulating my bead stash since......1966. Thank goodness I sell only one piece every 3 months (if that). I don't make enough to qualify. THANK GOD! ~~ Sooz ------- "Those in the cheaper seats clap. The rest of you rattle your jewelry." John Lennon (1940 - 1980) Royal Varieties Performance ~ Dr. Sooz's Bead Links http://airandearth.netfirms.com/soozlinkslist.html |
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