inventory

[David Ilvedson]

I agree...keep it simple.

David Ilvedson, RPT
Pacifica, California



----- Original message ----------------------------------------
From: "William R. Monroe" <pianotech at a440piano.net>
To: "Pianotech List" <pianotech at ptg.org>
Received: 5/31/2006 5:06:33 PM
Subject: Re: inventory


>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.