Get your account tax readyOn January 9, 2018 by Carrie Catlin
Everyone who owns their own business knows that after the holiday season the next season to anticipate isn’t spring. No time to think of floral dresses and flip flops, not just yet. We’ve got to get through tax season before we think about warmer weather and sand between our toes.
Since you use Consultant Office getting your business ready for tax season should be a breeze. You should be adding your inventory orders, sales invoices, expenses and income throughout the year. When you do this, all you have to do is run your tax info report to be all ready to go. If you haven’t done this all year long here is what you need to do to get your CO ready for tax season.
- Make sure you’ve entered all of your wholesale purchases. You can no longer import orders from beautinet so you will need to enter those manually. It’s not too difficult and you can backdate anything as needed. To create a manual inventory order just click the inventory button on the dashboard bar, then inventory orders, then click the “Add Inventory Order” button with the green plus sign. This will work a lot like creating an invoice. Be sure to date it appropriately. Be sure to mark all orders as “create order and mark shipped.” This will add those products to your inventory. Marking your orders as paid will apply the inventory purchase information to your reports.
- Enter all of your invoices in your sales section. Click here to learn how to create an invoice. Make sure to mark all of your invoices as paid and delivered. This will record the financial information in your sales records and the action of delivery removes the products from your inventory.
- Add all of your expenses and extra income to the money section of Consultant Office. This will populate the appropriate fields to your tax info report.
- Take a look at your tax info report. You can use this information when filing taxes.
Since BC is closing down and you can no longer order the same products I will be clearing out the catalogue very soon. Everything will be moved to the While Supplies Last folder. The products in that folder will only show in searches IF you have them in your inventory. If you would rather clear out your inventory completely then you can start with a fresh inventory by zeroing everything out. You will keep your sales records and all reports. ONLY your inventory numbers will be zeroed.
If you have any questions we’ll be here to answer them. Just click on the conversation bubble in the bottom right-hand corner of your screen when logged into Consultant Office.