I have a small home-based business (sole proprietor). My product is handcrafted jewelry that I make from gold and sterling silver wire. How do I set up the accounts to track my expenses and sales in Quickbooks. Must I track the “raw materials (wire, beads,fittings, etc) that go into the creation of each jewelry piece? Thank you for your anticipated assist with this.
Thanks for your question and congrats on your jewelry business! Keeping track of the raw materials that go into each piece of jewelry can be a bit tedious. I recommend that you definitely keep track of your costs by recording the expenses as cost of goods gold but I do not recommend that you keep track of the quantities.
If each piece is unique, you don’t need to set them up as items in QuickBooks. Instead, just record them as product sales. However, if you make identical pieces and want to keep track of what’s in inventory and which pieces have been sold, you would set each piece up as an item.
Below, I have included two video tutorials that you may find helpful.
Video Tutorial on How to Create Chart of Accounts: https://fitsmallbusiness.com/set-up-chart-of-accounts-quickbooks-online/
Video Tutorial on How to Add Products: https://fitsmallbusiness.com/set-up-products-and-services-list-quickbooks-online/
Best of luck,
Crystalynn Shelton, CPA
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