Kreithchele Barnard – Accounting and Taxes for Resellers

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Accounting and Taxes for Resellers

Things You Need to Know about Accounting, Business and Taxes, to Efficiently Operate Your Resale Business

Typically you start out selling your own stuff – it’s just a hobby. It’s so fun!

Then you start buying stuff to flip. And you find an amazing deal and make an incredible profit. Awesome!

And you keep doing it over and over and over and eventually even start buying wholesale and become an online boutique.

Then boom! Your hobby is now a full fledged business!

What?!?

Yes, your activities are now a business. And now you need to start treating your transactions like they’re part of a business.

You need to start ACCOUNTING for them. And then you need to start paying TAXES!

Boring!!!!

I know you didn’t get into resale or having a boutique to know anything about accounting or taxes. I totally get it.

But, just think – you are NOW an ENTREPRENEUR!!!

Doesn’t that feel Ah-may-zing?!?

Some responsibility comes with the territory.

For one, you have to treat your activities like a business and that means keeping good books!

And yes, I know, some of you don’t know anything about accounting or taxes or even business.

I totally understand that.

And that’s why I created this course in 2017!

In this course, I’m going to walk you through the beginning of your business activities, to what licenses you need to get, to what type of entity you should consider for your business, to setting up your books and to dos. I’ll cover inventory, sales, expenses – their nature, how to account for them and what to include in those categories. Then I’ll teach you how to read your financial statements, show you what all those numbers mean. Then give you the deets on income taxes and sales taxes.

• Tax Cuts and Jobs Act including QBI (Qualified Business Income deduction)
• New Sales Tax Laws and Wayfair v So Dakota
• Poshmark’s reports – Sales report and inventory reports
• Poshmark’s Posh Remit program
• How To Account for Consignment as both a consignor and consignee

And you know what? After this course, You will understand your business better.

You’ll know what all those numbers mean!

AND

You’ll be a savvier business owner!

So what will this course cover?

Module 1 – Setting Up Your Fashion Business

What You Need To Get, What You Need To Decide On

Module 2 – Accounting 101

I’ll introduce the basics of Accounting so you can get familiar with the terminology in accounting, business and the course!

Module 3 – Setting Up Your Books and To Dos

What Software To Use, What To Make Sure You’re doing

Module 4 – Inventory

Accounting for it and Tracking It – personal items, resale items, boutique/retail items

Module 5 – Sales

Factors and Things to Consider When Pricing Your Items

Module 6 – Expenses

types of expenses like Cost of Goods Sold, General & Administrative Expenses that you can include in your business

Module 7 – Recordkeeping, Financial Statement & Financial Analysis

I’ll teach you how to read financial statements and how to decipher the common basic financial analysis ratios

Module 8 – Income Taxes

Module 9 – Sales Tax

the most complex topic! I will cover the general basics of sales tax, how they are calculated, when they’re calculated

Course Curriculum

Welcome to Accounting and Taxes For Your Fashion Resale / Boutique Business Online Course

• Welcome!!
• Welcome to the Course! (4:48)
• How To Take This Course (6:56)
• A Summary of Changes (4:25)

Module 1 – Setting Up Your Fashion Business

• Module 1 Overview (0:48)
• Lesson 1 – From Hobby to Business (5:05)
• Lesson 2 – Licenses and Permits (4:42)
• Lesson 2a – Business Licenses (3:10)
• Lesson 2b – Sellers Permit (5:53)
• Lesson 2c – Resale Certificates (10:35)
• Lesson 3 – Types of Entities (1:40)
• Lesson 4 – Sole Proprietorship (4:26)
• Lesson 5 – LLC (7:35)
• Lesson 6 – S-Corporations (5:30)
• Module 1 Action Item (1:01)

Module 2 – Accounting 101

• Module 2 Overview (2:01)
• Lesson 7 – Intro to Accounting (6:48)
• Lesson 8 – Accounting Formula and Profitability (5:14)
• Lesson 9 – Cash vs Accrual (11:00)
• Lesson 10 – Assets (6:44)
• Lesson 11 – Liabilities (4:26)
• Lesson 12 – Owners Equity (1:34)
• Lesson 13 – Sales (1:14)
• Lesson 14 – Cost of Goods Sold (1:32)
• Lesson 15 – Expenses (1:46)
• Lesson 16 – Financial Statements (2:26)
• Lesson 17 – Balance Sheet (1:40)
• Lesson 18 – Income Statement (2:22)

Module 3 – Setting Up Your Books and To Dos

• Module 3 Overview (0:35)
• Lesson 19 – Accounting Software (4:37)
• Lesson 20 – Setting Up Your Books (5:07)
• Lesson 21 – Documentation (3:32)
• Lesson 22 – To Dos (5:59)
• Lesson 23 – Recording opening balances for your business (3:37)
• Lesson 23a – Opening Balances Financing – Cash (2:20)
• Lesson 23b – Opening Balances Financing – Inventory (5:10)
• Lesson 23c – Opening Balances Financing – Your Own Stuff (5:00)
• Lesson 23d – Opening Balances Financing – Fixed Assets (5:30)
• Module 3 Action Item (1:00)

Module 4 – Inventory

• Module 4 Overview (0:32)
• Lesson 24 – Overview of Inventory (4:37)
• Lesson 25 – Accounting for Inventory (0:40)
• Lesson 25a – Asset vs Expense (5:25)
• Lesson 25b – Expense – Cash basis (3:30)
• Lesson 25c – Asset – Accrual basis (4:53)
• Lesson 25d – Asset vs Expense Conclusion (1:06)
• Lesson 25e – Accounting for Personal Items (4:22)
• Lesson 26 – Tracking Inventory (4:18)
• Lesson 4A – Poshmark Inventory Report (4:31)

Module 5 – Sales

• Module 5 Overview (0:48)
• Lesson 27 – Overview of Sales (3:05)
• Lesson 28 – Factors to Consider in Setting Sales Price (1:02)
• Lesson 28a – Profit, Sales Tax, Cost and Commission (4:55)
• Lesson 28a1 – Sales Price Calculator (6:23)
• Lesson 28a2 – Effect of Posh Remit (1:23)
• Lesson 28b – Value Your Time (6:48)
• Lesson 28b1 – Value of Time Calculator (6:12)
• Lesson 29 – Accounting For Sales (0:19)
• Lesson 29a – Cash vs Accrual (3:35)
• Lesson 29b – Bundles Sales (0:33)
• Lesson 29c – Set Bundle Discount – Cash basis (1:18)
• Lesson 29d – Set Bundle Discount – Accrual basis (1:45)
• Lesson 29e – $ Offer on Bundle – Cash basis (1:52)
• Lesson 29f – $ Offer on Bundle – Accrual basis (1:23)
• Lesson 29g – Bundle calculator (8:11)
• Lesson 5A – Poshmark Sales Report (6:24)
• Lesson 5B – Overview of Consignment (6:54)
• Lesson 5B1 – Accounting for Consignment (7:30)
• Lesson 5B2 – Establishing a Rate (5:05)

Module 6 – Expenses

• Module 6 Overview (0:31)
• Lesson 30 – Overview of Expenses (0:46)
• Lesson 31 – Cost of Goods Sold (3:32)
• Lesson 32 – General & Administrative Expenses (3:10)
• Lesson 32a – General & Administrative Expenses – detail 1 (7:01)
• Lesson 32b – General & Administrative Expenses – detail 2 (6:05)
• Lesson 32c – General & Administrative Expenses – detail 3 (6:15)
• Lesson 32d – General & Administrative Expenses – Vehicle (4:49)
• Lesson 32e – General & Administrative Expenses – Home Office (4:08)
• Lesson 6A – The Importance of Business Expenses (5:07)

Module 7 – Recordkeeping, Financial Reporting & Financial Analysis

• Module 7 Overview (0:25)
• Lesson 33 – Overview of Recordkeeping (1:07)
• Lesson 33a – Recordkeeping (6:31)
• Lesson 34 – Financial Reporting (1:35)
• Lesson 34a – Financial Reporting – Balance Sheet (2:00)
• Lesson 34b – Financial Reporting – Income Statement (2:56)
• Lesson 34c – Financial Reporting – the link between financial statements (6:33)
• Lesson 35 – Financial Analysis (0:52)
• Lesson 35a1 – Vertical Analysis – Balance Sheet (1:20)
• Lesson 35a2 – Vertical Analysis – Income Stmt (2:41)
• Lesson 35b1 – Horizontal Analysis (2:36)
• Lesson 35b2 – Horizontal Analysis – Balance Sheet (1:20)
• Lesson 35b3 – Horizontal Analysis – Income Statement (3:38)
• Lesson 35c – Ratios (0:57)
• Lesson 35d – Receivables Ratios (3:09)
• Lesson 35e – Inventory Ratios (2:23)
• Lesson 35f – Income Statement Ratios (5:42)

Module 8 – Income Taxes

• Module 8 Overview (0:39)
• Lesson 36 – Income Tax Overview (3:16)
• Lesson 37 – Income Tax Specifics (2:27)
• Lesson 37a – LLC (3:45)
• Lesson 37b – LLC – Single Member (3:36)
• Lesson 37c – LLC – Non-Single Member (4:39)
• Lesson 37d – S-Corp (2:57)
• Lesson 8A – Income Taxes Tips (4:06)
• Lesson 8B – Tax Cuts and Jobs Act of 2017 (6:34)
• Lesson 8C – Qualified Business Income Deduction (5:42)

Module 9 – Sales Taxes

• Module 9 Overview (0:41)
• Lesson 38 – Sales Tax Overview (2:57)
• Lesson 39 – The Complexity of Sales Tax (3:52)
• Lesson 39a – Sales Tax Varies by State (1:59)
• Lesson 39b – Origin based Sales tax (2:14)
• Lesson 39c – Destination Based Sales Tax (3:35)
• Lesson 40 – Sales Tax Reporting (5:46)
• Lesson 9A – Sales Tax tips (3:09)
• Lesson 9B – Wayfair v So Dakota (13:24)
• Lesson 9C – Posh Remit (6:32)

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