Accounting for a coin shop?

Betbigger

I want to get off on the right foot this year. Trying Quickbooks and Microsoft Accounting Pro 2007.

Having trouble with inventory, coins don't fit standard forms.

Should starting inventory be the current value of coin inventory or original cost?

Microsoft Accounting Pro 2007 can link with Ebay/PayPal but more fees.

I need a reference book. Does anyone know of a book for coin shop accounting or hobby/collectors shop accounting?

Any tips will be helpful.

Thanks
Bb

Curley

For any inventory-based business, your original cost should be the basis of your books. While you can apply the "lower-of-cost-or-market" rule, this is something that must be done carefully, generally at yearend and would be a great deal of work for a coin inventory with thousands of unique SKU's. Check with the ANA or PNG to see if there are coin-specific accounting systems.

Betbigger

ttt

Russ

<< <i>Should starting inventory be the current value of coin inventory or original cost? >>



Original cost.

Russ, NCNE

numisma

Rather than spending money on books and additional software packages, you should consider using that money to seek the advice of a qualified accountant. The expertise could easily pay for itself by, 1) realizing savings through advanced accounting techniques and, 2) giving you more time to do what you do best........buy and sell coins.

mrpaseo

One word... Excel

Nothing more to say... though I am not a business man, yet it has helped me keep track of sales/and my finances for over a decade.

Ray

Hugegut

topstuf

Quickbooks uses a backup. Used to be on floppy. Nowadays, I would use a thumb drive but NEVER allow the program to close without some off computer backup.
Reconstituting sales is NO FUN.

BACKUP BACKUP BACKUP

tyler267

<< <i>I want to get off on the right foot this year. Trying Quickbooks and Microsoft Accounting Pro 2007.

Having trouble with inventory, coins don't fit standard forms.

Should starting inventory be the current value of coin inventory or original cost?

Microsoft Accounting Pro 2007 can link with Ebay/PayPal but more fees.

I need a reference book. Does anyone know of a book for coin shop accounting or hobby/collectors shop accounting?

Any tips will be helpful.

Thanks
Bb >>



Quickbooks and other computerized accounting software are good tools if you know what your doing.

A rare coin inventory will be a challenge for most off the shelf accounting products.

You may want to consider getting the advice of a qualified accoutant just to make sure everything is done correctly.

It is much cheaper in the long run to pay for expertise and advice that keeps you out of trouble than to pay for expertise to get you out of trouble.

I go to National Conferences for small business accountants 5-6 times a year, so I know alot of accountants around the country, if you need a referal to a good accountant PM me and I'll see if I can find you one in your area. (this is not a solititation for Business, just an offer to help.)

Betbigger

All good stuff wish I would have asked here a year ago.

Thanks

One thing I did like when experimenting with one of the programs was the generating of a customer list that I could use for selling later.

Is there a stand alone program for direct email marketing if I use Excel for accounting?

Also I started my shop last year, and there are coins I purchased as just a collector as many as 30 years ago, so I have no receipt to prove price paid. Can I pick a date and value them, document that. Maybe I do need a pro accountant.

RichieURich

<< <i>Rather than spending money on books and additional software packages, you should consider using that money to seek the advice of a qualified accountant. The expertise could easily pay for itself by, 1) realizing savings through advanced accounting techniques and, 2) giving you more time to do what you do best........buy and sell coins. >>



I couldn't agree more. Even though I had done accounting in a prior career, I knew that I didn't want to do it now. As Dennis said, my job is to buy and sell coins. Hopefully selling them for higher amounts than I bought them at.

Dennis88

I wish I could help you, but I'm only in the first year of my accounting study, so you need some patience

You might do a amozon.com book search on "cost accounting" or something similar to see if it turns anything easy readable up.

Dennis

mrpaseo

Betbigger, please turn on your PM feature.

Ray

ScarsdaleCoin

wasnt Airplanenut's mom a CPA??? hmmmm she would be a good person to ask....

dizzlecc

Starting inventory is the original cost.

You can prove original cost.

Is there a reliable hard and fast way to determine current value of coins?