Need help with coin business accounting procedures

Gerard

I have been buying and selling higher end coins in holders and doing my
accounting was pretty easy. Now that I have been branching out
doing trades, bulk purchases, and buying collections accounting is no longer simple.
The time to assign my cost to each item is impractical and an accounting nightmare.

I would really love to find a easy systematic way of dealing with this nightmare.
Is there a good book or accounting software system to deal with this ?

I am a computer programmer by trade and would be willing to build
a system if that makes sense.

Gerard

BAJJERFAN

Unless you pay yourself an hourly wage, I'd guess the time spent pricing coins is not relevant.

19Lyds

Gerard?

Gerard Butler by chance?

Nah. He doesn;t program computers.

Connecticoin

I would think you would need to estimate your cost basis on all sales, and maintain any records you have to support such cost bases.

guitarwes

Excel would probably be your best bet (being a computer programmer I'm sure you've thought of this already). Just a simple columns of "item description, what you paid, what you sold/traded it for, when you bought/sold it, profit/loss on the individual item."

It does take lots of time, especially if you're doing lots of transactions with lots of individual items.

LindeDad

The IRS auditors love people that take short cuts and don't keep exact records.

joshieboi

I'm a partial software designer by night. I believe excel would do fine but Filemaker would be easier, if familiar with the software. As long as you're able to keep tabs on your inventory, profit/loss, taxes, and value-based pricing, you should be fine. Consult a tax/accountant/cpa if necessary.


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work it.