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New Member
posted Oct 30, 2019 8:50:08 PM

How do I enter beginning inventory for a new (opened in 2018) sole proprietor online art business?

I am employed full time but started a side business selling my art as greeting cards (mainly online) in 2018 as a sole proprieter. Since I was printing the cards myself based off sales, I did not start with an inventory. Should I just enter the blank cardstock/envelope material costs i started with as my beginning inventory, and then again as my final inventory? Or, do I somehow include my digital designs in the inventory?

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1 Best answer
New Member
Oct 30, 2019 8:50:09 PM

If the business is new in 2018 you will not have any "Opening Inventory" but you may have additions/purchases of new inventory to add. The closing inventory in 2018 will carry forward as the opening inventory for 2019.

1 Replies
New Member
Oct 30, 2019 8:50:09 PM

If the business is new in 2018 you will not have any "Opening Inventory" but you may have additions/purchases of new inventory to add. The closing inventory in 2018 will carry forward as the opening inventory for 2019.