Do this in December

Photo by Olia Gozha on Unsplash

We get so many questions about closing out your year and how to handle taxes. Here’s a quick list of what you’ll need to do in you Pink Office account to make your taxes easy breezy.

1. Enter all of your sales for 2018. Mark every sales invoice as paid and delivered. If you have any invoices that weren’t paid, mark those as “write off debt.” This will appear on your “Tax info report” as “invoice bad debt.”

1. Import or manually enter all inventory orders and mark them “create order and mark shipped.” Then add a payment to the order. This is the process that will save information to your financial records.
2. Balance inventory levels. Make sure that what is on your shelf matches what is in your Pink Office inventory. If there is any question you can search your history for that item. Just find the product number in your inventory (you may need to check or uncheck “only show on hand”) and then click on “transaction history” in brown. This will show you everytime the product was bought and sold. Pretty handy.
3. Contact customers for last minute gift ideas or if they need anything for their holiday look. You can even ask if they’d like to remain on your mailing list. Remember, you pay to mail them things. If they truly aren’t interested you can spend that money more wisely. Archive customers you won’t be needing on your main list.
4. Enter all extra income (probably commissions) in the money section.
5. Enter all expenses in the money section.
6. Once that is all done, take a look at your tax info report in the reports section of the app. You are all set for the new year!

Originally published at https://blog.pinkoffice.com on December 12, 2018.