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This course will walk you through how to start your business, what licenses to obtain, and what type entity to consider. for Your business to setting up your books and to dos.
Kreithchele Barnard – Accounting and Taxes for Resellers
Accounting and Taxes for Resellers
Things You Should Know Accounting. Business and TaxesHow to efficiently run your reseller business
It’s a hobby, not a business. It’s so much fun!
You can then start to buy stuff you want to turn. Then you’ll find an incredible deal and You can make an extraordinary profit. Awesome!
It’s a never-ending cycle. and Over and Over and Eventually, you can even buy wholesale and become an online boutique.
Then boom! The hobby has become a business.
What?!?
Your activities are now considered a business. Now you must treat transactions like a business.
ACCOUNTING is something you must get into for them. Then, you will need to pay TAXES.
Boring!!!!
You don’t know much about accounting and taxes, even though you weren’t resale. I completely get it.
You are NOW an ENTREPRENEUR!!
Isn’t it Ah?-may-zing?!?
There is some responsibility that comes with the territory.
You must treat your activities as a business. and This means that you should keep good books!
Yes, I’m aware that not all of you are experts in accounting, taxes, business, or any other aspect of the financial world.
That is something I completely get.
This is why I created this 2017 course!
This course will walk you through how to start your business, what licenses to obtain, and what type entity to consider. for Your business to setting up your books and to dos. I will cover inventory and sales. for They and Which items to include in each category. Next, I will show you how to read and interpret your financial statements. Next, I will give you the inside scoop on income taxes and sales taxes.
The course has been updated to reflect the following in 2021
- Tax Cuts and Jobs Act, including QBI (Qualified Business Income) deduction
- New Sales Tax Laws and Wayfair v So Dakota
- Poshmark reports – Sales report and Inventory reports
- Poshmark’s Posh Remit programme
- How to Account for Consignment both as a consignor and consignor
You’re going to love this course! You will be able to take the course again.
Your business will be easier to understand.
You will know exactly what those numbers mean!
AND
You will be a smart business owner!
So, what course will it cover?
- Module 1 – Starting Your Fashion Business
- What you need to get, what you should decide on
- Module 2 – Accounting 101
- Let me introduce you to the basics of Accounting So you are familiar with accounting terminology, business and The course!
- Module 3 – Setting up Your Books and To Do
- What software to use, and what to do
- Module 4 – Inventory
- Accounting for It and Tracking it – personal items and resale items. Boutique/retail items.
- Module 5 – Sales
- Factors and Here are some things you should consider when pricing your products
- 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
- Learn how to read financial statements and How to read the basic financial analysis ratios
- Module 8 – Income Taxes
- Module 9 – Sales Tax
- The most complicated topic! This is the most complex topic!
Get your instant download Kreithchele Barnard – Accounting and Taxes for Resellers
Your instructor
Kreithchele Is a multifaceted-Passionate small business owner. She has a passion for small business ownership. and Is the founder of:
- KB Business Consulting where she works with local CPA companies and Small businesses need help with their accounting and Business consulting services.
- Krangele’s Closet, a business that resells fashion on various platforms, including peer-To-peer and consignment platforms
- KreithcheleThe Academy of Digital Courses for Resellers who have over 3000 students
Kreithchele She has merged her accounting expertise and Her love for fashion inspired her to create this digital course to teach people who run a resale company the basics of accounting and taxes.
She was previously in public accounting before she founded KB Business Consulting late 2014. for More than 15 years and Since 2002, she has been a California CPA (currently inactive). She has performed audit and accounting. and Business advisory services for various industries, including but not limited to: for profit, SEC, manufacturing, distribution, software, service, real estate development, government, and construction. She enjoys mentoring, networking and marketing, in addition to her role as a CPA. and business development.
Kreithchele Is a member in good standing of several professional organizations and Networking organizations. She is actively involved in the Orange County Business Community and Volunteers and Member of various non-profit organizations-Orange County profit organizations
Kreithchele Irvine, California resident and Loves to travel the world, trying out new restaurants and hotspots, and Attending live music. She is an independent woman.-Self-described foodie and lover of rooftop bars and She is a fan of foie gras. She enjoys spending time with Ken.
Course Curriculum
- Welcome!!
- Welcome to the Course (4:48)
- How to Take This Course (6.56)
- A Summary of Changes (4.25)
- 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 and 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 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 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: Inventory Financing with Opening Balances (5:10)
- Lesson 23c: Opening Balances Financing (Your Own Stuff)
- Lesson 23d – Opening Balances Financing – Fixed Assets (5:30)
- Module 3 Action Item (1:00).
- 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 Overview (0.48)
- Lesson 27: Overview of Sales (3.05).
- Lesson 28 – Factors to Consider When Setting Sales Prices (1:02).
- Lesson 28a – Profit, Sales Tax, Cost and Commission (4:55).
- Lesson 28a1 – Sales Price Calculator (6:23)
- Lesson 28a2- Effect of Poshremit (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 – $ Bundle Offer – Cash Basis (1:52).
- Lesson 29f – $ Bundle Offer – 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)
Get your instant download Kreithchele Barnard – Accounting and Taxes for Resellers
- 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 Business Expenses (5.07)
- 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 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 Income Deduction (5.42)
- 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 Variations 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)
Here’s what you can expect in the new book Kreithchele Barnard – Accounting and Taxes for Resellers
Course Features
- Lectures 1
- Quizzes 0
- Duration 10 weeks
- Skill level All levels
- Language English
- Students 276
- Assessments Yes