Guide to Bookkeeping, Accounting and Product Pricing

Are you pricing your arts and crafts at or below market to attract customers? Remember, to a certain extent, your arts and crafts buyers will find a way to afford to buy items for which they have a perceived need. Learn about value and price buyers and whether you want to attract one type or the other.

If you operate as a sole proprietorship, report your arts and crafts gross income in Part 1 of the Schedule C. Find out how to calculate it and fill in that part of the Schedule C.

If you operate your arts and crafts business to make a profit there are several different types of expenses you can use as a write-off. The three major categories are cost of goods sold, sales and general/administrative. Find out about the common expenses your arts and crafts business may have and how they should be classified.

Your objective is to price your crafts so that you make a reasonable profit while not pricing yourself out of the market. It can be an art. Find out how variable and fixed costs plus perceived value factor into the equation.

Inventory is probably one of the largest costs for your arts and crafts business. This cost is initially classified as a current asset on the balance sheet. As you use it to make arts and crafts items and sell them to customers, the cost moves to the balance sheet. Find out how to account for your arts and crafts inventory regardless if you are...

If your arts and crafts business is small or you sell just a few high-price items each month, you may feel it’s not worth the effort or expense to buy accounting software or spreadsheet software to prepare computerized invoices. In addition, if you are at a craft show or a similar type of venue, you probably won’t want to go through the hassle...

A quick tutorial in pricing basics applicable to craft type businesses. Topics discussed are keystoning, mark-up pricing and psychological pricing.

Discounts on your products can be a good way to increase sales. Sales can sometimes hurt your bottom line. Relevant information about discounting versus standing firm on your pricing.

Deciding how much to charge for your crafts is an important decision. Here's a tutorial on how to do it.

Find out the difference between debits and credits and the different types of accounts they affect.