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May 10, 2022
Question

I am a snake breeder, and would like to know how to accurately capture breeders I have that I myself produced.

  • May 10, 2022
  • 1 reply
  • 0 views

I could be wrong here, if so let me know.

I record my transactions of purchasing snakes as a Fixed Asset. Which is all fine and dandy. But how do i record breeders that i produced myself. For instance, say one year i hold back 5 babies to grow out and use as breeders. Shouldn't i record that in my Fixed Assets somehow, or as Capital. Something? To reflect what my business has. This probably wont much matter for things like taxes, again i dont know...but im thinking for things like showing reports if i want to get a business loan or something and need to show how much capital I have, etc. 

1 reply

Rustler
May 11, 2022

There are several ways to do it. The easiest way is to go ahead and sell the item.
Then deposit the funds and use owner equity investment as the source account for the deposit

 

Taxes are a fact of life, but rarely does anyone report income from things they sell used unless the amount is really really significant. As always consult a tax accountant if in doubt