What You’ll Discover in Kreithchele Barnard Accounting and Taxes for Resellers
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.Â
Kreithchele Barnard – Accounting and Taxes for Resellers
Accounting and Taxes for Resellers
Things you need to know AccountingBusiness and TaxesTo efficiently manage your Resale business
You usually start selling your stuff as a hobby. It’s so much fun!
You can then start to buy stuff you want to turn. You find an incredible deal and Make an amazing profit. Awesome!
It’s a never-ending cycle. and More and More and Eventually, you can even buy wholesale and become an online boutique.
Then boom! Now your hobby is a fully fledged business!
What?!?
Your activities are now considered a business. You need to treat your transactions as a part of a company.
You must start ACCOUNTING for them. Then, you will need to pay TAXES.
Boring!!!!
It’s not like you learned anything about taxes or accounting when you were in resale. It’s totally understandable.
Think about it, you’re a ENTREPRENEUR NOW!!
Isn’t it Ah?-may-zing?!?
There is some responsibility that comes with the territory.
You must treat your activities as a business. and That means you need to keep good books!
Yes, I do know that some of you don’t have any knowledge about accounting, taxes, or business.
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, sales, and expenses. for These are them and Which items to include in each category. Next, I’ll show you how you can read your financial statements and explain what each number means. 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’s Reports – Sales Report and Inventory reports
- Poshmark’s Posh Remit programme
- How to Create an Account for Consignment both as a consignor and consignor
And do you know what? You will be able to take the course again.
Your business will be easier to understand.
All those numbers will be explained to you!
AND
You’ll be a more savvy business owner!
What is this course going to cover?
- Module 1 – Starting Your Fashion Business
- What you Need to Get, and 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!
Download immediately Kreithchele Barnard – Accounting and Taxes for Resellers
Your instructor
Kreithchele Is a multifaceted-Passionate small business owner. She is the owner of and is the founder and CEO of:
- KB Business Consulting where she works with local CPA companies and Accounting for small businesses and Business consulting services.
- Krangele’s Closet is a fashion-resale website that sells on many platforms, including peer-To-peer and consignment platforms
- KreithcheleDigital courses at’s Academy for Resellers with more than 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.
Before she started KB Business Consulting in late 2014., she was in public accountant. for Over 15 Years and She has been a CPA since 2002 in California (currently inactive). She has performed audit and accounting. and Services for business advice in a variety of industries, including not for profit, SEC, manufacturing, distribution, software, service, real estate development, government, and construction. Neben her CPA-related duties, she is also a mentor, networker, and marketer. and business development.
Kreithchele Is a member in good standing of several professional organizations and She is active in networking organizations. She is actively involved in the Orange County Business Community and Volunteers and member of different non-Orange County has many profit-oriented organizations.
Kreithchele Irvine, California resident and Enjoys exploring the world and trying new restaurants and hotspots, and She enjoys listening to live music. She is an independent woman.-A self-described foodie, and a lover for rooftop bars and Foie gras is her favorite food. 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 of 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 (5:00).
- Lesson 23d – Opening Balances Financing – Fixed Assets (5:30)
- Module 3 Action Point (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 Posh Remembrance (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 (1:45),
- Lesson 29e: $ Bundle for Cash (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).
Download immediately 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 Of 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 and 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 Business Income Deduction (5.42)
- Module 9 Overview (0.41)
- Lesson 38 – Sales Tax Overview (2:57)
- Lesson 39 – The Complexity and Laws of Sales Tax (3.52)
- Lesson 39a – Sales Tax Varies 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)
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