Brooke asks, Q:  I’ve seen a lot of people getting hacked on FB and I’m scared it’s going to release my credit card info. I tried to cancel payment and I’m not sure how to disconnect my credit card from these socials? Any idea?Read More

Brandy asks: Q: I am in the process of setting up our Shopify POS. I’ve had two sales on it. Is there anything I need to do to document these sales or are they all going to be registered on Shopify? Can I run reports for retail/shop sales in Xero or do I need to...Read More

Ever filled out a tax form and wondered what the heck an NAICS (North American Industry Classification System) code was? Here are instructions on how to select the right NAICS code as a jeweler that manufactures a finished product and sells both wholesale and retail.Read More

Shera asks: Q: So the owner’s draw doesn’t have any tax consequences like a salary would, correct? A: Correct – the owner’s draw account does not have any tax consequences like a salary. As a Sole Proprietorship or single member LLC (seen as the same as a Sole proprietor to the IRS), the Net Income (the...Read More

Sherie asks: Q: Before realizing I should have been putting everything to owner’s investment, I repaid our joint account for approximately $2500 last year. I wouldn’t have if I had used my personal account, but this wasn’t all my money! Can I just do an owner’s draw? Or would I have to set up and...Read More

Melinda asks: Q:  So um… what’s the deal with sales tax? When my customer buys something from my SquareSpace website, are they paying taxes? What about wholesale orders? If I am creating invoices to stores who are buying wholesale from me within the same state as me (California), should I be charging them sales tax? Where...Read More

Inventory, oh Inventory! Alexia, Brooke, Karina and many others have asked: [quote ]”What is included in inventory? Is Inventory just my finished jewelry? Do I include metals and gemstones that haven’t been made into anything too?”[/quote] Short answer: yes, include the following: Raw Materials available for production Works in Process not yet ready for sale...Read More

Sara asks: Q: With the new year comes new tax rates for my county, which affects a couple of the tax rates I have set up in Xero. Should I just go into the existing rates and update them? If I do that, will all the past transactions that used that rate be affected? Let’s...Read More

Brandy asks: Q: I did a couple of shows where I paid a commission to the store. Not sure how to log these. I paid commission in cash on one and the other one took it out of sales. How to Record Sales Commissions in Xero A: Usually, this “commission” is considered the discount from...Read More