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Keeping track of inventory

LVD
01/08/2023
Question

Dear entrepreneurs, I recently started as a self-employed nail stylist. I am not yet entirely sure what exactly I should include in my inventory. I offer gel nail application and sell products such as files and cuticle oil.

Should I only include products such as files and oil in my inventory? Or also the products I need to apply gel nails (e.g. gel, coloured nail polish, etc.)?

If the latter answer is ‘yes’, what should I do with the products I purchased during my training when I had not yet started as a self-employed person?

Thank you in advance for your clarification.

But your inventory... Why would you be concerned with your inventory now? :)

That is something you only need to do around 31 December... Then you have to count how many trade goods you still have in inventory.In the meantime, you just have to enter everything as trade goods (if you ever intend to resell those items, which is the intention if I understand your explanation correctly :))

Inventory indeed on 31/12 for small businesses. Just at the end of the year, a quick count, add the prices to the purchase value and you're done.

If you are subject to VAT: purchase value excluding VAT, of course.

If you are VAT-exempt: purchase value including VAT, of course.

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You really should try it out for yourself. Even if you don’t have a company number yet, you can already go ahead.

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