Do this in December

We get so many questions about closing out your year and how to handle taxes. Here’s a quick list of what you’ll need to do in you Pink Office account to make your taxes easy breezy.

  1. Enter all of your sales for 2018. Mark every sales invoice as paid and delivered. If you have any invoices that weren’t paid, mark those as “write off debt.” This will appear on your “Tax info report” as “invoice bad debt.”
  2. Import or manually enter all inventory orders and mark them “create order and mark shipped.” Then add a payment to the order. This is the process that will save information to your financial records.
  3. Balance inventory levels. Make sure that what is on your shelf matches what is in your Pink Office inventory. If there is any question you can search your history for that item. Just find the product number in your inventory (you may need to check or uncheck “only show on hand”) and then click on “transaction history” in brown. This will show you everytime the product was bought and sold. Pretty handy.
  4. Contact customers for last minute gift ideas or if they need anything for their holiday look. You can even ask if they’d like to remain on  your mailing list. Remember, you pay to mail them things. If they truly aren’t interested you can spend that money more wisely. Archive customers you won’t be needing on your main list.
  5. Enter all extra income (probably commissions) in the money section.
  6. Enter all expenses in the money section.
  7. Once that is all done, take a look at your tax info report in the reports section of the app. You are all set for the new year!

Happy Tax Season

The holidays are drawing to a close and for those of us who own our own businesses the next season isn’t spring, it’s tax season. You can have a happy and smooth tax season this year since you are using Pink Office. You should have been entering your invoices, importing your orders and tracking your expenses all throughout the year. If you were, then you’re set. If you weren’t it’s not too late yet!

Here are a few simple steps to getting your account tax season ready so that you can focus on the fun parts of your business, like making money!

  • Import all recent orders and manually enter all wholesale orders that are no longer on your order status page. MK only holds orders in order status for 45-90 days. If they are no longer on your order status page then PO has no digital information to import. These orders must be manually imported. But the good news is, that’s not difficult at all. Just follow these simple steps.
  • Enter all your customer purchases from the last year being careful to date them in the month they were received. Also, date your payments in the month they were received.
  • Record all of your outside expenses. You probably purchased things throughout the year that weren’t from MK. It’s import for your financial records to record all of these purchases. If you have receipts from discount stores like Target or Wal-Mart or from restaurants or coffee shops record those expenses along with your MKConnections, BuzzKit, your Pink Office subscription or any other non-product purchases in the “money” section of Pink Office.
  • Record your commission checks in the money section of Pink Office to show that additional income. (You do this just like adding an expense, but click “income” instead.)
  • Last, take a look at your Tax Info Report for all the information you’ll need to fill out your taxes.

As always, if you have any questions about your account please let us know!