What method do you all use to make tracking your Business Personal Property a little easier? It's not easy to keep up wth all the little things (decorating tips, for example) that you had previously or purchased new of or replaced...etc. Does anyone have a method other than taking it all out each year and taking inventory? Just wondering...
Its just a matter of habit and maybe a little organization. Print out last years inventory and stick to the front of a large manilla envelope.that you keep somewhere in your kitchen, Every time you bring home items from shopping, pull it out and make notes of what you replaced etc then throw any receipts or packing slips in the envelope for reference. You could also just note the back of your receipts (i.e. "replaced pasta roller"), if you dont want to take the time to keep a running log but it shouldnt take more than a few minutes to do this each time you buy/order supplies. If you make it a rule that nothing gets put away until youve noted in on your inventory, when tax time comes, half the work is already done and you wont spend ages going through receipts trying to recall what happened
It should be that the first year you have to list everything would be hard, then after that it would just be a matter of keeping track of everything you buy. Which would be something that you're probably doing for taxes anyway.