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Old 09-30-2002, 06:00 PM
Sandra Sandra is offline
Junior Member
Join Date: Mar 2002
Location: Santa Rosa, ca
Posts: 13
Unhappy * Using QB for small Publishing business *

We are just begining in the publishing business and our first book is out. Just a few questions;
1. We mailed the author 10 free books, what account do we assign this to???
2. We mailed 2 books to the US Copyright office for deposit & registration, what account do we assign this to (legal fees?)
3. Also mailed two books to the Sonoma County Library, what account do we assign this to??? (charity, donations)

Thank you for any feedback, it is most appreciated. Sincerely, Sandra
Sandra Grant
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Old 09-30-2002, 09:50 PM
akribs akribs is offline
Junior Member
Join Date: Sep 2002
Location: Walnut Creek, CA
Posts: 4
talk with a CPA...

to help you set up your accounts. I found that the accounts QB automatically set up were not exactly what our business needed/required. Don't know the publishing biz but here are my thoughts.

1) Can't really help you their other than you can put the cost of shipping under Postage and Handling.

2)Licience Fee's and Registration

3) Yep, Donations

Not having much accounting background I found it very useful in taking with our accountant and setting up our accounts. I have also hired a temp during the set up process and have learned from them.

Best of luck
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Old 10-02-2002, 10:07 AM
PHebert PHebert is offline
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Join Date: Apr 2002
Location: Seattle, WA
Posts: 286
Analyzing what to do with these transactions is a very good approach. You'd be amazed by how many don't bother.

I might put the author copies into cost of goods sold as a product cost, but it is pretty much up to you (I am assuming that this would be a pretty normal cost for publishing). Rolayties to the author could also go here. Although I am not familar with the revenue stream in this industry, you would probably want to segregate these costs from operating expenses.

Same with the copies and all expenses related to copywrite. The idea is to find your "gross margin," from which you would then deduct all operating costs.

The copies to the library are a donation. You might want to get some sort of receipt for tax purposes.

Since you are probably not interested in very involved product costing at this stage, you would do fine without a cost of goods section. It just enhances your financial statements and gives you more information on what resources your company uses.

Good Luck
Peter Hebert
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Old 10-02-2002, 02:45 PM
Terry Terry is offline
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Join Date: May 2002
Location: Georgia
Posts: 187
I would post the books to the library as cost of good sold or advertising/promotion. These are always tax deductible, but a contribution may not be. They also reduce S/E tax if you're a partnership or sole proprietor where a contribution would not.
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