Setting up an art gallery
Which is better to set up an art gallery, accrual or cash basis? What is the best way to enter artwork into QB?
Thank you for your help, this is my first art gallery and an important career move.
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dqqdZzaImr4jZHacfA8pyY
12/07/10 9:03am PST
Viewed by asker 12/16/10 3:24pm PST
Viewed by asker 12/16/10 3:24pm PST
1 Reply
dduplinski
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12/15/10 7:37am PST
The type of business does not dictate the method of accounting (at least not in this case) Cash or accrual is normally a tax decision and most small businesses use the cash method for tax and accrual basis for books.
The best way to enter artwork into QB depends on the nature of the transaction. Are you purchasing the art from the artist or just allowing them to display the art and taking a percentage of the profits.
If this is as important of a career move as you stated that it is, you should get the advice of a competent accountant and attorney.
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