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How Do You Keep Records

 
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Author Previous TopicReplies: 10 / Views: 559Next Topic  
Pillar of the Community
Russian Federation
623 Posts
 Posted 01/27/2022  09:06 am Show Profile   Bookmark this topic Add Slerk to your friends list Get a Link to this Message
Every time I make a purchase, I write down how much I bought a new coin in my collection. I also convert this amount into dollars, write the date of purchase and how much I paid for delivery (if there is one). Are you doing something similar?
I am particularly interested in the opinion of dealers (of all calibers). How do you keep records of purchases and sales of materials? How do you calculate the profit, do you take into account the cost of delivery? Do you use programs or is paper your friend?
I will give an example for clarity. I bought 5 coins for $5 + paid $3 for delivery. How should I break up the delivery ? What if one coin is worth $20 and the other is only $3? it would not be wise to split the delivery equally across all purchases.
Pillar of the Community
United States
595 Posts
 Posted 01/27/2022  11:04 am  Show Profile   Bookmark this reply Add PlumCrazy814 to your friends list Get a Link to this Reply
I don't deal at all but I would think you would split the purchase price on the items in inventory and separate the shipping cost as business expense in year incurred. In your example, you would have the option of either evenly splitting the purchase price across all 5 coins or allocating the purchase price across the coins as you deem appropriate. If you chose the second option, be prepared to defend an audit with receipts showing per item purchase price or a defendable document showing relative value.

You allocate purchase costs against income from sales on a per item basis as items sell.

As for shipping charges associated with building inventory or to sell inventory, that could be deducted as an operating expense against income in the year it is incurred.
Edited by PlumCrazy814
01/27/2022 11:07 am
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United States
112247 Posts
 Posted 01/27/2022  11:31 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
I keep a log in a spreadsheet, but it is only accurate back to 1997. For older stuff I need to look at the inventory spreadsheets and hope the "notes" column has more details.
Pillar of the Community
United States
1525 Posts
 Posted 01/27/2022  11:53 am  Show Profile   Check jacrispies's eBay Listings Bookmark this reply Add jacrispies to your friends list Get a Link to this Reply
For coins that I buy and sell, I have a composition book where I write down the item, buy price, sold price, dates, profit, and location of where I purchased the item. For multiple items in a lot purchased, I split the cost evenly among the coins, even though it may not be exact numbers. The price paid for an item should include shipping and any fees associated with purchasing that item.

I use all paper, although it can be extremely tedious keeping records that way. I recommend doing your records electronically, especially if you planning on entering in a lot of items. I only flip a handful of items per month so a composition notebook is good enough for me.
Pillar of the Community
Russian Federation
623 Posts
 Posted 01/27/2022  8:58 pm  Show Profile   Bookmark this reply Add Slerk to your friends list Get a Link to this Reply
I also use paper, I trade a very small number of coins, but I would like to have the exact amount that I earned when selling coins. I will be very grateful if you show me your examples.
Bedrock of the Community
United States
20684 Posts
 Posted 01/28/2022  5:49 pm  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
A long time ago I used to try keeping track of all my coins, However, as the collection grew and grew, I realized that someday I would need an entire house for all the documentation. That thought was enough for me to stop even trying to keep records of all that stuff.
just carl
Pillar of the Community
New Zealand
3833 Posts
 Posted 01/28/2022  10:30 pm  Show Profile   Bookmark this reply Add Princetane to your friends list Get a Link to this Reply
I have a basic excel file for all my good coins.

Currently that is my UK Halfcrowns, Florins, Shillings, Australian Florins and NZ Coins from Halfcrown to Threepence.

I have back ups on hard drives too, and update it regularly. This ties in with my contents insurance and the rest of my coins, I at least have a Numista record (9044 coins strong).

All of my albumed coins (About 1500 have home made cards with details of type, date purchased and from whom).
Loving Halfcrowns. British and Commonwealth coins 1750 - 1950 and anything Kiwi.
If it's round, shiny and silvery I will love it.
New Member
United States
43 Posts
 Posted 01/28/2022  11:08 pm  Show Profile   Bookmark this reply Add Mkirch to your friends list Get a Link to this Reply
Exact Change by Wildman Software. Full records and images. Very configuarable. Works great for me.
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United States
112247 Posts
 Posted 01/31/2022  2:14 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
I realized that someday I would need an entire house for all the documentation.
Digital > Paper.
Pillar of the Community
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United States
7469 Posts
 Posted 02/01/2022  07:24 am  Show Profile   Bookmark this reply Add Dearborn to your friends list Get a Link to this Reply
When I buy a coin, I print out the reciept, then save it as a PDF. Then I enter the data into an excel sheet to keep a compilation of my coin series in one place. BUT before the coin is stored away in an album or 2x2 or a box, I take a photograph of it both sides to document the condition I got it as when it arrived.
Edited by Dearborn
02/01/2022 12:25 pm
Pillar of the Community
United States
1151 Posts
 Posted 02/01/2022  12:49 pm  Show Profile   Check Collects82's eBay Listings Bookmark this reply Add Collects82 to your friends list Get a Link to this Reply
If the question is business related for tracking sales and expenses, you'd best find and talk to a local accountant. These carry tax implications and our opinions, especially from other countries, don't matter. Different countries view the details of calculating COGS, cash/accrual methods, etc differently. The devils are in the details, and only your local accountant can steer you correctly. "The coin forum said this or that" doesn't carry any legal support if you landed in the wrong place.
My hoard of '82s is up to 241! 218 BC x 1, 118 BC x 3, 18 BC x 1, 82 x 1, 182 x 1, 282 x 2, 382 x 1, 582 x 2, 682 x 1, 782 x 2, 882 x 1, 982 x 4, 1082 x 1 1182 x 8, 1282 x 2, 1382 x 1, 1482 x 6, 1582 x 13, 1682 x 17, 1782 x 60, 1882 x 68, 1982 x 45
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