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Bookkeeping and accounting for IM business

by Mr. Ed
2 replies
Hey we have a whole lot of internet marketers here in the warrior forum, and I bet most or at least many of of them have an accountant that is helping put their IM business books in order.

I think it would be very helpful to have a thread about bookkeeping and accounting.

Since Internet Marketing is a relatively new form of business, many accountants are unsure how to advise IM business owners.

Anyhow, I'm using quickbooks for accounting software for my IM business which is a Nevada C corporation.

I'm curious which account other Warrior members are assigning their purchases of PLR. I bought a bit of PLR last year and haven't found a good account to assign the expense to.

So, if anyone would like to chat about accounting / bookkeeping for IM business, I'm starting this thread to get things going.

~ Mr. Ed
#accounting #bookkeeping #business
  • Profile picture of the author JackLypka
    Originally Posted by Mr. Ed View Post

    I'm curious which account other Warrior members are assigning their purchases of PLR. I bought a bit of PLR last year and haven't found a good account to assign the expense to.~ Mr. Ed
    Mr. Ed,

    Depends what you're using it for.

    If you're going to be repackaging and reselling the PLR product, you'd want to debit the "Cost of Goods Sold" account.

    If the material purchased is simply to be consumed and applied to your current business, QB has a "Continuing Education" account that would fit the expense nicely.

    Hope that helps,

    Jack
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  • Profile picture of the author fetamy
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