Keeping track of sales and expenses for a specific craft show

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Keeping track of sales and expenses for a specific craft show

ravenkwill
My wife is an artist, and is beginning to do craft shows. I want to be able
to track the profitability for each show by collecting expenses and sales.
I've read through the manuals about jobs, but that doesn't seem to be quite
right. Do I need to create a separate sub-account for each fair? That seems
cumbersome.  

Examples of entries: show fees, hotel fees, food while traveling, and of
course the sales during the event.

I'd love ideas and suggestions about how to handle this.

Thanks!



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Re: Keeping track of sales and expenses for a specific craft show

Ronal B Morse-2

On 02/05/2018 05:59 PM, ravenkwill wrote:

> My wife is an artist, and is beginning to do craft shows. I want to be able
> to track the profitability for each show by collecting expenses and sales.
> I've read through the manuals about jobs, but that doesn't seem to be quite
> right. Do I need to create a separate sub-account for each fair? That seems
> cumbersome.
>
> Examples of entries: show fees, hotel fees, food while traveling, and of
> course the sales during the event.
>
> I'd love ideas and suggestions about how to handle this.
>
> Thanks!
>

Have you thought about treating this like a separate business? That's
the model I'd use.  I think it a good idea have a ledger for this that
is completely separate from personal/family cash transactions.

Actually, I'd use a spreadsheet as they were invented for exactly this
purpose, but I understand the urge for people to get as much
functionality as possible from the applications they already use.

RBM


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Re: Keeping track of sales and expenses for a specific craft show

Mike or Penny Novack-3
In reply to this post by ravenkwill
On 2/7/2018 12:22 PM, C M Reinehr wrote:
> Ravenkwill,
>
> I would suggest setting up your chart of accounts to record the
> revenues & expenses and then use the notes field of each entry to
> identify the specific craft show. Later, you can then use the notes
> field as a filter when running profit & loss reports, or specific views.
>
> CMR
  And I (putting on my "business analyst" hat for a moment) would ask a
number of questions about the information desired to be answered BEFORE
discussing "how to implement".

a) What is the volume of transactions for each fair? How likely the same
fair to be attended for a number of years (before being able to decide
whether THAT ONE with while)

b) To what extent want to be able to report the totals of certain
expenses that can be fair related but also not. Thus taking just hotels
for an example, might also use on vacations.

The point is, there can be multiple WAYS of doing these things, reports
with fancy filters can extract information, BUT there are other
considerations like clutter in main books, likelihood of data entry
items < if you have under "hotels" a child for each event, can
accidentally stick a transaction to the wrong one >   The which way
easiest, which way less error prone, which way nothing special to do,
which way less duplication of effort entering data, etc. choices cannot
be intelligently made until these things have been considered. There are
trade offs.

Michael D Novack

PS: Some examples might help. Thus, an organization of which I was
treasurer was going to host the annual gathering for the organization.
The event was going to have it's own bank account and for a period of
two months there would be hundreds of transactions related to the event
and then nothing ever again (or at least not for many years when the
local might again host the national gathering). That was sort of a no
brainer for choosing the "separate set of books" solution.  Why?
1) There would be very few transactions between the (local)
organization's books and the event books.
2) No special reports (special filters) would  be needed.
3) Would be a great deal of "clutter" in the local's books << and yes
you can hide that, but why have to hide >>
4) The national organization's treasurer would need access to the books
(of the event)
BTW, take a close look at that one. Suppose what your org did (as a
major activity) was put on events for other organizations. Do you not
see that "separate books" would make it a LOT easier to show the
treasurer's of these organizations JUST the data which belonged to them,.
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