Switching from another Inventory System to Craftybase
In general, we recommend using the current date as your Inventory Start Date as you can use your tallies from both systems for your next tax return. This strategy will reduce your backdating data entry time significantly.
This essentially involves doing a full stocktake on your Inventory Start Date in Craftybase and entering all materials and products with their current stock levels and calculated unit costs as per your old system.
At tax time for Schedule C, you'll be using your old system to generate your Beginning of Year Inventory Total and Craftybase to generate your End of Year Inventory Total. Your total purchases and personal use deductions will then need to be calculated from your total expenses across both systems.
Note: If it is still very early in the year, you might like to consider also transferring your inventory history into Craftybase back to Jan 1 so that you can generate both your beginning and end of year inventory valuations in the one system.
Hope this helps! If you have any questions about your backdating strategy please feel free to hit 'reply' and we'll get back to you as soon as we can.