Accounting for personal use of materials

For Craftybase to keep a tally of the value of items withdrawn for personal use, you'll need to add a manual inventory adjustment for the material or product each time you draw stock.

For your adjustments to appear in your Schedule C tallies, categorize them using the Personal Use category.

By categorizing adjustments, you can swiftly track materials used for personal use, ensuring efficient inventory management and precise financial reporting. This can be seen in your Material Adjustment Report.

Total adjustments made for personal use of your finished product can be viewed in your Product Adjustment Report.

The  Schedule C Report (Part III Cost of Goods Sold Line 36) calculates the total material cost of all material and product personal use adjustments.