Hi
I’m a professional artist and I like to do my own accounts (partly because I actually like using Excel believe it or not).
My question: how should I handle art equipment? Some of it gets used up (e.g. paint) but the total value of it all at any given time remains roughly constant as I restock. Some items last much longer than paint (palette knives etc) or forever (big studio easels). There may be a slight drift upward in total value as I accumulate more stuff over time.
I don’t really want to have to keep track of every item and depreciate things at different rates etc (it’s arduous enough keeping track of paintings) and yet I do want the equipment represented in my assets somehow.
Do I just include an estimate of the total value and occasionally assess it and adjust if I think it’s changed?
Thanks in advance for the advice
Benjamin
I’m a professional artist and I like to do my own accounts (partly because I actually like using Excel believe it or not).
My question: how should I handle art equipment? Some of it gets used up (e.g. paint) but the total value of it all at any given time remains roughly constant as I restock. Some items last much longer than paint (palette knives etc) or forever (big studio easels). There may be a slight drift upward in total value as I accumulate more stuff over time.
I don’t really want to have to keep track of every item and depreciate things at different rates etc (it’s arduous enough keeping track of paintings) and yet I do want the equipment represented in my assets somehow.
Do I just include an estimate of the total value and occasionally assess it and adjust if I think it’s changed?
Thanks in advance for the advice
Benjamin