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Depreciation of an asset question - re selling self published book?
I've self published a book, the website I've built to distribute it is about to launch soon and so I'm looking at calculating for book keeping and records of sales, profit etc. I've paid to have a large number of book printed in advance - so is depreciation when I take into account the cost of this as an expense each time a book is sold?
So in book keeping accounts should I have a column for each book as an expense i.e. - what I paid to have it printed? Then a column for sold price for profit
Great thanks for your replies - I wondered where I would log the initial cost of the book. Going to look into it more now.
3 Answers
- 7 years agoFavorite Answer
It's not depreciation - that is for fixed assets.
Your books are your inventory. Figure out the cost per book and as you sell a book, the cost of the book is your cost of sales.
- Lily B TalusLv 77 years ago
You need to scale this back a bit as you may not get the sales that you expect, I know three people who've self published and once their families have bought they only sell a couple each year, even writers with agents and reputations don't make a living, so you need to be realistic, if you're lucky you'll make a couple of hundred in the first year then a trickle from then on.
Depreciation isn't really relevant to book-selling as the item doesn't wear out over time, I think you mean diminished sales potential.
With self-publishing it's much more cost-effective to print the books when you have an order, then you do not have surplus stock...but as you've already had a lot printed try to get these into libraries and in local bookshops...and send a copy to every book reviewer in the country.
- TavyLv 77 years ago
That is not depreciation. This is for fixed assets. furniture, equipment etc.
You need a talk with an Accountant.
UK
