Bank Statement for an Antique Dealer

Antique dealers buy inventory from estate sales, auctions, and private sellers, then resell at a markup — a business model where bank statements need to clearly show both the acquisition cost and sale revenue to accurately calculate profit for taxes and to support any inventory financing request. Here is what to prepare.

Key Benefits

• Documents inventory purchase costs for accurate cost-of-goods-sold calculation
• Shows sale revenue for gross margin and tax reporting purposes
• Supports inventory financing or business loan applications
• Provides records for reconciling cash purchases at estate sales and auctions

How It Works

1. Step 1: Download 12 months of business bank statements as PDFs
2. Step 2: Convert them to Excel with Bank Statement Converter to categorize purchases and sales
3. Step 3: Match purchase deposits against auction invoices or estate sale receipts where available
4. Step 4: Provide the organized records to your accountant for cost-of-goods-sold calculations

Frequently Asked Questions

How do antique dealers calculate cost of goods sold for taxes?

By tracking the purchase price of each item against its eventual sale price — bank statements combined with purchase receipts establish the cost basis needed for accurate profit calculation on Schedule C.

Do cash purchases at estate sales create bookkeeping problems?

They can, since cash transactions don't appear on bank statements — keeping detailed receipts or a purchase log for cash acquisitions is essential to properly documenting inventory cost basis.

Can antique dealers get inventory financing?

Some specialty and general small business lenders offer inventory-backed financing, though valuing unique, non-standardized antique inventory as collateral is more complex than typical retail merchandise.

Does reselling online change antique dealer bookkeeping?

Online platforms add payment processor deposits (net of fees) to the mix, which need reconciling against gross sale prices — similar to other e-commerce sellers, but layered onto the existing purchase/resale tracking.

Convert Your Antique Dealer Statements