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Thread: Frames stolen, what do YOU do?

  1. #1
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    Frames stolen, what do YOU do?

    We just recently had a theft in our office and I am curious what you do in those situations. What have some of you done as far as reports for your own records? Do you record wholesale or retail costs of the frames?

    -Kcox

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    OptiBoard Professional OptiBoard Silver Supporter eryn's Avatar
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    It's been a few years but I believe we listed wholesale cost in our records, but the police wanted retail cost and the amount turned it into a felony charge.
    ~ Erin
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    What do you mean by "record"? If you are talking about financial and tax reporting, you can only claim an expense for what you paid for them.

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    OptiBoardaholic kentmitchell1961's Avatar
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    Yeah but the police want a retail value, happened to me and once I told the police the value retail, they changed their tune and listed the theft as a felony. Granted nothing happened after that, but...........

  5. #5
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    We have surveillance cameras all over the office. Two weeks ago, a person came in and picked up glasses for a relative, and while she was at it, stole a pair of sunglasses. We noticed the pair missing shortly after and reviewed the video, and called the patient's home. The person who stole them answered. We told her she needed to return them TODAY, so we wouldn't have to file a police report. She sheepishly agreed and returned them. We found this method works very well if we know who took them. We have called the police previously,but have never had anything ever returned, or prosecution taken place, even though we had video and license plate numbers.
    The bitterness of poor quality remains long after the sweetness of low price is forgotten.

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    As far as your accounting/books go, it falls under COGS, and would simply be as if you had sold the frame, with no income to report.

  7. #7
    One eye sees, the other feels OptiBoard Silver Supporter
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    Quote Originally Posted by kcox View Post
    Do you record wholesale or retail costs of the frames?

    -Kcox
    My 'display frames', for tax purposes, are written off at the time of purchase, and are not considered to be inventory, so I pay no personal property taxes on the frames. Under those circumstances, when the frame is stolen, there are no tax consequences, but the theft should be documented for your local police agency, and your insurance company.

    The last time my office was shoplifted, I caught the guy at the door and physically ripped the frame out of his hand. I reported it to the police. Three hours later, they caught a shoplifter at another optical two miles away. They showed me pictures of six men, and I ID'd the guy I confronted. I made a point of telling the officer that I would be glad to go downtown and press charges, confirm the identification, and go to court as necessary. That was ten years ago.

    Others haven't been so lucky, although I don't carry Cartier frames, only a few plain, round, yellow/pink frames like your grandmother wears.

    Four people stole between 50 and 60 pair of eyeglasses from the Cartier display at Tower Optical, 2130 N. Mayfair Road, about 1:30 a.m. April 8. A rock was thrown through the window to gain entry.

    Five men forced entry for an apparent burglary of Tower Optical, 2130 N. Mayfair Road, at 4:53 a.m. April 12. They smashed the front window with rocks to gain entry, setting off a burglar alarm. Nothing was stolen.
    http://www.wauwatosanow.com/news/pol...255497321.html
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    Quote Originally Posted by Robert Martellaro View Post
    My 'display frames', for tax purposes, are written off at the time of purchase, and are not considered to be inventory, so I pay no personal property taxes on the frames. Under those circumstances, when the frame is stolen, there are no tax consequences, but the theft should be documented for your local police agency, and your insurance company.
    If using accrual accounting, instead of cash accounting, then a theft of a frame would result in a debit to cost of goods sold (expense), and a credit to frame inventory (assets). The amount would be what the business paid for the frame (not retail).

  9. #9
    One eye sees, the other feels OptiBoard Silver Supporter
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    I do use the accrual method, but the frame is costed at the time of purchase, and is proper do so because it's designated as a display item/model. It can't be written off again if it's stolen, or sold.
    Science is a way of trying not to fool yourself. - Richard P. Feynman

    Experience is the hardest teacher. She gives the test before the lesson.



  10. #10
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    Insurance pays replacement value normally. Police want retail for charges.
    Good for the reps who get paid on the re-order.

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