Record keeping as a business is always a smart thing to do. Whether it is invoices for orders of firearms accessories or actual firearms sales, it helps to keep track of what is coming and going and what profits were being made. Well kept books make it easy to look something up if you need to know the cost or even where you purchased something specific. Keeping separate record books for both your firearm sales and other inventory will make it even easier to locate the paperwork you need.
For inventory other than firearms you really just need one record book for the invoices of the product being ordered but for firearms it’s smart to keep multiple. Some of the most important records a firearms business would need to maintain are those of the firearms Acquisitions and Dispositions. As a firearms business you will need inventory and that is going to come from other FFL’s. Keeping a detailed acquisitions record book allows you to keep track of the dealer transfers and keep up to date FFL information on file. More importantly, having a well-kept up to date disposition book for all of the 4473’s from firearms sales can make or break your FFL.
On occasion you may be contacted by the ATF looking to do a contact trace. This means they need a copy of your 4473 as proof the firearm was indeed sold to the person of interest. Also, as an FFL you are subject to audits where ATF agents will need access to all of your records so they can be sure you are doing what is required by law. A few mistakes can be expected and they will notify you of the ones they find but missing records and a ton of issues and you may end up loosing you FFL all together.
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