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Tax/Bookeeping Questions Reports Refunds COGS
Unfortunately I'm behind on Taxes/Bookkeeping from Sept 2023 (Started) to now and had some questions. I'm trying to get caught up and set up a google spreadsheet and would like to go back through my sales and add to the spreadsheets. If there is a faster way without going line by line that would be great!
1. Where would I find the most accurate numbers for my order earnings that would best match the 1099s? (Sales tab numbers Jan 1-Dec 31 don't match) I have a google sheet that I would like to put my sales in for the years and add my cost of goods. There's Order Earnings (Couldn't get for 2023), Transaction reports (Shows more than just the sales kind of confusing), listing sales report, financial statements, if I click payments>all transactions it shows everything since i started. Not sure which one would be most accurate.
2. When filling out the spreadsheet, how should i account for refunds? Some refunds were due to lost items/ damaged items in transit, some were shipping discounts for bundled shipping. Should I add my cost of goods for the ones I never got back/damaged on top of the refund amount, and refunds I received back just the refund amount? Or don't include refunds at all in the spreadsheet? Should cancellations be factored in the sheet at all?
3. What would be the best way for finding my avg COGS? I kept pretty good records/receipts for thrift stores/bins (Missing a few receipts not many, didn't count items from the bins a few times). Didn't keep good records for garage sales/cash purchases (Know the amount total spent on cash items, just not how many). I had a lot of bad buys/flawed items throughout and have donated without keeping track. Should I try to find a number for how many I donated or just go with what I've sold and currently have in inventory and find my COGS that way and forget about what was donated?
4. I have sold some personal items at a loss, if i put those in the spreadsheet and zeroed them out matching the cogs with the order earnings would that ok or should I put the actual estimated cost I paid?
5. Is the Sales tab quantity/sales number accurate? Do the numbers change with refunds/cancellations? I was going to add those up to get how many I sold plus current inventory to figure out cogs. Not sure of easier way.
Any answers are much appreciated! Thank you 🙂
eastlaneave
Mentor6 months ago@jvanc75
Regarding your question 1
Here is a new 1099-K Guide. It shows how all the numbers are generated:
https://www.ebay.com/mes/taxguide
Then Download 1099-K Details report on the right.
Some other places to get sales and expense information
A) This is a Financial overview page
https://www.ebay.com/sh/fin/reportslanding
(if the link doesn't work try
Seller Hub> Payments > Reports
Change your time period to "Custom"
Select: Jan 01, 2025-Dec 31, 2025
Right on the screen you will see the totals you need
- Sales
- Fees
- Shipping Labels
- Returns
B) Or you can generate a specific transactions report here:
https://www.ebay.com/sh/fin/report
Pick the parameters
- Select the Items you want in "Transaction Type"
- Select the time period: Jan 01, 2025-Dec 31, 2025
- Click Create Report
When notified, download the CSV file which will open in Excel.
You can create a formula to total the columns
C) You can find monthly reports here:
https://www.ebay.com/sh/fin/report/statement
and
https://www.ebay.com/sh/fin/report/invoices
-- Here is a help page where you can learn about it
https://www.ebay.com/help/selling/selling-tools/seller-hub-reports?id=4096#section5
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Regarding your question 2 and 5
Sales that ended up as Refunds are included in gross sales
You'll deduct your amount refunded, the details will be in the guide
Sales that were paid for and the refunded as a cancellation are included
Sales that never paid and were cancelled for non-payment or at buyer request are not included.
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Regarding 3 and 4
I believe these are questions best answered by your tax preparer.