Track Sales, Income, and Expenses
Hello everyone. I have been sold items on eBay. I have sold items. I tried to create my own Excel spread sheet to track purchases, but it seems messy. What are some ways to track sales, purchases, inventory, and expenses that are simple to understand? This will help for tax season.
2 comments
johnrj1226
·1 year agoThis worked for me - stopped selling on eBay when the eBay - PayPal divorce was finalized and Managed Payments took over not because of cost issues but more time to spend with our grand son = priceless -
caldreamer
·1 year agoYou need to create a spreadsheet to track your own "cost of goods/inventory on hand" and miscellaneous expenses (mileage, cost of goods, office supplies, etc). Be sure to keep all receipts to prove your income tax deductions.
Inventory spreadsheet should include following info: (inventory#, date you acquired the item, your cost, description of item, date sold, EBAY sales#. You keep the same inventory spreadsheet forever (just add or subtract when items sells).
EBAY has "easy to read" 1-page report that shows YTD totals for (orders, refunds, EBAY fees, shipping expense). Go to PAYMENTS, REPORTS (select LAST YEAR).
GROSS SALES (this is amount your report to IRS)
-Refunds
-EBAY fees
-Shipping expense
-Other expenses (mileage, office supplies, packing materials, etc)
NET TAXABLE INCOME