Locked
Discussion interactions are currently paused.
Tracking cost of goods
Hi there. Fairly new here. I am wondering if there is a column, or somewhere we can place the cost of goods as we list them, so that it is easier to figure out taxes later on. Any help or insight would be wonderful. Thanks!
4 comments
kh-leslie
·2 years agoHi everyone,
Due to the age of this thread, it has been closed to further replies. Please feel free to start a new thread HERE if you wish to continue to discuss this topic.
Thank you for understanding.
reallynicestamps
·2 years agoI put a slip of paper into the books and sewing patterns I sell. Then record that in my (paper) spreadsheet when it does sell.
I also keep all my invoices from suppliers (thrift shops mostly) as a backup.
I suppose you could also use the Add Note on your Active Listings to specify the cost and where you bought it. This would be useful for garage sale shoppers who don't have other records.
I am old and don't trust computers.
dbfolks166mt
·2 years agoI just simply use an EXCEL spreadsheet. Since I utilize accrual accounting the expenses are realized and reported the day I acquire and pay for the item regardless of when the money flows or when I list and/or sell it. I have items I recently purchased that will be deductions on my taxes this year but I have not yet listed the items.
I buy a lot of items in bulk lots so I simply write off the cost of the lot rather than trying to assign a portion value to each item.
steveemart
·2 years agoEbay used to provide a space for this in the reports section. I used that all the time. Then they took it away. I Was SO MAD! I think they like to make extra work for us sometimes.