Inventory

[pennysdream]

So this week I chose to do a thing.  

Some of the recent threads got me thinking about inventory and how to do it correctly.  (Yes, it is your fault).. 

It is not completed yet, but I know the numbers now.  (Almost)

I am Building a "real" inventory and go COG.  I thought I could do it in a day, maybe two.  YEAH RIGHT, it took two days to build and edit the sheets, and I started with a template. (Took two days to figure out how to build the function and make it work. You would think that with all the "improvements" to excel, they would intergrade Access commands. I came so close to coming in and asking "someone" to build the formula for me)

Took another two days to enter the "easy" part, the stuff that is already listed. Just cut and paste right. Hours and Hours of Cutting and Pasting over and over. And for only 200 lists.  So glad I don't have thousands. (There had to have been an easier way)

Then another two days itemizing and entering the stuff that has never been entered, waiting to be listed. 

The journey continues... 

Working out what the system will be when something goes away. I have a plan, but we know how "plans" go.. 

Also, what do you do with the stuff you write-off when you go COG?  Does it just go away, disappear, poof.

I am happy and relieved that I only have about 4 more boxes to sort, itemize, and enter. Should be done by this time next year.. 

[inhawaii]

Good for you!

I hope it comes out well.

[ckimodog]

Hope you are ultra successful Penny!

[pennysdream]

Well, all the items are entered "basic info".   I have a little over 500 items.  Including was sold today.. 

As I was entering the last two boxes of stuff, I was thinking, It would be SOOOO Nice, to just push a button and all of this would just get listed.  I really miss Black Horse.  (not sure I got the name correct) (You  have to be really old to remember)

[bigtexasyardsale]

Are you keeping inventory off ebay and then using ebay's reports to update it?  I'm not clear what your goal is.

I did face a similar problem with COGs reporting some time back.  My work around was to use the Custom Label (SKU) field for both my inventory location and COGS.  It looks like this: 14B2-086 x1.47  where 14B2-086 is the location and x1.47 is the items cost.  Then when I need to do a proper income report I download the ebay transactions report which has your sales, shipping expense, fees, etc. as well as the SKU fields in it.  Then add a column to the far right for COGs with a formula that reads the SKU:    =IF(ISERROR(VALUE(RIGHT(U799,LEN(U799)-FIND("x",U799)))),0,VALUE(RIGHT(U799,LEN(U799)-FIND("x",U799))))  which returns the number that is to the right of the x and you have a true sales report with each items selling price, expenses, and COGs.   The only downside is you have to forever give up using "x" in the SKU field for anything else, e.g. like and inventory location such as "box 5". 

[pennysdream]

Good Morning.  

I use eBay reporting for little. It is great for eBay expenses.   I use the seller hub to list and mail, and check how much money is there. 

I do not use it for any accounting.  I use Seller Ledger for accounting.  That works FANTASTIC for everything that needs to go into taxes.  However, for me there is a gap between how much I spent on inv and how much I sold.  I NEED to know what that gap is.  In my pea brain, I have money going somewhere that is not being accounted for.  It is not on eBay, it is not in the book, it is just floating around in the universe somewhere.  

The inventory lets me know how much capital is floating around.  (It also makes me feel like I need to list more.)

[luckythewinner]

Can you explain what "go COG" means?

That aside ...

I have read IRS publication 334 and treat my inventory as non-incidental materials an supplies. So here's what I do:

1) buy item

2) list item

3) attach receipt to item

4) put receipt into "sold items" folder if it sells

5) add up the receipts at the end of the year and call it "cost of goods sold"

I have absolutely no need to keep a spreadsheet of my inventory.  Seems like a lot of busy work that does not add anything to my bottom line.

But if I did, I would just add a step where I add a line to an inventory spreadsheet, and then move it to a sold item spreadsheet when it sells.

[pennysdream]

hehehe,  That is basically exactly what I ended up with on paper.