Tracking cost of goods

[erinsanythings]

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!

[lakefor94]

Check under Payments --> Transactions in Seller Hub.

I also use Paid and Shipped Items for some information. 

[onlinecentral]

I started a Notepad file separated by semicolons. You can use commas.
Date;Money;Auction Number;Description
I load that file into a spreadsheet program to total the dollar amounts yearly, at tax time.

Sellers manually keypunch the Custom Label (SKU) when they create a listing. That would normally be used to enter a Manufacturer Part Number that would appear on your Items Awaiting Shipment screen. You could use that input field to put a cost dollar amount which will appear on the reports you will download later.

You could also manually keypunch the dollar cost amounts into the My Item Note field. You would do that on the Active Item Screen or maybe Sold Item screen. That would get the cost dollar amount on the reports.

You could manually keypunch the dollar amounts into an unused column of the reports.

The cost basis of goods is described in IRS Publication 551:
https://www.irs.gov/pub/irs-pdf/p551.pdf

IRS Publication 334 (Tax Guide for Small Business) "Treating inventory as non-incidental material or supplies".

[katzrul15]

@erinsanythings 

We do it as an internal sku

list date first - cost 2nd

060622-1447

Listed on June 6, 22 - cost 14.47

If the cost is 4.47, we use. 060622-0447

.47 cost = 060622-0047

Good luck!

[inhawaii]

I put mine under "seller notes".

You can see it but your customers can't.

[stephenmorgan]

I was just wondering if the SKU section would work. Great idea!

[inhawaii]

Where do i find the SKU section?

[luckythewinner]

For unique items with a receipt, I attach the receipt to the item in my inventory. When the item is shipped, I remove the receipt and put in in my "COGS box". (If the receipt has multiple items, I attach a copy with the item highlighted) 

For items that were purchased in lots (i.e. 500 LPs or 200 photographs) I use the custom label field to identify the lot it came from and use that to count the items sold and multiple by the average cost for the lot. 

[fuzzface50]

so the notebook ( paper) by the computer or the ol' shoe box is no longer viable, considered outdated? 🙂

[steveemart]

Ebay 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.

[dbfolks166mt]

     I 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. 

[reallynicestamps]

I 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.

[kh-leslie]

Hi 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.