Buying and Selling on eBay: Tips, Tricks, Problems & Questions

Discussion in 'Classic Menswear' started by HansderHund, Jul 27, 2012.

  1. jdrizzy

    jdrizzy Senior member

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    Hey fueco, how exactly are you following your general income/ sales total etc. Is everyone just using ebays tracker, or making up your own spreadsheet? If so, any chance someone can share? I really need to start following for tax purposes etc. Thanks
     
  2. Brianpore

    Brianpore B&S (BS) ambassador-in-chief

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  3. Koala-T

    Koala-T Senior member

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  4. jdrizzy

    jdrizzy Senior member

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  5. Koala-T

    Koala-T Senior member

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    Don't know. I'd be frankly surprised if it wasn't internationally available.
     
    Last edited: May 8, 2014
  6. Snoogz

    Snoogz Senior member

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    I'd suggest using the website directly rather than the app...just personal experience, but the app was buggy and harder to get things accurate.
     
  7. TheNeedMachine

    TheNeedMachine Senior member

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    I have a basic Excel spreadsheet for tracking my cost, sold price, shipping, and profit (or god forbid, loss). Uses basic formulas to calculate across as well as running totals at the bottom. Does not take into account eBay/PayPal fees etc. All other expenses (miles driven, re-donations, fees, supplies, etc) I keep track of separately. Here's a link if you wanna download an example of mine. If you're not familiar with Excel, you just copy the last item row on the list (right-click -> copy), then paste it in under the last item row (right click -> insert copied cells), then update the newly pasted row with the info on the new item - it automatically updates the running totals etc.

    Here's a screen-shot of what it looks like:

    [​IMG]
     
  8. hbkshin

    hbkshin Senior member

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    Because my costs are so low, I don't really keep track of my individual item costs. I have a total spent per month. I keep track of my receipts weekly of every deductible transaction. Then I figure out my total profit, minus fees, returns, etc. to see my actual net gain.

    Is there any real benefit to keeping track of how each item does? Does it matter for taxes?
     
  9. Fueco

    Fueco Senior member

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    I do about the same, but I use Numbers. Each column functions as a running tally so I can tell quickly where I'm at for the year (my wife likes to ask me once in a while what my income is averaging).
     
  10. Koala-T

    Koala-T Senior member

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    This is why I like Outright. It keeps me from having to track this for each sale because it does it dor you and it takes into account eBay and Paypal fees automatically, as well as having a place you can enter things like tracking mileage or donations. Also, it basically does your taxes for you by guving you a filled in tax worksheet at the end of the year.
     
  11. Fueco

    Fueco Senior member

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    I keep track of individual items primarily to see more easily what sells quickly and what doesn't, as well as to easily see what's worth picking up in the future. And yes, I do know what my number one seller is.
     
  12. Fueco

    Fueco Senior member

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    [​IMG]
     
  13. Brianpore

    Brianpore B&S (BS) ambassador-in-chief

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    I break out each item sold in excel similar to the excel above, but with more details on ebay/paypal fees, etc. I want to know what I paid for it and how much I made on each item, but more-so I need to know which of my consignors sent me the item.
     
  14. concealed

    concealed Senior member

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    I track by each swipe of the one dedicated credit card for thrift purchases, from 1 tie to $150 total that is a single line on my inventory spreadsheet. So essentially track by receipt, and file the carbon copy, not on a per item basis.
     
    Last edited: May 8, 2014
  15. DanM

    DanM Senior member

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    Guys, you really don't need to track everything on an item-by-item basis. If I recall, unless you sell more than a million $, you can file on a cash basis. So total revenue less total expenses = taxable profit. (assuming you're filing all of your ebay income on Schedule C) Once you've got some money in Paypal, set yourself up with a Paypal credit card and keep all revenues/expenses self contained. Makes reporting super easy.
     

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