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

[jdrizzy]

Word...

I've got stuff I paid $75-100+ for that has been sitting around for a while that I know will sell eventually. It matters little difference in the grand scheme of things whether I make $10 or $100 off an item, as long as I'm consistently creating a positive cash flow that makes it all worth my time.

Right now, year to date, my sales total is 203% of my cost. Considering that I have 450+ items on Ebay right now, that means I'm doing pretty well for what I've actually sold. My weekly income has been creeping steadily upwards (I would be above the median income in just about any area except where I actually live), and I fully intend to make a shitload of money doing this.

In short, don't worry about cash on hand. You're not going to make a lot of money right from the start, but you have to start somewhere. Borrow, use credit, whatever it takes.

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

 

[Brianpore]

Quote: Yes.

You usually to need to wait 7? days during the "work it out" time, BUT the ebay rep today said just starting this week a new policy is in place where sellers who feel there is not solution to be "worked out" can escalate a case before the time period elapses. This might not be the case all the time, need to see in the future. DO NOT just escalate the case in the ebay resolution center online!!! Call ebay, ask to speak to a resolution specialist, be nice and friendly, ask them to pull up the case details and read the message that the buyer left, stating "cobbler put nails in the shoes" etc. Make sure they agree that you will win the case and ask for them to escalate and close the case in your favor while you are on the phone. They usually put you on hold while they look at the listing and read though any messages then will type up some notes for the reason they are closing the case in your favor, etc and then that's it. It usually takes 15-20 min. to actually process once you hang up. Then you get a message showing the case was closed in your favor and no feedback can be left etc.

 

[Koala-T]

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

I use the Outright/GoDaddy eBay integrated app. http://cgi6.ebay.com/ws/eBayISAPI.dll?ManageESubscriptions&_trksid=p3984.m2295.l3913

 

[jdrizzy]

I use the Outright/GoDaddy eBay integrated app. http://cgi6.ebay.com/ws/eBayISAPI.dll?ManageESubscriptions&_trksid=p3984.m2295.l3913

I'm having difficulties with the canadian site. Is it a .com thing only?

 

[Koala-T]

I'm having difficulties with the canadian site. Is it a .com thing only?

Don't know. I'd be frankly surprised if it wasn't internationally available.

 

[Snoogz]

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.

 

[TheNeedMachine]

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

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:

 

[hbkshin]

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?

 

[Fueco]



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:

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).

 

[Koala-T]



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:

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.

 

[Fueco]



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?

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.

 

[Fueco]

 

[Brianpore]

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?

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.

 

[concealed]

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?

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.

 

[DanM]

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.