How to track Inventory & Cost of Goods Sold. Ebay, Amazon, Poshmark

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4 жыл бұрын

How to track Inventory & Cost of Goods Sold. Ebay, Amazon, Poshmark
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Пікірлер: 241

@RockstarFlipper 4 жыл бұрын

How do you track your inventory? what do you use?

@resinasylum 4 жыл бұрын

I just use a spreadsheet right now. It's a pain and very time consuming. Would love to be more automated.

@sexymary1576 3 жыл бұрын

HACKERDONE22 on IG is legit. 💯

@shawndakramer7352 2 жыл бұрын

Anyone switched from method 3 to method 1 or 2? If so how?

@enjoystuff 2 жыл бұрын

Thanks for making this. I know this is over a year later, but I tried to understand cost averaging somewhere else and it was unclear. So thank you!

@LEXIisDATgurl 8 ай бұрын

FINALLY !!!!! A great breakdown video, after watching I have now gained more experience using sheets ! Thank you so much !

@jodyhowell5644 Жыл бұрын

Thank you for your videos. I'm new to a sewing biz. Just turned my bookkeeping over to my tax guy. I had no idea about having zero inventory at the end of the year. I'm sure my tax guy [a cpa] would be happy to help me, but at $150 per hour, I can't do that. I have a feeling I'm going to get really ripped on my taxes for 2022. I think I can keep up with using excel, once I get it set up, and you have helped alot. No disrespect to the videos from other countries, but I'm glad I found someone who speaks clear English, and explains things in detail. What I do need to add to my spreadsheet are taxes. I pay taxes on certain purchases, other than tax exempt vendors, so I have to track what I pay from vendors, what I collect, and what I have to send for retail tax.

@Kelly-nd3cz 4 жыл бұрын

Thanks so much Casey for doing this again I greatly appreciate it! Stay safe and Be Careful hugs to Kate and God Bless you and Kate and your mom. ❤️🤗🙏💜🤩Hugs to Kate and mom. Kelly from OCALA, Fl 1st one (YOU ROCK)

@qtusa 4 жыл бұрын

Best video on inventory tracking !!!

@RockstarFlipper 4 жыл бұрын

Thank you soo much!

@kimberlyarmstrong4272 4 жыл бұрын

Wow! This is so helpful Casey. I’ve been tracking individual items and it is so time consuming. It also gets boring real fast! Thanks for the info.

@RockstarFlipper 4 жыл бұрын

Yeah takes a ton of time I’m not willing to spend. Hope that speeds it up for you

@kimberlyarmstrong4272 4 жыл бұрын

@@RockstarFlipper Just a quick follow up question. I started setting up my cost averaging worksheet and I'm confused about where I keep track of things like price sold on each item, fees paid for items, shipping and net profits. Do you use a separate spreadsheet for those numbers since they are more accounting related? In my very detailed Excel spreadsheet I currently use, I have date, item, store, price paid, list price, sold price, fees, shipping, profit. I do want to keep track of most of that but the current way is taking too much time. Are there eBay reports I can run to give me numbers on sold price, fees, shipping and profit instead of manually doing it myself on the spreadsheet?

@jodiegrace2849 Жыл бұрын

@@kimberlyarmstrong4272 eBay does have sale reports so you can do this it’s in the seller hub dashboard area. You need to do this on the full site not the app. You can customise the dates too if you want to do a month by month basis. I have been following CL Furlong (we are both in Australia) and have started concentrating on how long it takes for items sold so I know what type of items to list first. I don’t normally do this analysis but Chris is good with these. I am an accountant (with ex tax officer) too 😂😂😂 not good at doing my own reports. Excel videos on you tube are good to watch too just discovered this one and subscribed. Jodie Here at Jodstas in Melbourne Australia 🇦🇺

@alfredorivera9663 4 жыл бұрын

Yes Casey. I would be interested. Thank you.

@RockstarFlipper 4 жыл бұрын

Thanks a bunch, im working with some people now

@anissamichele 4 жыл бұрын

I’d love an app to help me keep track of inventory. I need all the help I can get!! Regarding the inventory, you are a life saver. I used to track everything individually...OMG, that sh*t had my head spinning. I like the idea or zeroing our inventory at the end of the year. Makes it so much easier. Now I can move forward in getting everything to my accountant by the end of the week! Thank you 🙏🏽. Oh, don’t forget to send me your scheduler link 😀

@Austin-uj5xd 3 жыл бұрын

This was a very helpful video. I've been tracking individual items which was very time consuming. I would do my spreadsheet at every quarter which took about half a day to do. I would then manually calculate my COGS cause I don't know how to use any formulas on googe sheets. I am going to look into switching to dollar cost averaging (or the last one you showed) at the end of the year and also do some research into learning how to use the formulas so I don't have to add everything up with a calculator which is slow and prone to error. Thanks.

@FlaNative3 3 жыл бұрын

It is pretty easy to learn a few formulas to have the spreadsheet calculate things for you. If you want the last box F3 to equal A3+B3-C3-D3 (or whatever applies), the formula to type in the box is =A3+B3-C3-D3 (press enter). You can also, after clicking = , click the boxes you want in the formula, then the operator (+ - * /). Summing and averaging is easy and you can easily adjust which cells (boxes) are in the formula by click & dragging the boundaries (like text boxes in MSWord).

@willylogic8862 3 жыл бұрын

Hi your videos are great I been selling on E-bay for less then one year, I was just keeping track of profits didn't know about inventory left over. This video really helped, the only question I have is with this system how do you factor returns and damage goods. Thank you so much for your help. And another thing is when some one gives me something for free do you enter good cost 0?

@deja7832 3 жыл бұрын

Hello, For method 2, would I need to include a buy cost on my sales sheet(a sheet for all my sold items)? or could I keep the two separate, a sheet for money coming in (sales sheet) and money going out (average cost method)? I hope this question makes sense. Thank you!

@jeffdorris5321 4 жыл бұрын

Thanks for the info Rockstarflipper. 🦸‍♂️⭐🎸

@giseleharvey343 4 жыл бұрын

I use your excel spreadsheet to track COG, Sales, Expenses. I have QB but really don't use it. Excel seems easier and has worked for me so far : )

@RockstarFlipper 4 жыл бұрын

Excel IS very easy, I like quickbooks because it makes it very easy to pull up reports and categories etc

@aaronsage9031 3 ай бұрын

This video is amazing! Ive been doing spreadsheets for awhile now and ive been putting in each item and cost individually which takes ages so want to try a faster method and one of these would be perfect!

@stephenhanes1529 Жыл бұрын

Just a quick question on the average cost method. Say you’re tracking monthly, and for example, in January you sell 200 items at avg cost of 7 dollars, which would be 1400 cogs. However you had 2 cancellations and 8 returns, 10 total returns, and all items went back into inventory. Do you at the end of the month or period make it 190 sales instead of 200? And the cogs would be 1330 instead of 1400, because you had 10 returns and 10 items at 7$ avg (70$)go back into inventory? or would you still write 200 sales and 1400 Cogs despite the cancellations and returns? Hopefully this question makes sense.

@911preety 4 жыл бұрын

Yes a program, app, whatever, to help me keep track.

@RockstarFlipper 4 жыл бұрын

Thanks Nancy working on it with folks now

@nadirules2255 3 жыл бұрын

Yes please!

@RockstarFlipper 3 жыл бұрын

:-)

@SlickGokuBaby 4 жыл бұрын

I mostly like doing the 1st option, but am working on setting up google spreadsheets to fill in the COGS and Inventory automatically from a master inventory sheet. Only thing that gets messy is buying multiples of the same item...

@valerierucker4345 4 жыл бұрын

Yes, I’d be interested.

@RockstarFlipper 4 жыл бұрын

Thanks Valerie

@resinasylum 4 жыл бұрын

Yes!! I would be interested in anything that would help!!

@RockstarFlipper 4 жыл бұрын

Of course!! I've got some people working on it

@sexymary1576 3 жыл бұрын

HACKERDONE22 on IG is legit. 💯

@elainelyman7705 4 жыл бұрын

Yes to an app with a desktop coordinated version. Thanks.

@RockstarFlipper 4 жыл бұрын

Ok I will have them keep that in mind

@dfpm14 2 жыл бұрын

do you add the cost of inventory left over from the previous year for the new year? do you you divide cost of inventory by number of item left in inventory and take in to account for the next year?

@lostintime7292 4 жыл бұрын

Casey Paris, the one that was included in your training package is still ok to use correct?

@RockstarFlipper 4 жыл бұрын

Absolutely

@philipnorman9364 2 жыл бұрын

Good video!

@RockstarFlipper 2 жыл бұрын

Thanks sir!

@johnhoffman1236 5 ай бұрын

ok for option 2 whats the best way to incorporate past inventory or do i include any item sold this year regardless of when i bought it for items sol this year for inventory?

@breannelea1215 3 жыл бұрын

So if I use method number 2, how do I translate cost of goods to my sales tracking? Do I use the average cost of goods number to determine my profit on that sale?

@dieselboi666 2 жыл бұрын

What is the third method you showed called? My understanding is this is writing off all your purchased inventory during that year? I appreciate your explanation and all your vids. Thanks for taking the time to read this.

@Eriesongbird 3 жыл бұрын

Just started to follow your channel & it's very helpful! I'd be interested in the program you developed. Is it available now? I'm just starting out and would like to be organized from the beginning. Thanks!

@RockstarFlipper 3 жыл бұрын

My Reseller Genie is the company I partnered with who created the program.. heres a demo link and buy link. Reseller Genie Tutorial link- kzfaq.info/get/bejne/r8Cpn6Zhr7K7mXU.html Reseller Genie buy link: www.myresellergenie.com/?aff=7

@Subachacko 11 ай бұрын

Hey man I have a question about method 2. Let's say I had a year end of 100 dollars in inventory left over and the cost of the new years inventory went up or down, can I average in the previous years inventory with the new, as long as I keep track of what the value was at the beginning of the year?

@sethstankich 3 жыл бұрын

This is really helpful! I'm going to be starting something like this pretty soon. However, I already have a lot of inventory that I would not be able to recall COGS when I sell them. What would you suggest trying to account of these items I already have? I don't want it to seem like they just showed up out of nowhere. Thanks.

@breannelea1215 3 жыл бұрын

I have the same question

@breannelea1215 3 жыл бұрын

This started out as a hobby but as I've made more and more sales and have alot of inventory I'm now realizing I need to start tracking. Question is, how do I go back and account for previous inventory.

@satrenagayle 3 жыл бұрын

@@breannelea1215 i would like to know as well. I bought tons of Plushies in 2020 but never sold. Don't have all of receipts. Could I count COGs?

@cassiewilson1433 2 жыл бұрын

@@breannelea1215 Did you ever find anything for this? I have the same issue and i'm so overwhelmed!!

@MihaelaRo Жыл бұрын

Having same problem. I started as a hobby and now I’m lost. How do I transition from semi tracking to method #3 please help

@trillmonroe926 4 жыл бұрын

Quickbooks! Just make an expense for the amount as cost of goods sold. When adding the inventory just put as $0 cost

@RockstarFlipper 4 жыл бұрын

Thats what I do.. some people want to track every single line.. crazy to me

@trillmonroe926 4 жыл бұрын

I just don't think people know of this. Its too easy. Especially when your buying huge bulk purchases. I couldn't imagine typing every item with individual cost on a huge buy.

@madmax8620 2 жыл бұрын

I really want to and need to understand what you just said that you do...

@Userz937 3 жыл бұрын

I have a question on 2nd method . I think I actually did that for 2020 taxes but maybe a simpler version , basically I didn’t track inventory costs item by item so I totaled the number I spent in inventory (say 100) , Found the percentage of total inventory sold (say 50%) , so my cost of goods sold was $50 is that relatively the same thing ?

@RockstarFlipper 3 жыл бұрын

Sort of yes.. cost averaging I guess I would call that

@stevejacobs2764 2 жыл бұрын

Question on the method 2 or cost averaging. How do you account for returns or items that get returned and are relisted and back into inventory? Do you take anything away from cogs if an item is returned and relisted during that period?

@RockstarFlipper 2 жыл бұрын

When an item is sold and accounted for as usual, IF it gets returned all of that stays the same you simply add in a "REFUND" for $25 for example.. Now you have an expense of $25, and when you sell it again you will enter a whole new sale. If its bad and you can't sell it then you'll have your original sale for $25, and then your expense (refund) of $25 and you are good to go

@stevejacobs2764 2 жыл бұрын

@@RockstarFlipper Ok, thanks a lot.

@LukeEdwards18 3 жыл бұрын

I just subscribed because you were so helpful. I know nothing of this junk My big issue is I have a garage full and never kept track. Not sure what to do. Been selling for over 5 years. sigh....

@ninaj84 2 жыл бұрын

How do you calculate the cost of goods that are old items you purchased long ago? For people cleaning out closets and not necessarily recent buys? I'm doing a bit of both and not sure how to calculate it all. Thanks!

@RockstarFlipper 2 жыл бұрын

You aren’t “calculating it” you are accounting for what you paid for those items. If you don’t know, don’t have receipts then you have to claim them as $0 as you can’t prove it. If it’s a personal used item you used, then you can typically “zero” it out. So you sell it for $20 you claim it as $20. Since you paid more then you sold it for

@satrenagayle 3 жыл бұрын

Ty for all your videos. I'm just starting to list n sell this month/year. I'm going to try 3rd method. My question is .. In 2020 i bought a ton of Plushies (u can guess who's YT i was watching LOL). I never did start selling on eBay till this year. Can i use the Receipts from them as COG since i will be selling them this year, when i do 2021 taxes later? Or does all that plush have to start as zero this year? I didn't claim anything last yr since i didn't sell anything

@RockstarFlipper 3 жыл бұрын

Your cost of goods is actually cost of goods SOLD... so when the item sells, then you put its cost as an expense for whatever year it is... if you bought a plus in 1950.. and you sell it now... its cost of goods sold is apart of these taxes

@madmax8620 2 жыл бұрын

@@RockstarFlipper i think im dead ...for taxes how I was doing it forever was deducting all my product items purchases (reciepts) at the end of year for that same year weather or not all those same exact items had sold or not(I have more other similar and like items already in inventory purchased in prior years too if that matters for any kind of averaging? ) I did this because all my past accountants would only just say and request without explanation was "I need a total of all your purchases for the year" and so thats what I thought I was giving them and when I did my own taxes on the computer my self later well there was the simple field to plug in the "purchases" for the year too....i never understood before until now that I could only give the purchase amounts on/of those same items that had only sold and not of all the items...now what do I do !?!!?...i did it that way for so long and feel so stupid and in deep trouble now I suppose...I completely misunderstood it omfg. ... and now no way to go back years to know or track which individual amount paid for what each items sold today...any suggestions that I could tell the auditor... I already poor and have a family to feed and think they could destroy me for this massive error...any ideas??

@scottwolpert2310 4 жыл бұрын

Great info as always. i have one question. How do we find out for ebay and amazon how many sales we have for the year? Thanks.

@RockstarFlipper 4 жыл бұрын

You need to be downloading your sales reports each month. ACCOUNT SUMMARY page OR on "orders paid and shipped"

@Bobbie-Loves-To-Thrift 4 жыл бұрын

Definitely interested just using spread sheets.

@RockstarFlipper 4 жыл бұрын

Im working with someone currently

@Bobbie-Loves-To-Thrift 4 жыл бұрын

RockstarFlipper Awesome 👏 tyvm!

@anitaharwood8320 Жыл бұрын

So beginning inventory is just what I paid and not what my projected retail price is? Trying to figure out handmade jewelry which started at zero, added purchased items then determine cogs and ending inventory is not easy to understand. My accountant seems to be too busy to help

@dagda825 3 жыл бұрын

I built a Libre office base database for the business.

@sexymary1576 3 жыл бұрын

HACKERDONE22 on IG is legit. 💯

@azn2xcbbjai 3 жыл бұрын

Just saw this, I kinda use #3 but I assign 100% of profits as COGS until it zeros out and everything after that is profits.

@RockstarFlipper 3 жыл бұрын

That is one way to do It for sure. I do similar

@Chipperd_ 4 жыл бұрын

Just curious, I do aquire most of my inventory at garage sales, since there are lots here in the Orlando area. The issue I have is, I will usually bundle a lot together and make an offer. Now after talking the seller down to a price, I sure can't ask if they will take time and write a receipt, just doesn't happen. I keep up with the "cash" I spent since they won't take checks or debit. How do I prove my cost of goods purchased?

@RockstarFlipper 4 жыл бұрын

This question is pretty much asked of me weekly and the answer I give, is to buy a receipt book and write it all down

@stressfreepaperchase3215 4 жыл бұрын

Yes receipt book.👍

@jarrodlong850 4 жыл бұрын

Yep a receipt book. Write down the address, date, time, and what you bought. No need to give it to the owner of the property.

@dansanfrisco 4 жыл бұрын

@@jarrodlong850 For audit purposes it is best to at least try to get the seller to initial the receipt or at the very least you yourself put their name on the receipt.

@mrslehman3 4 жыл бұрын

@@RockstarFlipper can you record a bulk cost of goods for the day, or do you need to record items and price paid at each stop?

@cclovelacegrace 3 жыл бұрын

Hey casey i heard you say that you use the cash method in this video do you talk about this in any of your videos? I know we talked before but i am still so behind with getting caught up with my numbers but I think the way I am doing it is just so overly time consuming!

@RockstarFlipper 3 жыл бұрын

Yes, when I buy items it goes right in... and when I sell things it goes right in

@madmax8620 2 жыл бұрын

As opposed to what??... thanks

@jeddmohlenkamp6870 4 жыл бұрын

I zero out the cost of goods at the end of the year... i consider it time management more than anything

@RockstarFlipper 4 жыл бұрын

YES... sooo much faster

@satrenagayle 3 жыл бұрын

For those wanting to understand the 3rd method take notes while watching, pausing while you write. I watched it 3 times and it Totally click has I Carefully took notes on the third viewing. First time watching my notes were too sloppy to pull it together in my brain.

@RockstarFlipper 3 жыл бұрын

Thank you so much!! it is very hard to explain through a video

@madmax8620 2 жыл бұрын

Whats it called?? Not even sure what you called that 3rd method.... but I feel you were saying it would get yourself in trouble in an audit??...and I cant afford a CPA and never found one that had any grasp on what you have explained here for bulk buying and selling and averaging of random collectibles.

@kim_chasgrits1527 4 жыл бұрын

@RockstarFlipper what do you call that 3rd Method? I followed along and did a spreadsheet and want to label the tab for this method. As for the method, I follow you up until the part where you start picking cost of goods and whittling away at the total.....starting there to the end I'm trying to process but I think I may need a little more explanation to get it. Thanks for this....now if I can put together a way to calculate potential profit at varying discount rates, with or without promo rates , with shipping & fees & finally taking taxes out I will be set. I unfortunately have alot of lower priced items so I have to watch every penny to stay out of the ditch :)

@RockstarFlipper 4 жыл бұрын

Its just called/referred to as zeroing out inventory... TOTAL amount spent is cost of goods sold, remaining items are $0 cost going forward

@kim_chasgrits1527 4 жыл бұрын

@@RockstarFlipper so we price the items COGs as they sell off in higher COG amounts to get the remaining COG items to be more flexible to sell and stay in the profit zone?

@qtusa 4 жыл бұрын

@@RockstarFlipper Fantastic, thank you!

@reneagregory8945 3 жыл бұрын

I sell floral arrangements and it is a nightmare to keep track of the materials used in an arrangement and material left to use on future arrangements. Do you have any ideas to help with this process?

@RockstarFlipper 3 жыл бұрын

You have to figure out how much in materials each arrangement costs, and record that for each one you sell.. if you sell 50.. and they are $1 each.. 50x$1

@edwardr5447 4 жыл бұрын

I subtract every month net profit from what I purchase every month.

@Chopper894 4 жыл бұрын

I use Sage accounts it does all this.

@resaleexplorer3265 4 жыл бұрын

Currently, I am just using excel manually. All of the inventory systems I looked into were absurdly expensive for my size. Zoho Inventory was one I was considering but the others were hundreds and some thousands of dollars a month. The expensive systems were for companies that have tens of thousands of items or more in their inventory. Overkill for me. I have used a service called ZarMoney Inventory as well. It was nice but it was very complicated for me. Had too many bells and whistles. Request: I would love to see one that somehow connected to eBay and when I sold an item it adjusted my inventory as sold automatically.

@jarrodlong850 4 жыл бұрын

Do you use other channels? If Ebay is all you use, you can get the Easy Auction Tracker. Yea you have to put in some elbow grease by assigning each item a unique SKU but once set up, the tracker auto pulls the item from inventory when it sells. I used it for three years straight. Now that I am branching out to other platforms I am just keeping up with it myself on my own spreadsheet. I would LOVE to find a very cost effective for our small business a program that keeps up with inventory in general that I can quickly enter an sku or scan a barcode to get it to add/delete.

@JoseRamirez-fm2lb 2 жыл бұрын

@@jarrodlong850 I just purchased easy auctions tracker and loved it! The only thing is I don’t understand how to assign a SKU to pull automatically out from inventory once it sold. Thanks

@jarrodlong850 2 жыл бұрын

@@JoseRamirez-fm2lb So in your Ebay listing, you have to put a specific and unique number in the SKU box that is just under the title. Then in the inventory section of the Easy Auction Tracker, you put that same number in it. Then when you tell the tracker to pull your transactions from Ebay, it will see that SKU from the sale, and automatically deduct it from the inventory. Hope that helps.

@DustinCarson 2 жыл бұрын

Hey there, really enjoy watching your videos. I recently started reselling items and selling my personal items. I'm making my best effort to make sure I'm tracking stuff properly with the expectation of getting a 1099-K. I have two questions that I'm curious how you would handle. * I believe in your other videos you stated personal items are normally a loss, since they are selling less than the price bought. Would I track personal items with my inventory/account spreadsheet.. or would this be a separate area? I know I would want to account for those sales as not being profit. I also have one other question if you have the time. * I collect games and often buy bundles, I keep games I don't have and resell the others. I'm unsure how I properly account for this situation in my inventory. I feel the simple approach would be to just assign a price per item by dividing the total items by the bundle cost. Then subtracting the item cost of all the items i keep form the bundle cost. Though wasn't sure if this was acceptable since the value can range on games. Appreciate your videos and you sharing your knowledge.

@RockstarFlipper 2 жыл бұрын

Personal items on a spreadsheet if possible. Usually isn't many items. if you have a bunch maybe include them in your software quickbooks or reseller genie etc. yes assign a price to the games you keep and games you sell that is fair. So if you spent $100 and kept 3 games, maybe $5 or $10 each so $15 leaving $85 for the cost on the other games.. or something similar

@DustinCarson 2 жыл бұрын

@@RockstarFlipper I appreciate the input, thank you so much!

@jennifermetler2408 4 жыл бұрын

So is the third one just totalling your receipts for the year? And then subtracting total sales (minus fees and shipping)? Or did I miss something? I'm kind of panicking because I haven't been keeping track of anything, and I started selling in November 2019.

@RockstarFlipper 4 жыл бұрын

Yes, Total up your entire amount spent and thats cost of goods sold... anything left is $0 moving forward

@drteach2learn486 4 жыл бұрын

@@RockstarFlipper Hey, Casey thanks so much for the precise yet thorough explanation of each method. Quick question... I chose method 3 when I started reselling/filed my taxes last year. However I'm not exactly sure about the following scenario... if an item is purchased in the prior year (Nov 2019), sold in the next year (Feb 2020). When using method 3 (zero out at year's end), would you zero out that item's COGS when recording the sale on your 2020 tracking spreadsheet? FYI: last year was my first year reselling professionally so go easy, jk 😁

@ssolytinaS Жыл бұрын

How do you add new items purchase for resale to your inventory. The guideline says your beginning year inventory must match prior end inventory.

@RockstarFlipper Жыл бұрын

Depends how you do your accounting. You can manually add in new inventory as you buy it

@JustCarmenBeck 9 ай бұрын

Awesome Video and I believe I will go with Method 3 (Zeroing Inv=Zero COGS). However, I am stumped once you start assigning the COGS. I think basically you assign-pick a value and whatever is left in the column has a $0 value. Once this point is reached, Profits are at 100% because you have exceeded & surpassed your COST of Goods?? Am I grasping this correctly? Feel free to reword it for me. I am on the verge of understanding this part. :)

@RockstarFlipper 9 ай бұрын

Yeah that would be correct. I stick to 0 method

@billlucas2753 2 жыл бұрын

For inventory purposes (if using the average cost method) how would you handle the following? Say I purchase a lot of 20 vintage magazines. I pull out specific ads or photos to sell individually. Let’s say I average 10 individual items per issue. Do I track that as 20 items or 200 items? Obviously, it makes a massive difference in average cost of goods.

@RockstarFlipper 2 жыл бұрын

If you are "Creating new items" I would say 200.. Are you selling the original magazine after taking it apart? If not then you would have 200 items and no longer the 20 original ones. otherwise maybe 220 items?

@billlucas2753 2 жыл бұрын

@@RockstarFlipper That’s what I figured but wanted to be sure. I sell the magazines individually or in lots when it makes sense. For the others though I just pull out what I want to list. I just give what’s left of those original magazines to a co-worker for craft usage and she just recycles what’s left when she’s done.

@ChadAmI80 Жыл бұрын

@@billlucas2753 Genuinely curious what kinds of things you are selling as individual pages.

@realdealnealtv Жыл бұрын

Great video. How do you track for items you already have in house? So I don't know how much i paid for it or it was given as a gift. Now I want to sell it. Does this go on another spreadsheet?

@SiriusReality 2 жыл бұрын

What about the S&H costs + the fee the website, Poshmark for example. Where would you include this to figure out over profit? Also how do include supply costs? Tissue paper, plastic bags, cleaning items, drycleaning, etc.?

@RockstarFlipper 2 жыл бұрын

Shipping cost on most websites is YOUR expense.. the buyer pays the $9 and you buy the label. Poshmark handles that so you dont have to. Your materials is an expense you track. anything you buy to include with the packaging (boxes, tissue paper, business cards etc).

@BereniseRocha 3 жыл бұрын

if you purchase wholesale online and pay for shipping, does the shipping go into the COGS? Or is that shipping not deductable?

@RockstarFlipper 3 жыл бұрын

Its apart of your cost of goods

@BereniseRocha 3 жыл бұрын

@@RockstarFlipper Thank you! I have my own online boutique and what about if buy clothing labels to sow on to the clothing I’m selling, does that also go into COGS?

@thebmxreviewer 5 ай бұрын

ex 2. If I decide to keep an item for myself or gift it, how do I remove it from my cost of goods?

@RockstarFlipper 5 ай бұрын

You would just deduct that amount from the total you have spent

@stephenwrachford7220 Жыл бұрын

What if you don't actually sell all your items you purchased in a given year? You can't just zero it out right?

@nakai_bee6024 9 ай бұрын

That is correct, no you cannot “zero it out.” Since Inventory is what we call a “Permanent Account” in the accounting world, the value of your inventory is carried over from one accounting period to the next.

@do_ob85 Жыл бұрын

Hey all. What’s the name of the third option? I’m trying to do some more research around it. Thanks

@RockstarFlipper Жыл бұрын

My Reseller Genie- www.myresellergenie.com/?ref=caseyparris2 Discount code is ROCKSTAFLIPPER15 (all capital letters)

@Clarke2316 2 жыл бұрын

I hope someone sees this!! Need help. So if I go and buy say $2000 of items to resell in my first month of business. I then resell $1000 of it for $3000 but my issue is I have a balance sheet which shows “purchases (under costs)” of $2000 and income of $3000 and gives me a plus $1000 but I’m confused where I input the cost of goods sold on that balance sheet of $1000 for the sales I made in my first month. So confused!

@moxiefox5021 3 жыл бұрын

I understand method #3 and I like it. It appears that you say it’s hard for most people to understand #3 and you don’t recommend #3 but 30 seconds later it sounds like you say that #3 is actually the easiest which is why you do recommend it. Can you clarify for me? Thanks.

@RockstarFlipper 3 жыл бұрын

It's the easiest method for accounting. But people have a hard time understanding it. I know that wasn't clear completely

@madmax8620 2 жыл бұрын

@@RockstarFlipper and by saying " people" then that also means the IRS too right??

@mousepolice55 3 жыл бұрын

I'd be interested!

@RockstarFlipper 3 жыл бұрын

Got it working as we speak

@kurtisthornton2537 9 ай бұрын

Does anyone know where sales tax comes into play with COGS ? Its an expense incurred for cost of goods and didn't hear it mentioned. Thank you

@RockstarFlipper 9 ай бұрын

If you pay sales tax on an item your buying, YES its apart of your cog expense. IE: You buy a $20 item.. tax is $2. $22 total you hand the store.. your cog was $22

@barbarashornick 2 жыл бұрын

I was relieved when you showed method #3, because that's what I've been doing! Is there a name for that method? Thank you for this great info. Really helpful

@katiem.hughes7516 Жыл бұрын

I was also relieved as that is the method I use!

@rick83642 Жыл бұрын

@@katiem.hughes7516 Do you know the name of the method by any chance? Thanks in advance

@gitanaxu11 4 жыл бұрын

A app would be awesome.

@RockstarFlipper 4 жыл бұрын

I thought it might be. working on it

@mirandab0807 2 жыл бұрын

So say I started selling items on poshmark in 2020, started super slow selling my own items and then over time I started buying inventory to resell and things started growing pretty quick and I kept track of nothing... Not good I know, but I never had any intentions of sticking with it or actually making a profit, it just happened over time and I'm now to the point where I really need to be tracking my inventory, keeping track of sales, and all of that stuff. I know how to do spreadsheets, etc and how to actually log it all, but what in the world do I do about my approximately 1200 items that are current inventory listed for sale still??? I mean I could maybe go back thru my finances and get a semi estimate of the value of it all, but nothing exactly accurate. Is there a way to do this? Or should I just be starting to keep track of things from this point on? Going to be hard to keep track of new vs old inventory so I'm just at a loss of where to start and how to get caught up to and be able to keep a system going. I absolutely regret not keeping track from the beginning and had I known it was something I would stick with then I would of.

@cassiewilson1433 2 жыл бұрын

Hi did you ever figure anything out? I'm in the same exact situation and I have no idea where to start

@sydneytolman3066 Жыл бұрын

Same situation.. Would love to hear how things have evolved for you!

@shawndakramer7352 2 жыл бұрын

I'd love a comprehensive accounting program

@mindymurata730 4 жыл бұрын

I feel like taking a on-line class from you “ RESELLERS 101”! Another helpful video. Thank you 😊

@RockstarFlipper 4 жыл бұрын

I am happy to help or put anything together for you!!

@mindymurata730 4 жыл бұрын

RockstarFlipper Thanks Casey!

@hoodrichhaul7545 4 жыл бұрын

Total agree learn so much from your content!

@shirleyallen3794 4 жыл бұрын

me too.

@sweetandsassyhomecooking 2 жыл бұрын

I was wondering on the method 3 do you put the actual cost of goods and actual cost sold? If I paid 100 for an item and sold it for 200 do I put cost 100 and sold 200.00?

@RockstarFlipper 2 жыл бұрын

Yeah you paid $100. so its cost of goods sold $100. and total gross sold $200. $100 profit before fees and shipping/expenses etc

@davidpatrick1813 Жыл бұрын

Thank You. I have some old records and books our family had growing up and want to sell them. There is no way to know what my folks or others paid for them but they did pay for them................ is this profit" to report? doesn't make sense to me.

@denisecoffey6269 4 жыл бұрын

I have an excel sheet but wish there was a program to keep up with everything

@RockstarFlipper 4 жыл бұрын

Working on some more things with someone now

@denisecoffey6269 4 жыл бұрын

RockstarFlipper thats awesome

@jamesroberts9849 2 жыл бұрын

I would be interested in the inventory tracking and management app.

@RockstarFlipper 2 жыл бұрын

My reseller genie. Check them out www.myresellergenie.com/?aff=7 ROCKSTARFLIPPER15 is a discount code (all caps)

@brinaborn Жыл бұрын

do your prices include taxes?

@plainmom2 2 ай бұрын

I’m new to eBay selling and haven’t started a program for tracking inventory costs vs outgoing sold, etc. looking for more information.

@RockstarFlipper 2 ай бұрын

This video....

@feliciano3192 4 жыл бұрын

Datamiine does all the tracking of cost of good, profit and taxes. I highly recommend it.

@RockstarFlipper 4 жыл бұрын

I have experience with it, but I don't believe they do cost of goods sold vs inventory in stock cost I could be wrong

@feliciano3192 4 жыл бұрын

RockstarFlipper they don’t, but they do a great job at breaking your sales down, sold price -cog-eBay fees-PayPal fees =profit. I love that part and they track sales per state and taxes, and they have a great accounting section. I personally like it.

@mygodisable2 4 жыл бұрын

So you suggest or like the third one the best, correct? What do you call the third one?

@RockstarFlipper 4 жыл бұрын

JUST Zeroing out inventory.. I like the last method, but most people don't or cant understand it

@zanderhuynh7998 2 жыл бұрын

For average good sold ,do you add different items or same item?

@RockstarFlipper 2 жыл бұрын

You can do either

@Annalorraine67 3 жыл бұрын

Have you found one that works or or did you your people Create one I would buy if you have

@mary-annhamilton2164 Жыл бұрын

Do you have a software program designed yet?

@RockstarFlipper Жыл бұрын

My Reseller Genie... I partnered with them and they made it. heres the link and code- www.myresellergenie.com/?ref=caseyparris2 code is - ROCKSTARFLIPPER15 (all capital letters)

@susanweeres5584 4 жыл бұрын

I would definitely purchase!

@RockstarFlipper 4 жыл бұрын

Thanks Susan.. im working with some folks now

@tywilliams6411 Жыл бұрын

I have heard go daddy and quick were actually good.

@RockstarFlipper Жыл бұрын

Godaddy shut down its accounting earlier this year

@tywilliams6411 Жыл бұрын

@@RockstarFlipper good to know

@TheMadFlea Жыл бұрын

So if you buy a storage unit you have to count every item? This was a very good video thanks for the learning experience.

@RockstarFlipper Жыл бұрын

No you don't have to. You can total up your TOTAL SPENT for the year, and just know that every item you sold "used up" the cost of goods, and everything you don't sell is $0 moving forward. easiest way

@TheMadFlea Жыл бұрын

@@RockstarFlipper I see, so its just front loading the expense deduction. I'm a little surprised the IRS would allow this considering they want you to spread specific thing like a car or large equipment over a few years. I've got some reading and research to do. I'm sure they just do come out and say it either. I'd bet a CPA needs to read between the lines.

@RockstarFlipper Жыл бұрын

@@TheMadFlea Item depreciation on equipment you keep more than a year like a car or new computer etc works differently then inventory/COG/COGS.. Def talk to a CPA as I can't give financial advice or legal advice

@hawaiiflowerchild3039 4 жыл бұрын

You always have best timing for info-just past my 1,000 items getting nervous about maybe needing some insurance- (not sure if you saw my last message) was not trying to promote myself EBAY did come n from behind and put my store on a free shipping sale "its a glitch" they said happening to more than me -well i have no back up! even delete photos as i list now ive got a full amount of ABCs totes and concerned with no back up record

@jenniferwarhawk7301 3 жыл бұрын

I was following you on method #3 until you started talking about "assigning it a cost." How do you know what cost to assign it? That part didn't make any sense to me. Also, what if you DON'T sell all that stuff at the end of the year (and we won't), I don't understand that part. I guess it's a matter of absorbing all your cost in the things that you've sold and so it doesn't matter that there are unsold items? What happens if it doesn't equal zero at the end? I'm just kind've lost on that last one. I'll go back and listen again, you sure did go over it awfully fast!

@jenniferwarhawk7301 3 жыл бұрын

BTW, I've been using the item by item method and was like, there HAS to be a better way! I'll NEVER get all this stuff entered in!

@RockstarFlipper 3 жыл бұрын

Essentially it will always equal zero. If you buy 10 shirts for say $3 each ($30 total). then you sell a shirt for say $40 a week later..... and you assign it a $10 cost of goods, you now have 9 shirts left and $20 cost of inventory. then you sell another one, same price.... now you have 8 shirts left and $10 left in inventory.. and finally a week later you sell a 3rd shirt and assign it $10 you now have 3 shirts sold for $30 cogs, and 7 shirts remaining which have a $0 cost.. Now when I break it down you see how it works, but basically you don't need to break it down every time.. just at the end of the year you know whatever you spent (the $30) WILL end up as cost of goods sold and whatever inventory you have left is $0. So just total up what you spent... cost of goods sold... all remaining inventory is $0

@jenniferwarhawk7301 3 жыл бұрын

@@RockstarFlipper OK, thanks!

@madmax8620 2 жыл бұрын

@@RockstarFlipper can I just assign the whole $30 cost on the first 40.00 shirt that sold?? Doesn't the IRS expect to see some kind of amount of inventory remainder amount with tons of physical stuff still present??...im sorry...I ask because I think im in big trouble with looming audit targeting me and no way to explain myself and methods and no representation...im going in solo and broke and hopeless ..

@DandyBeingTandi Жыл бұрын

So here's my situation. I have over 500 items I got for free. How do I do my inventory with zero cost of goods?

@allthethings7198 4 жыл бұрын

I use FIFO method and average cost. I write on each receipt for inventory the number of items purchased. I alway use a credit card which makes it easy since transactions are downloaded. In Excel I simply key the number of items for each receipt. I have a spreadsheet which list every purchase transaction amounts, date, store name, and the number of items. At end of month if I sold 200 items I run a total cost starting with first item counting down 200. This is my total cost for the items sold. Ending inventory will be the total cost of items not marked as sold. You cannot use inventory purchases to reduce your net income. People do this I know, but you probably will never get caught unless you have some wild deductions that might be flagged. I do not do taxes for others but have worked in accounting for 38 years. Actually hoping to retire this year and make extra cash selling on eBay. I probably go over board on my record keeping but it is hard do not do it another way. I feel for those that keep up with nothing until tax time.

@magaAsh 4 жыл бұрын

I do something similar to what All the Things does. I get many duplicate items and do FIFO. If I have a purchase on 1/5/20 and paid $1 for that item and then purchase the same item on 2/14/20 for .75 and then a 3rd purchase on 3/1/20 and paid .80. The first time I sell one of those items I have COGS of $1. End of year I still have the other two left so my ending inventory is $1.55. I never worked for an accounting firm but I do have my CPA certificate. (Whole long story as to why I didn't use it). But just like you it is difficult for my to do this any other way. I am very detailed in my records and would drive others nuts over it. But it is the only way I am comfortable with.

@Persy1997 3 жыл бұрын

hey, im interested in learning this method. can you please email me @ raceliftplay@gmail.com thanks

@Persy1997 3 жыл бұрын

@@magaAsh hey i was wondering if you could help me understand this method a little better. can you please email me @ raceliftplay@gmail.com thanks

@magaAsh 3 жыл бұрын

@@Persy1997 I have a spreadsheet to keep track of purchase and sales. That way ending inventory is what's left on the ss at end of year. All relies on tracking both sales and purchases accurately.

@stressfreepaperchase3215 4 жыл бұрын

So cost of goods does not include shipping? What happens to shipping is that just an expense?

@RockstarFlipper 4 жыл бұрын

Shipping is its own expense... $20 sold item is $20.. either $20 free shipping or $15+$5 shipping.. its a TOTAL $20 transaction you were paid for... $20 sale. Then you have an ebay fee expense, PayPal fee expense, and cost of shipping label expense

@stressfreepaperchase3215 4 жыл бұрын

@@RockstarFlipper Okay so if i buy goods to sell on ebay and $20 is what it cost to ship it to me. Does that get added to the COG or no.

@maryr1589 2 жыл бұрын

What is option 3 called?

@RockstarFlipper 2 жыл бұрын

$0 Inventory

@theknowledgelifechannel9948 4 жыл бұрын

Hi, so i was wondering on your zero inventory method do you put your total sales on line 4 cost of goods schedule c, thanks your awesome

@RockstarFlipper 4 жыл бұрын

Im not sure the line but yes. my cost of goods sold is the total

@theknowledgelifechannel9948 4 жыл бұрын

@@RockstarFlipper Hi again, what i meant to ask is does what i spent for the year on products go in to my cost of goods total, Thanks again

@kodevicious Жыл бұрын

Why would your inventory go to ZERO at the end of the year if you haven't sold everything at the end of the year? I thought you're only suppose to deduct the COGS in the year that it sells which may be several years after you purchased it and put it into inventory.

@RockstarFlipper Жыл бұрын

Normally yes. If you bought 10 shirts for $2 each. $20. And you sold say 6 of them. Your cost of goods sold is $12. And your remaining inventory is 4 shirts. ($8). However there’s another way you can do it Bought 10 shirts for $20. Sold 6. I assign the cost to 4 of those shirts of say $3 each $12. And the last 2 shirts were super cool and I gave them a cost of $4 each. Thus all 6 shirts ate of my cost of $20 and the remaining shirts have a $0 cost in them. No matter how much I buy/sell I always assign the total amount I spent for the year into my cogs and everything left has a zero cost remaining. It’s allowed Think of next year I never buy anything. I sell my 4 shirts for $100. I have 100% profit. There’s no more receipts or cost to assign to those 4

@cameronrichard8098 3 жыл бұрын

in method 3 you say you assign cost of good sold and imput the number but never explain the formula how you get this number? this is the only part im not quite understanding.

@RockstarFlipper 3 жыл бұрын

If I buy 10 shirts for $2 each... $20 total.... then I sell 1 of the shirts for say $30... I can assign it a cost of goods sold of $10.... then I sell another shirt for $30... assign it a cost of goods sold of $10... now the total $20 I spent is assigned to those 2 shirts... and the remaining items have a $0 cogs.... Now I just do that for every sale but I don't really have to sit and track it all year long.... I just know that all money is assigned and all remaining is $0 moving forward

@dorisb505 2 жыл бұрын

I don’t understand. Are you randomly assigning numbers as the cost of good sold? You say you are assigning a number that you were comfortable with. What does that mean? What do you want to assign at the actual cost of what you paid for it?

@RockstarFlipper 2 жыл бұрын

Not at all. There are 3 ways to do it. #1- track every item and assign the exact price to each item. (this is doable if you're small with barely any items, but not for me with 10s of thousands of items) #2- work on an average. you bought 100 items for $300. each item is a $3 cost of goods. Even if some items were $2 and some were $4. You would have to track this throughout the entire year or "lot by lot" as you purchase and sell. (again kind of clunky for me to do although I COULD) #3- assign ALL of your cost of inventory to "cost of goods SOLD" and whatever items are left have a $0 cost. For example you pay $100 for 20 shirt. You sell the first shirt for $60 and you assign it a COGS of $25. Then you sell 3 more shirts exactly the same assigning $25 each to them. The first 4 shirts used up your $100 cost, and the remaining 6 shirts are basically $0 and 100% profit. If you ALWAYS do that, you will always be assigning your full cost you spent to COGS and the remaining inventory at $0

@edgarmena5457 4 жыл бұрын

Accountedge

@hawkinsd77 3 ай бұрын

HI If i purchased items in Dec 2023 and I want to start selling in 2024 would my numbers be on my tax return?

@RockstarFlipper 3 ай бұрын

Depends on how you account for your inventory. seek out a cpa

@jasonlevine7006 4 жыл бұрын

What if you get your inventory for free?

@RockstarFlipper 4 жыл бұрын

then its $0 cost....

@strangevintageyeah6674 4 жыл бұрын

@@RockstarFlipper sooooo does the zero out method ding you with taxes?

@breannelea1215 3 жыл бұрын

I'm confused, I use a version of your method #1. Why are you not tracking the listing price? Like the price I will sell it for?

@RockstarFlipper 3 жыл бұрын

The "listing" price doesn't matter.. I can list something for any price, doesn't mean it will actually sell for that price.. no point is tracking the list price.. I ONLY need to track the sale price when it sells.

@breannelea1215 3 жыл бұрын

@@RockstarFlipper ok so do you think it's important to keep track of listing prices at all?

@RockstarFlipper 3 жыл бұрын

Nope.. never have in 15 years almost.. The listed price means NOTHING. I listed an item for $50 2 years ago.... finally sold for $25..... what good did keeping track of the $50 do me?

@breannelea1215 3 жыл бұрын

Ok got it. Thank you for all your help. I'm just starting out and technically at this point it's just a "hobby", but I've been doing really well so I need to learn how to properly do this for next year. I'm assuming I'll have to start a new inventory for next year? I guess my question is do I start a new spreadsheet for inventory every year of whatever I have remaining in stock and of course anything new I add?

@breannelea1215 3 жыл бұрын

One more question lol, I make alot of handmade items. You put a column for "store" but I buy materials from many places. What would I put in that column and how do I determine my cost? Just figure the cost of materials for that item? For example I make crystal candles. So I buy wax and fragrance from one place, crystals from another, vessels from another.

@bourboncitypicker4807 4 жыл бұрын

Well you I dk anything about this cause I had no idea about it. I was just a guy doing it for a hobby and to get crap out of my house and storage. I know It would have to be something easy to use and understand cause I am lost lol. Going to take to the gay next week. I know nothing about putting a sku number on ebay I just figured out how to do the location thing.