I am looking for any and all ideas of how everyone is handling their auction accounting. I would like to know if you use any accounting software, and what kind. Also, what do you keep are far as paperwork, for all of the auctions you list. What do we need to keep for IRS. I guess I am looking for a simple method to keep track of everything without alot of paperwork. Let me know what you are doing.
posted on June 8, 2001 11:18:44 AM new
Let's see. I keep the e-mails all filed in folders:
1.Sent to high bidders
2.From high bidders
3.Delinquent-about to smack them with bad feedback.
4.Done and gone.
We just move them through the e-mail filing assembly line.
As for receipts and stuff, it all gets piled in a box. Even if I buy something for 25 cents at a garage sale, I write it on scrap paper and throw it in the box. Eventually I put all this stuff on a simple excel spreadsheet.
I used to log income there too but then I realized that I didn't need to log every individual incoming amount for taxes because ALL our income is from ebay/amazon. Instead I just calculate deposits for the entire month and add that as income.
Pretty much paperless except for all those little scraps that get thrown away.
Probably not as wonderful as some other sellers...but hey, at least I took the time to reply. It has worked for us for 4 years or so. Our accountant says it's fine.
T
edited to add, real receipts stay in a box, yes.
and I back all this up on cd rom once in a while.
[ edited by jt on Jun 8, 2001 11:27 AM ]
posted on June 8, 2001 11:51:58 AM new
For the IRS - a second set of books. Oops, just kidding...
For the IRS:
Total Receipts
Total Expenses:
eBay fees,
PayPal fees,
cost of inventory,
I'm not up on the current home-office deduction, but you should be if you include eBay income on your tax form,
mileage,
don't forget everytime you lose a buck or so because a package went to the next weight class after you'd charged the buyer,
any manuals you buy that help you be better at your job,
the tax manual you buy to do your taxes, or accounting fees if someone else does them
paper,
shipping supplies,
if you bought a new digital camera this year, and eBay is the only thing you use it for,
any special cleaners you use to improve items that you wouldn't have in the house otherwise,
any danged thing you can legitimately attribute to your online business
As to simple, you can keep the whole thing in a shoe box if you want, you only have to have the records, if they want to audit you, hand them the shoebox.
Or when you file include a sheet of paper for every deduction you take showing how you got to that number. The bureaucrat by nature takes the easy way out. If you send a 45 page tax return, they don't want to hassle with you.
I'm serious about both of the above, even if my tone sounds sarcastic.
And really, buy a tax guide, so you know now what you need rather than trying to find out what you need after the year is over.
posted on June 8, 2001 12:39:00 PM new
Hey....Thanks for some ideas. I am an organization freak, and need to have everything in the right place. Or maybe it is a control freak, hehe, either way, I need to be on top of what is going on, and have yet to find the right organization for all of my auctions. Thanks again for some ideas. If I ever some up with a bright new idea, I will let you all know.
