I sell .99cent products on eBay, how do I manage my books?

quickpooksnoob · ‎August 23, 2020

I recently asked someone on eBay how they manage their books and they responded with this:

"Yep, I do too much volume to be on top of that stuff honestly, especially buying collections. I really just care about my expenses, so I use 1 specific credit card for buying, then use that for deductions for taxes. Bookkeeping to see how much profits are had would be helpful, just no time. I always just go into a collection buy (for example), knowing how much i'll pay for each item in order to resell for at least 70%+ profit"

My question is this type of book keeping appears like you're not keeping track of your COGS. So how does one track how much they have to pay in taxes if you don't know your NET profit?

Essentially if I'm selling large quantities of .99c items on eBay, I would like to book keep once per day, at the end of the day so I can see the total amount of money that came in. Then also include eBay fees, paypal fees, etc.

How can I manage my book keeping like this?

I want to get into Quickbooks. Help please

JonpriL · ‎August 23, 2020

Hello there, @quickpooksnoob!

We can consider creating a non-inventory product for your .99c items so you can start tracking the income and expenses made out of them. I'll show you how.

Go to Sales.
Select Products and Services.
Click New.
Select Non-inventory.
Under Income account, choose an appropriate income account
Enter the name of your new item
Click Save and close.

In addition, I'd suggest contacting your accountant for additional assistance in tracking your eBay items. You can find one through this link: Find an Accountant or Bookkeeper.

Lastly, here are articles you can read for ideas to track your sales while working your business in QuickBooks: Sales and Income for QuickBooks Online.

If there's anything else that you need help with, let me know in the comments. I'll be here to lend a hand.

quickpooksnoob · ‎August 23, 2020

Doesn't really answer my question exactly but thank you for trying

MaryLurleenM · ‎August 23, 2020

Let me add some information, quickpooksnoob.

In addition to what my colleague JonpriL provided, when you add them as non-inventory items, this will let you select this item when you create a sales receipt. Since you want to keep track of your total sales by the end of the day, you can just create a sales receipt.

Here's how:

Select + New.
Select Sales Receipt.
Choose the name of the customer.
Enter sales information, then select Save and close.

I'll be here if you have other questions.

quickpooksnoob · ‎August 23, 2020

@MaryLurleenM

Thanks. How am I able to track my taxable income if for example, I don't keep track of COGS per sale, but I have the cost of every collectible I purchased. If I'm doing large quantities, how do I know whats being taxed?

How do I book keep this in a way that makes it easy for me and an accountant

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I sell .99cent products on eBay, how do I manage my books?