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I run a small business reselling parts mostly on Ebay and a bit on Amazon. I'm new to Quickbooks Online and trying to figure out how to track my sales. I sell hundreds of things a month, and they are mostly unique (I buy one, resell it, and never see that model of product again). I have no need to track inventory stock levels, but here's what I need to do:
- Run reports on profitability per transaction
- Run reports on profitability per item (if I have a quantity of more than one)
- Track income per customer
- Run reports on profitability per inventory purchase (I buy multiple items at once, and I currently track the date and location of purchase with each item. I use this in Excel to figure out how much profit I made from each purchasing trip).
From what I'm thinking now, each Ebay sale will have multiple transactions in Quickbooks:
- The sale of the product
- Ebay's selling fee expense
- The shipping label cost
- A journal entry transferring money from my inventory asset to my COGs account
I need a way of linking all these together so I can see the profit I made per sale. I've thought about making the reference number for each transaction in Quickbooks the Ebay sale number, but I not sure if reporting would work well for that. My most recent idea is making an "Ebay" customer with sub-customers for each actual customer, and projects for each sale. That works great for tracking profitability, but I've not found a good way to sort projects for bulk reporting (like filtering those sales/"projects" that were part of the same inventory purchase).
I'm using the SaasAnt Transactions app, so I can import from Excel into almost any area of Quickbooks except tags.
I'd really appreciate advice, as I'm new to Quickbooks and it looks like it has real potential! :)
Jadon