Easiest/Cheapest Way I've Found to do My Numbers and Get Net Profit.

Yep, some folks here use it. We don’t mention it on the podcast because its PC only so we cant use it.

Q: Can this be used on a Mac computer?

A: Unfortunately, Mac systems cannot run macros (which are used in our sheet to communicate with eBay’s servers). Microsoft Excel (2007 or higher or Office 365 PC Install) are required for our sheet. It will only work for Mac users who can run Windows on their Mac.

This was the first automatic process that we used. Loved it. Once we went to SixBit, it was redundant, but it is a solid program.

Enjoy!

We used it too for years. it is an Excel spread sheet with a lot of Macro’s.

We have discussed it here on SL 3 or 4 times with several replies and posts about it. You can use the “search SL” function and discover all the old threads about it. i personally posted a good bit about it.

It is not created by a “large company”. It is created by a single guy who used Excel to write all the Macro’s. I have talked to him personally many years ago. It is a side jig for him. He has a fultime job, so when you email him for help or fixes he usually answers in the evening.

As T-Satt says it is a solid spread sheet BUT as with all spread sheets a user can mess it up. Make sure you do back ups of it everyday. If you accidently “unlock” the protection by trying to do some editing or adding to it’s function and screw up the Macro Formulas in some cells, you will have to have the author correct it, and in most cases it will take him a while to get back to you and then it will most likely be written instructions in the form of an email. But he can be reached by phone if you ask for his help.

EAT does basic money functions on the financial tab, yes it has an inventory tab but is very limited as compared to SixBit and WonderLister which are intergrated inventory control management systems combined with listing software, shipping modules, consignment modules, photo storage and financial analysis. EAT also is not a journal entry, double book keeping system and does not function on the level of Quicken for Business, Quikbooks or to some degree go Daddy. You can track some expenses in EAT but it will be all manual. Real bookkeeping systems are connected to your personal and business checking accounts, credit card accounts both personal and business at your bank and payPal. To do monthly reconciliations, do detailed financials, Profit and Loss statements that include all of your business expenses EAT is somewhat weak unless you do everything as a manual input on the Expenses tab.

But don’t get me wrong, several of us on SL used it for years way back when but finally had to move along to as Jay calls it “More robust Programs” both to capture everything automatically and to gain speed and effeciency.

Just a little input, but at $50 per year, it is a very good spread sheet format system, especially for those with fewer items.

Have a great day..

Mike at MDC Concepts, Inc.
MDC Galleries and Fine Art in Atlanta

P.S. .. The reason EAT or Easy Auction Tracker may not have come up in a SL search is because it was probably back when SL was a “Blog” and not a “Forum” format, but Jay could confirm this.

But if you go to the “Search the Blog” box which is separate from the “Search the Forum” box, which will be located on the SL home – landing page, you will find numerous posts pop up about EAT. Troy [aka T-Satt also used EAT as did several others. You will find more details there.

As far as NET PROFIT goes that will be hard to track in EAT IF you do include all of your expenses, autombile, extra electricity for having lights turned on, your sqaure footage of your rent or mortgage dedicated to your business, procurement costs, shipping and office supplies like scotch tape, staple, computer paper, toner, ink, sticky notes, erasers, magic markers. Thos of us who track in detail can get a TRUE Net profit picture at any time we want as long as we use our business credit cards and download all of those expenses within Quicken, Quickbooks or Go Daddy.

To give a very simple and over generalized picture of how some miss the real net profit picture is this.

Net Profit is after all expenses that one could ever think of that has ever had anything to do with your business. You will find all total, [and this has been discussed before many times] that if you Sell $50,000 a year then expect 60-7-% of that to be eat up by “hidden and soft costs”.

Now the very simple example. You sell $50,000 a year, you subtract all of the typical talked about about fees, Ebay, PayPal, then subtract the price you paid for an item and that’s all. Now envision this, what if gasoline was $1,000 per gallon and that was not included in your “expenses” subtracted out of that $50k in sales.

You travel 20 miles per week for “procurement” of your items and or post office trips. That is $20,000 in gas expenses for one week alone. In 3 weeks you are in the red, have spent all $50,000 in sales and have NO NET PROFIT.

The Sales amounts minus just a partial list of expenses is nothing more than and “Adjusted Gross” figure.

Now you may ask, how can anybody track buying a pack on 3 Gel Ball point pens as an business expense and include such minute details in your reports. Ah ha.. Use accounting software, use only your business card for all business relted expenses, even use two cards at the grovery store if you are buying silver polish, windex, paper towels FOR YOUR BUSINESS. The you classify those “vendors” [stores, sources] as business places or ietms. You only have to do this once as you begin proper business bookkeeping protocols [SOPs=Standard Operating procedures], then the software will do it automatically for you every time you download your business checking account.

Troy, Mark Tews, any accountant on here can help one figure out a “COA”, [chart of accounts]. Once you have your COA set up [ours has about 25 to 30 categories] then everything goes into those accounts when downloaded automatically. Ex. every business card charge at Staples goes into “Office Supplies”. It doesn’t matter if it was ink, papaer, pens, tape, etc.. But you can if you have the time break it down into office and shipping supplies. We do.

This is why I cringe when I see newer members decry- I am selling $30k a year so I am ready to go full time. Well only if you can live off of about half of that.

I would suggest no one quit their full time job until they get some expert advice from a CPA or Accountant and ask how do I determine our “REAL” Net Profit. Then your salary will be an expense that is subtracted from your GROSS which then in turn lowers the NET you will arrive at. I would suspect a high percentage of those who quit selling online fall prey to “NOT KNOWING THEIR REAL NUMBERS”

The mantra here on SL is “Know your Numbers”, but I say we change that to “Know Your Real Numbers”. As above $1,000 per gallon of gas not accounted for will put you into the red and out of business in 3 weeks and has nothing to do with Ebay, Etsy, PayPal fees, etc., etc.

So something like EAT is more better called an Inventory Tracking Tool and the tab for “expenses” will be a real manual task if you will want REAL NUMBERS.

P.S. you will have to keep every receipt you get and enter it manually and then EAT is not going to classify it into the “Expense Categories” that Quicken for Business does.

Just a Southern Boy who likes Peaches, Watermelon, Butter Pecan Ice Cream and Pecans opinion and carries no weight above what a good Accountant will help you with.

Mark Tews even has online courses and tutorials aimed at helping online sellers or there are books on the Fundamentals of Accounting for Online Sellers.

Good luck and keep on “Truckin”.

Mike at MDC Concepts, Inc.

Very cool, thanks for pointing it out.
My own spreadsheet is very similar, but lacks the automatic pull-in of data direct from eBay.
For now, inputting the data myself isn’t so difficult, but as I grow, this might be a great tool to upgrade my game with.
Thanks.