04/16/2018 at 9:33 am #37730
Recently, I am just getting started with Godaddy. I am terrible at record keeping and last year was the first time I did eBay taxes (the first year I made money).
So I have been inputting all the data now and am confused about cost of goods sold category.
Where do I input how much I paid for an item? Currently my cost of goods sold is importing everything I purchase at Good will and auctions but that is inventory not sold inventory and is a total of everything I may of purchased.
I am such a newbie virgin at all of this.
I tried to create my own category cost of goods for purchase but this does not add up. Then I tried to manually type in the cost of an item that had sold on eBay but the go daddy system would not let me do that either.
so I know I’n doing something wrong. HELP!!! 🙂
04/16/2018 at 9:41 am #37736
- Location: Virginia
04/16/2018 at 9:42 am #37737
04/16/2018 at 9:45 am #37738
04/16/2018 at 9:57 am #37743
I set up an Excel spreadsheet for each year. So, I have 2016, 2017, and 2018 spreadsheets. I use the search function at the top of the file to search for an item. If something has been listed for a while, I usually can remember the year I bought it. If not, I can look at the “start date” to figure out which file it is in. If I’ve ended and relisted it, then I have to remember or search through my 2016 or 2017 files until I find it.
It’s not a great method, but OK for me because I work on my own.
I just remembered that the guys who use Wonderlister have stated in the past that they can do inventory control with that program.
04/16/2018 at 9:45 am #37739
Click on the Expenses menu at top.
From the “All Categories” drop down menu, select “Cost of Goods Sold”
Click on “Add Transaction”
Under “Add a New Transaction”, add in the date your item sold, description if you want (I don’t bother with that), select “Cost of Goods Sold” under category, and then the amount that you paid for the item. Then press save.
NOTE: GoDaddy Bookkeeping does not provide an inventory function. From what I understand, most of the easy, cheap software program for bookkeeping do not provide inventory software, and you will need to set up your own Excel spreadsheet or other tracking system. When I was looking at the options, inventory control was only available for more expensive programs. I don’t remember which, maybe Quickbooks or Quicken.
04/16/2018 at 9:58 am #37744
Sharon thank you.
I just tried that and it worked. I thought Go Daddy would take care of it all. I’ve never used excel or any other programs and do like the simplicity of go daddy but I thought I was getting one basic program for everything.
Sorry for all the ?’s…..So most people using go daddy have to use yet another program to keep track of everything?
Last year I just winged it guessing on a lot of inventory I couldn’t find the exact receipt for. Also I am selling a lot of personal older items so I just guesstimated those.
What category am I supposed to keep my ‘inventory’ purchased in or is this also in another spreadsheet? and how do you keep track of when you bought it when there are so many items on each purchase?
For example I purchased tray lots of wwII items hats boots etc last year. So if I determine each item cost me $5 for example but some stuff sold last year some this year and so on How do I keep track?
04/16/2018 at 10:01 am #37745
04/16/2018 at 10:12 am #37748
I’m not sure that you should learn Excel just to set up an inventory list. It’s a good program to know in general, so learning it would be a good thing. But, until you are up to speed, just use something you know. It doesn’t have to be sophisticated.
I put in general information about date and location (rummage sale, online auction, etc). Then, on a separate line for each item, I list a name of the item (what it is, brand, size, other descriptive stuff) and the cost. That’s really all you need.
04/16/2018 at 10:07 am #37747
If I buy a box lot for $x and it has y items, I have a choice of how I can break it up. I can say that each item costs $x/y, so each has the same COGS. For instance, a $5 box has 5 items, then the COGS of each is $1. However, if some items are much more valuable than others, I can break it out unevenly. So, the COGS for one is $2, another is $0.50, etc.
When I sell something, I gray it out on my spreadsheet. It doesn’t matter which year you buy an item, you can’t deduct COGS until you sell it.
If you aren’t familiar with Excel, you can make tables in Word, or use a notebook and write it in by hand. When you sell something, just gray it out, put in a checkmark or X or whatever works for you.
04/16/2018 at 3:40 pm #37791
I keep track of my inventory and COGS in GoDaddy in the following way:
in the “non business” expenses tab, I created a new category called “Inventory”, and that’s where I enter in new items I’ve just purchased, along with purchase price and location purchased. Then, when that item sells, I just change the category of that item from Inventory to Cost of Goods Sold, and the date from the date of purchase to the sell date.
This works really well for me. BUT, it will not work well for anyone with more than 500-700 items in their inventory, b/c there isn’t a good search function for finding an item that has sold.
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