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!!! 🙂0
04/16/2018 at 9:41 am #37736
- Location: Virginia
Unfortunately GoDaddy doesnt have a working system for COGS. We have a separate spreadsheet where we keep track of our COGS.0
04/16/2018 at 9:42 am #37737
So theres no way to manually import or record this information? That sucks I was hoping for a one stop solution.0
04/16/2018 at 9:45 am #37738
How do you keep track if you purchased something 3 or 4 years ago and it sold this year ? How do you even find it? This inventory stuff is really confusing to me. It seems all the full timers are very good at it.0
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.1+
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.1+
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?0
04/16/2018 at 10:01 am #37745
I guess I have to get excel now which I have no idea how to use or set up.
where do I get an inventory program for that? Accounting is not my thing it’s going to be a steep learning curve for me.0
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.2+
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.1+
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.1+
12/03/2018 at 9:29 am #52565
- Location: Georgia
What about if you only use money from the bank account connected to godaddy to buy things with? I’m looking into start using godaddy, so I’m not sure how it works. Could you just add all of you expenses from the bank account that you use for eBay which would include money you withdraw to pay cash for items?
Was hoping to be able to stop punching each item I buy into a spreadsheet but isn’t looking like I’m going to be able to avoid that. Guess it won’t be too bad when I’m doing this full time.0
12/06/2018 at 1:30 am #52774
To track COGS in GoDaddy, I just created a new non-business expense type called “Inventory” and enter all my purchases there. Then when I sell an item, I just change it from “inventory” to “COGS”, which is a standard GoDaddy business expense type, and change the date to the date of sale. There’s not really much more GoDaddy can do for COGS – you still have to type in what you purchased and how much it cost *somewhere*. At least this way I don’t have to type it twice.0
02/15/2019 at 9:16 pm #57047
I am messing around in Go Daddy tonight which I use for tax stuff.
So, b/c we don’t claim any inventory purchases unsold on taxes, Go Daddy sucks in all my debit card / checks from my business account and labels all these inventory buys them “business expense” Which is great for business purposes and not really for tax purposes I guess?
This is kind of annoying as I can’t hide this line, I guess my tax man will know what to do?0
02/15/2019 at 10:15 pm #57050
How will your tax man know which Business Expense lines are the inventory purchases that he needs to ignore?0
02/16/2019 at 8:48 am #57056
Good question, Sonia. I guess I could just label / categorize them as Inventory expense under NON Business Expenses which feels weird b/c it doesn’t show true cash flow.
I saw your suggestion above, and I have too many items to convert to COGS each month.
I plan on entering COGS as a large entry (I keep a separate sheet for COGS).0
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