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We just back from the CPA and realize that the last 2 years done by a different CPA were done incorrect. The short of it he did not have us give him a total unsold inventory number. So we are back peddling putting a value on our inventory. My wife already keeps meticulous excel sheet but only on sold items. So we realize now we have to put are inventory on a spreadsheet as soon as purchased right? How do you identify the items not listed. Just a simple description? and do you use an id # system. Because we are always relisting unsold after 30 days as sell similar,so the Ebay# always changes. Any help would be appreciated, Joe
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Good morning:
Completely understand your “pain”. Hope you don’t have thousands of items, but it is what it is.
The best way in my opinion for anyone just starting up with this, want to do it the fastest way, don’t want to create the spread sheet themselves and write all the formulas is to use a spread sheet already created. I suggest you go to the following link and check out their spread sheet. It is called easy auction tracker, but is really an inventory spread sheet combined with an Ebay Sales record.
I will spare you the details except to say it runs fairly automatically. It is a purchased solution but only a one time purchase each year for each years fresh file.
In essence [after a short set up], it pulls down automatically every thing you sell from Ebay and logs it. But the beauty is that one of it’s “tabs” if you understand what that is, is it’s inventory tab. Click on it and there is already built for you an Inventory system. To use this whole app all you have to do is fill in the few columns that are shown in the Inventory Tab.
>>> Date bought, short description, price paid, where bought [this is for IRS] and enter a SKU number. This SKU number can be as simple as your item number. Start at 101 and then just continue from there entering every item you have. It has a couple more columns but you don’t really need that data but it is usual if you many similiar items and then the size and color columns can be helpful. But you need something fast and you need to hit the ground running and this will be a quick to learn and use way. It then calculates your total inventory costs. Start Jan. 1st and then get the total on Dec. 31st.
If nothing else go to their web site and look at their great videos. About 5 to 8 minutes each about everything it does. Then look at the Inventory Tab demo, freeze the screen at certain point and study the sheet in that view. If you undertstand spread sheets, know how to create them, format them and create formulas then just copy what you see your self. But the neat thing about Easy Auction Tracker is that all the formulas are already written and debugged and it runs on MACROS which automatic everything. It also then provides a monthly, quarterly and annual P&L statements, has a consigner tab and much more. Several members here on SL has used EAT for years and their only method of inventory control. Personally we used it years ago but have now progressed to more robust database type programs. But for ease of use this is fairly straight forward.
Just enter the data on every item you own and also on all items you buy, as you bring them home.Check it out and think you will find this most helpful.
mike at MDC Galleries in Atlanta
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