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The Inventory problem on Go Daddy is frustrating. Here is my workaround for 2019.
I run things backward. I log every purchase as Cost of Goods Sold (yes I know this is inaccurate). With this system, the Go Daddy software COGS is really the value of my inventory.
When I sell an item, I log what I sold and what it’s original cost in an excel spreadsheet. At the end of the year when I file taxes, the Go Daddy COGS (inventory value) minus the COGS from my Excel sheet will equal the end of year value of my inventory.
The biggest problem with this system is that it hides my profits until the end of the year (you can’t deduct inventory against your bottom line until you sell or dispose of the inventory). But I don’t expect to make enough this year for it to be a big enough problem.
But this is only a temporary solution. I think GoDaddy needs to go. I am going to research a better system for 2020.
Curious if anyone out there has had better luck with QuickBooks?
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Here’s how I do inventory and COGS in GoDaddy that allows me to see my profits in real time:
Created a new category under GoD Non-Business Expenses called “Inventory” and all new purchases go in there. Then, whenever something sells, all I have to do is change the category of the item to “COGS” and change the date to the date of sale, and I’m all set. Don’t have to enter anything in a spreadsheet.
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The problem with non-business expenses is that Godaddy hides them in the app. Grrr…
Why? I have no idea.
I like to upload my receipt images and I have to download the images to my computer and do it there.
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Most people do not need QuickBooks for online selling. It is primarily for business that need to do a lot of invoicing to your own customers. Contractors that create estimates for customers, then are hired to do the work, then invoice the customer for their work. It is more for an accrual approach to using a General Ledger and then journals.Best if you have outstanding invoices at the end of the year that are for jobs in progress but are as of the last day of the year unfinished and unbilled.
Quickbooks is better suited if you have buying accounts with vendors where you create Purchase Orders [PO’s], send to your vendor as an order, then track your materials recieved, reconcile to your PO, then close out and pay your invoices from your vendors from within QuickBooks.
Way more and much more costly than what most online sellers need.
For the simple straight forward approach Quicken for Home and Business is better suited and also has a Landlord section included in the business section, which Jay and Ryanne would be a candidate for.
In any case, we used to use QuickBooks when we had a remodeling company and also a spray foam insulation business. After we closed and or sold those businesses, we went with Quicken which stream lines the process and is a simpler form of business accounting.
It does a lot more so I suggest going to their web site for info. on wht all it does. Even call them and ask a rep to explain the difference between QuickBooks and Quicken.
We set up our COA “Chart of Accounts [categories] just like we did in QuickBooks and based on how you log your income and expenses Quicken will keep an accurate profit and loss statment and a company balnce sheet. it will also track your business assets and larger equipment purchases. Also acts as your bank register, connects with all of your credit card companies and bank accounts and pulls all of thos in automatically. We balance our personal and business accounts all within Quicken.
As far as apps for the phone goes their is a version but I prefer to do all the accounting on the office rig.
Hope this sheds some light.
Mike at MDC Galleries and Fine Art
Quicken will be about $99 for the software and QuickBooks closer to $400.
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Like Sonia, all my inventory purchases go into GoDaddy as a non-business expense under “Inventory.” This is entered on a per-store/source basis – not by item – and is automatic since my PayPal card is synced to GD. Each item (and its cost) then gets entered into my own inventory system that syncs with eBay, so that when something sells it’s automatically flagged as sold and added into the total COGS for the week. That value then gets plugged into GD.
I don’t think there’s any all-in-one solutions. Your best bet is looking for an inventory system that syncs with eBay and manages COGS, then just use GoDaddy for everything else.
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How to the inventory systems that sync with Ebay work? Thats new to me. Curious what do you sell? Is random thrift store stuff or do you carry a more traditional inventory?
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It was mentioned recently, but Easy AuctionTracker is probably what you want:
https://easyauctionstracker.comIt needs to run on a PC (no mac version). Basically a well-made excel spreadsheet specifically made for eBay sellers. You pay a license fee each year.
Never used it, but I’d try it if it was on macs.
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>When I sell an item, I log what I sold and what it’s original cost in an excel spreadsheet. At the end of the year when I file taxes, the Go Daddy COGS (inventory value) minus the COGS from my Excel sheet will equal the end of year value of my inventory.
Just curious, where do you find the original cost for this exercise? Where is that information stored prior to the sale?
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