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junque redux,
Thanks so much for your answer! I didn’t reply earlier b/c I’m still trying to wrap my head around it. And now I have some follow-up questions b/c there’s something I’m just not getting.1) If I’ve effectively paid for the item twice, then at the time of the return in January 2018, do I add $10 to my tally of inventory purchases for the year 2018 to be later used on schedule C line 36 (“purchases less cost of items withdrawn for personal use”)?
2) It seems that in order to give back the $90 profit in January 2018 (and not give back $100), I should also record a COGS of -$10 for the return transaction. Yes?
thanks again
amatino – that’s funny. I just said it b/c there were so many shoes in the lot with the brand “Fergalicious” (that I had never heard of) – not sure if you zoomed in and noticed that. Maybe your cat would like a pair. Or two π
02/22/2018 at 3:58 pm in reply to: Scavenger Life Episode 348: Acknowledge When Hard Work Pays Off #33702BethGreen,
Sounds like you are a really good scavenger. I strive to be more like that – meaning, to say no to items up front that don’t have a high sell-through rate. Work in progress. π02/21/2018 at 11:46 pm in reply to: Cleaning Tips – How to Remove Price Marks, Tags, and other Annoyances #33599Back to the marker on the bottom of shoes, I have a new method that I thought up myself and works pretty well. When the shoes are leather-soled, and the soles have at least a little wear, I gently rub some very fine sandpaper over the marker and it gets rubbed off very quickly.
I think I’ve actually also used this on rubber/synthetic shoes where vaseline didn’t work AND the sole was smooth. Wouldn’t work on soles with lots of bumps and grooves unless you had some pretty small sandpaper tools to “get in there.”
actually, I do have a new tip that I forgot to post, so thanks for the nudge!
No worries. I don’t think anybody cares too much about my original point. It’s such a corner case – end of year, paying with the very rare e-check, plus being OCD enough to check the two totals against each other… π
02/21/2018 at 10:54 pm in reply to: Scavenger Life Episode 348: Acknowledge When Hard Work Pays Off #33592“Finding items that sell quickly AND at the top price point means they donβt hang around for long, building up an inventory. This only works for me because of the items I choose to sell. ”
BethGreen,
Are you achieving your weekly 10% sell-through with high price point and low storage needs *without* having to regularly cull low-performing items from your store? If so, that is really awesome!argh – silly mistake on my part in my 2nd post. They say 2017. Really and truly this time. π
thanks for pointing out the error.
There is a thread called Cleaning Tips. I just searched for it and found it.
Cleaning Tips – How to Remove Price Marks, Tags, and other Annoyances
When I spoke to PayPal, they said “the transaction belongs in 2017 for tax purposes.”
You said that is cash-based accounting.
And now you’re saying they do accrual based?
huh?What I should have said was “Paypal says it belongs in 2016.” So I guess they’re assuming and using cash-method accounting on our behalf.
I never refund the overage. So far I haven’t been called out on it. Not sure what I would do if that happened. Probably if less than $10 (which is what it has always been – typically under $5), I would just explain it goes towards handling and ebay fees.
This has happened to me in the past, and twice in the last week. The numbers will come back at some point. Not to worry.
02/20/2018 at 9:26 pm in reply to: Scavenger Life Episode 348: Acknowledge When Hard Work Pays Off #33483No “Scavenge of the Week” this week?
Or was it there on the podcast and I missed it?My scavenge of the week is a pair of hand/bench-made Bally wingtips in a light burgundy color. With the handwritten size and other numbers inside the shoe and everything. Unfortunately in a very small size, though – 6! Paid less than $10, but haven’t yet done the research to see how much of a return I can expect.
It looks like it might, however, be a serious problem for the first two posters on the thread, and I’m wondering if there’s something about what they’re selling that makes lack of GD so bad.
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