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Ashana: To be clear, yes, you need to do accrual for your inventory. All other costs (supplies, shipping, fees, etc.) should be on cash.
To do accrual for inventory, it is a simple calculation for the IRS. At the end of each year, you need a total value of your existing inventory. Then your COGS is:
Total Inventory Value from Prior Year + All Cash Purchases in Current Year – Total Inventory Value from Current Year.
To Luftmentsh point, you need to have a system to reduce your inventory value at the time of each sale. This will get you your inventory value at the end of the year.
PS – At least once a year, do an inventory to make sure your records are accurate. You can either do a full inventory all at once, or do a cycle count. Cycle counts are easier. For us, I can choose a couple of drawers and compare the drawer to our records. Do a few each week, and everything is done at least once per year.
MyCottage: thanks for the info on the Poshmark return policy. We still have very few returns (less than 2%) even with Free Returns. The majority of our returns are for “did not fit” on clothes. That would potentially be reduced on Poshmark.
I’m really going to have to get a plan to get set up on a Poshmark trial in the next few weeks…
The only issue we have had with 0 feedback buyers is non-payment. And even that is rare.
99% of the time it is no issue.
We have done the eBay flip sometimes ourselves. Not easy, but sometimes fun when just sitting around…
Jenn: Wow, you were all over the state! My dad was born in Roswell and grew up in Carlsbad. If you get a chance to go to Carlsbad Caverns sometime, it is a very cool place. Especially at night when the bats fly out of the cave. You can do a viewing and they are just above your head when they fly out.
“I’d expect it to look like something out of Firefly.” — Shiny…
I usually upgrade the desktop every 6-8 years. I don’t go top of the line, but look for lots of hard drive space and lots of RAM for speed. I don’t swap out parts, just run the sucker as hard as I can until it is time for a new one. The Desktop is like our server, and holds the most data, SixBit, Quicken, TurboTax, etc…
Funny that I can’t imagine running our business without 6 devices now. 1 desktop, 3 laptops, 2 smartphones. We just grew into that mode…
WOW!
It definitely would have been interesting to see what happened. I probably would have messaged the buyer to confirm that offer before doing anything.
We sometimes get the notices out of order, but never that the item was still for sale on eBay. If the item is still active on eBay, I would contact eBay to have them make sure the sale goes through on their end. You want it removed so others can’t buy it, and you want the sale to process on eBay’s side.
06/07/2018 at 7:47 am in reply to: Sometimes I buy and sell stuff on eBay.. looks like you do too. #41890Welcome Brelis!
You found a great community here. You can learn a lot, and whatever you have questions on, you have a lot of knowledge here that will help you.
We are in a similar situation, in our 40s, 2 kids, and sell on eBay as our main source of income. I too chucked the $120k+ salary and corporate world so sell used stuff on the internet. So any questions or anxieties that you have in that area…fire away!
This is why I never specialized in taxes. I do our own tax work, but that is all.
I read Mark Tew’s post on this, and I will conclude that using the accrual method for inventory is right for reselling. It is right for 99.44% of all businesses.
Who that .56% the IRS is carving out for in the cash case…I have no idea…
junque redux: 100% agree, and well said.
Yep. Great flick.
Yes, the bulk shipping tool will generate the SCAN form. The downside is that you have to generate all of the labels at once, then match them to the packages.
This was one reason we started using Shippo. We can generate the labels one at a time, then when we are done, we print the manifest (SCAN form) for all labels printed during that day up to the time of the manifest. Much easier.
I would pass this on to Griff at eBay (griff@ebay.com). He sent this issue to me yesterday in our conversation. This is direct from him:
USPS Label Scanning:
For reports of US Post Office clerks or drivers not scanning your pre-paid labeled packages at drop off or pick up, I must have the following 4 data points or I cannot forward your report:
·Zip code
·Post Office Station name
·Item numbers (for shipments not scanned)
·Tracking numbers (for all un-scanned labels)
NOTE:
I cannot assist with the following:
·Parcels lost or damaged in transit.
·Parcels scanned as delivered but buyer claims never arrived.
·Scheduled pick ups were the driver never shows up.
You need to contact USPS for those issues.
NOTE: I cannot remove Late Shipment marks from your Seller Performance.
TIP! Are you printing out a scan sheet for multiple labels? It is much easier to get a USPS clerk or driver to scan one sheet as opposed to several separate labels on individual packages. If you print out your labels on eBay in bulk, you will have the option of printing out a single scan sheet.
I would check to ensure you are using same day or 1-day handling, and that you have Priority as an option for shipping. Also make sure that you are requiring immediate payment.
If your listing is still not showing, I would contact Customer Support.
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