how to track profits

[john007]

if you buy and sell on ebay, what's the best way to track profits for tax filing purposes?

[JamesNorth101]

I use excel

[yankee]

ask your accountant what they suggest.

Typically it is simply gross receivables minus expenses.

You can download right off of paypal and ebay.

[pokerpro]

I'm a nightmare records keeper.......they audit me, I'll be in with O.J.

[yankee]

Originally Posted by pokerpro

I'm a nightmare records keeper.......they audit me, I'll be in with O.J.

I did a forensic audit. Took a CPA/law firm five months to audit 20,000 transactions from 2013.

Found the leak on day one and should have quite then, lol

It really does come down to gross receivables minus expenditures as long as you are not commingling funds

[pokerpro]

Uhhhh.....no comment....

[slokor]

I too just use Excel.
If you want to get more professional there are several accounting software packages out there you can buy and work with.

[john007]

Typically it is simply gross receivables minus expenses.

this sounds reasonable, but how do you download the damn thing?

[trosky]

I just started using easyauctionstracker.com and I find it very easy and full of features, it's an excel spreadsheet. It downloads sales straight from eBay and supports multiple ebay accounts which is perfect for us, and their support is great too!

I'm not affiliated to them just sharing a great solution for profit tracking

Warning: if using multiple accounts make sure to change IP before downloading transactions for each account and also use different account profiles the first time when it gets the account tokens