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spreadsheets

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Bargain Bandit Tuesday 1/15/2013

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Bargain Bandit Tuesday 1/15/2013

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YouTube Round-up 1-5-13 to 1-11-13

In this weekly feature, we’ll post links to various videos on YouTube that were posted in the past week. These videos may be helpful to pickers just starting out or to seasoned veterans. Or they

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In this weekly feature, which will be posted every Thursday, I will talk about a current listing of mine. I’ll explain why it’s a good pick-up and why it might still be for sale on eBay in

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How-To Wednesdays: Checking Board Games

Every Wednesday, we’ll do a short how-to where we’ll tackle a topic in the reselling space and try to give clarity on it. eBay and other selling platforms, as well as picking itself, can b

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How-To Wednesdays: Checking Board Games for Completeness

How-to Wednesdays: Keeping Track with Spreadsheets

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by on December 19, 2012 at 10:37 pm

app.ht3Every Wednesday, we’ll do a short how-to where we’ll tackle a topic in the reselling space and try to give clarity on it. eBay and other selling platforms, as well as picking itself, can be daunting. If you have a topic you would like to see in the How-To Wednesday topic, please leave comments and we will try to add it to the schedule. Thanks for reading!

In The Gal Picker Show episode on 12/19/12, Tracey and I (Staci) talked about our respective spreadsheets that we use to keep track of our inventory and sales. Keeping track of inventory and sales is a very important part of picking for many reasons. First, it’s helpful to know how much money you are making. You don’t want to be in a position where you think you are making money, but in reality, are losing money. Keeping track of inventory and sales can help spot trends you might not otherwise see and also lets you know if some inventory items are better left on the tables and shelves, rather than being bought. Finally, but most importantly, keeping track of sales helps a great deal with tax and end-of-year income. The last thing anyone needs is the IRS coming after them for unreported income.

Recording my purchases and sales is part of my overall process. When I first get items in, I record my purchase price and purchase date in the spreadsheet. This is before any cleaning of the items takes place or pictures are taken. Recording all items, regardless of whether they end up being worth anything or not, is important, because even mistake purchases are part of the overhead in this business and you want to make sure every dime is tracked.

Once the item is recorded in the spreadsheet, I also periodically go through the for sale portion of the spreadsheet and mark whether the item is already listed on eBay and also move items that won’t be able to be sold, either because of condition issues, or because it’s simply not worth anything, to the not-to-be-sold sheet. This is part of housecleaning that needs to be done in order to make sure that the spreadsheets remain useful and up-to-date.

After an item is sold, the information about the sale needs to be recorded. This includes the sale price, the sale date, the shipping cost, eBay and PayPal fees (if any), and sales tax collected (if any.) This should all be recorded in a separate sheet that is refreshed each year.

In a separate sheet, it’s also a good idea to keep track of all overhead expenses, like the cost of boxes and shipping materials, promotional materials, and any other miscellaneous expenses. This will make doing taxes at the end of the year much easier, if you’ve already got the information handy! For your handy reference, here’s a blank version of the spreadsheet I use. It’s in Excel format:

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