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eBay Accounting for Newbies - an example spreadsheet for you to download

Discussion in 'Money, Accounts & Finance' started by ladyvgw, Nov 24, 2010.

  1. Gideon

    Gideon

    Joined:
    Feb 22, 2010
    Messages:
    9

    I know this was a hell of a long time ago, but on the off chance you are still active on this forum and fancy helping a young fellow in need...

    That spreadsheet is a great base for me, the main thing that's scaring me is the VAT side of things, I'm VAT registered so need to integrate that into a spreadsheet somehow so there is a running total of how much I owe to HMRC and how much I can claim back.

    Would be great if you can help in any way :)

    Thanks.


    Kind Regards,
    Gideon
  2. Dean

    Dean

    Joined:
    May 22, 2008
    Messages:
    9,441
    If you are VAT registered then you should really consider using some sort of accounting package. I'm VAT registered and would not even consider using spreadsheets for book-keeping and accounting anymore. I use Sage 50 but there are cheaper online options available. If you get VAT wrong and they inspect your accounts, they are generally not very forgiving if they find mistakes.
    syrius likes this.
  3. ladyvgw

    ladyvgw

    Joined:
    Aug 14, 2010
    Messages:
    5,097
    I agree with Dean. You definitely need to have some proper accounting software.
  4. Jonathan Hall

    Jonathan Hall

    Joined:
    Feb 9, 2014
    Messages:
    5
    <mod edit - advertising rules>
    Last edited by a moderator: Mar 26, 2014
  5. Dean

    Dean

    Joined:
    May 22, 2008
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    9,441
    Hi Jonathan. Unfortunately I have had to edit your post as it against the forums terms for advertising. You need to sign up as an advertiser before you can offer any services, even if they are free of charge. You can find more details here - http://www.thewholesaleforums.co.uk/blog/advertise/
  6. Jonathan Hall

    Jonathan Hall

    Joined:
    Feb 9, 2014
    Messages:
    5
    Gideon,
    If you want to use excel, use the SUMIFS function.

    For VAT on purchases:

    =SUMIFS(range/cell address of VAT on purchases,range/cell address of dates,">="&cell address used to specify start date of period,range/cell address of dates,"<="&cell address used to specify end date of period).

    likewise for VAT on sales.

    Here is the formula I have used before, where cells $G$2 and $G$3 specify the start/end date of the VAT reporting period. If you manually enter the dates, it sould give you the total VAT incurred between those 2 dates.

    =SUMIFS(Cost_data!$F$2:$F$1000,Cost_data!$A$2:$A$1000,">="&$G$2,Cost_data!$A$2:$A$1000,"<="&$G$3)
    =SUMIFS(Sales_data!$G$2:$G$1000,Sales_data!$A$2:$A$1000,">="&$G$2,Sales_data!$A$2:$A$1000,"<="&$G$3)

    I hope this helps,
    Regards,
    Jonathan
    syrius likes this.
  7. Gideon

    Gideon

    Joined:
    Feb 22, 2010
    Messages:
    9

    Hi, thanks for this information. I have taken on board what you have said, and Invested in Sage 50.



    Hi Jonathan, thanks for that information, I'm sure I could manage my current affairs with excel but thinking about the long term I have invested in Sage!

    Thanks anyway,

    Kind Regards,
    Gideon
    Dean and ladyvgw like this.
  8. SimonG4

    SimonG4

    Joined:
    Apr 2, 2015
    Messages:
    2
    Hi, Vicky

    I'm new here, just wanted to ask some questions on accounts on EBay/PayPal.

    1. On your EBay Accounts Spreadsheet 'Income' - does the gross amount mean without eBay, PayPal fees and postage?
    2. Would using your spreadsheet be ok with HMRC for a basic soletrader?
    3. When eBay sends you a invoice for eBay fees - would I put them on the expenditure sheet of the following month, see eBay sends them the following month?
    4. Would just having a purchase and sales ledger be ok to run as a soletrader with HMRC, or do I need other documents - Balance Sheet etc?

    I think that's about it for the moment, I would really appreciate your help. Thanks

    -------

  9. Girls

    Girls

    Joined:
    May 5, 2015
    Messages:
    1
    Hi ladyvgw,
    If i purchased 20 items for ebay sales but only sold 13. Do i account for the cost of other as loss?
    which spreadsheet and how do i record?
    thanks
  10. Stephen H

    Stephen H

    Joined:
    Sep 22, 2015
    Messages:
    3
    Great spread sheet Just started ebay business so will start using, thanks.
  11. ladyvgw

    ladyvgw

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    Aug 14, 2010
    Messages:
    5,097
  12. Stephen H

    Stephen H

    Joined:
    Sep 22, 2015
    Messages:
    3


    Hi Vicky,

    I have a tax query, I started eBay as a reseller in May 2015 and I now think I have made a mistake with my tax return records.
    I am a confused when I apply free postage to customers. For example if say an item is £7.99 free P&P and the cost of the item
    £7.99 is in with the postage cost so really in theory the postage is not free nearly all retailers do this. So do I count postage as
    expenditure on the records or do I leave this as nil? this is where I am confused because in the sale price I have been paid the
    postage. Because if I charge less for the item say taking postage off the £7.99 and then PayPal & eBay fees plus price of Item
    I would probably be out of pocket.

    If so then I have to go all through my records which will take me some time to do or is there away of rectifying this without going
    through it all by stating it on the books.

    Stephen :)
  13. Stephen H

    Stephen H

    Joined:
    Sep 22, 2015
    Messages:
    3
    Ref to my message above looking at invoice I think I have to also make record of the postage as expenditure, so I will be busy.
  14. ladyvgw

    ladyvgw

    Joined:
    Aug 14, 2010
    Messages:
    5,097
    Hi,

    Regardless of whether you charge postage as a seperate thing or include it in your sales price, it forms part of your sales figure. The actual cost you pay for the postage is then an expense. EG: if you sell something for £7, that is your sales figure. Postage could cost £2, so that comes off as an expense as well as the cost, which is say another £2 - leaving you £3 of taxable profit.

    Hope that is clear!
    Dwill likes this.
  15. AndrewELA

    AndrewELA

    Joined:
    Sep 23, 2015
    Messages:
    1
    Hello Vicky,

    I wanted to say thank you for your spreadsheet! I am using it and it really is perfect for ebay sellers. I am new to this forum (as a director of a newly incorporated business), and as soon as I had a look around I realised there was a wealth of helpful information and individuals on here!

    I was wondering if you could help answer a question for me, as someone who seems to have a good depth of accounting knowledge.

    Before incorporation myself and my business partner bought stock for business use (using our personal accounts), and want to make sure it is entered into our accounts correctly. We are retailers, so bought the stock for our LTD company to begin trading with. I remember seeing before what the correct term was for this, however I now cannot find this no matter where I search! My worry is that because they would be the first transactions on our accounts, It would put the accounts into the minus in the first entries (where the company technically had no funds to pay for this). As we saw this as a start-up expense, we had no intention of reimbursing ourselves for this purchase. Can/should I account for this expense through the business? Would me and my business partner need to reimburse ourselves from the company account, for this stock if we did account for them?

    We are expanding in the next few months through new revenue streams, and will then be looking to hire an accountant to help us. I want to make sure our accounts are in as close to perfect condition as possible for when we do, as I believe it would be rude to hire an accountant and expect them to work on accounts that are from before you paid for their services.

    Any help on the matter would be greatly appreciated, and thanks again for being the encouragement I needed to join this forum :)

    Kind Regards,
    Andrew
  16. Dwill

    Dwill

    Joined:
    Feb 7, 2016
    Messages:
    1
    Hi, I'm just starting out as a sole trader on ebay and amazon, or at least I'm going to give it a try :). Found Vicky's spreadheet to be extremely useful, she seems to be very generous towards newbies like myself. Thanks very much.
  17. Will Hitchmough

    Will Hitchmough

    Joined:
    Jul 5, 2016
    Messages:
    2
    This is really useful! I was wondering if anyone on here used any limited company accounts software like this and at what stage should I look at getting an actual accountant? I've heard some stories about people getting burned by the tax man when opening online shops, has anyone had experience?
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