27 April 2015

5 Helpful Tips for taking TPT End of the Month Inventory

How to do you stay organized in your TPT store?
How do you keep track of all your sales?
Do you really keep every receipt?

These are a few questions TPTers are asking, especially new sellers. Since the beginning of January, I've been keeping up with my sales and it's been great for me! I'd like to share some tips that help me keep track of my expenses.

Tip #1:
Buy an Expandable File Folder!

On a whim (and because it was on clearance), I bought this expandable file folder. There are 12 pockets (13 if you use the front pocket), one for each month of the year. It comes with the monthly tabs for you to insert or if you have OCD, like me, you can create your own. It also comes with letters of the alphabet and blank tabs to create your own label.

Every time I made a purchase, I would place the receipt in the appropriate month. This brings me to my next tip.

Tip #2:
Save every receipt!

Yes, save every receipt from every single purchase made for your store, no matter how little. I make trips to the Dollar Tree, sometimes just for some post-its. I save that receipt and when I get home, I place it on the folder.
Use highlighters to highlight purchases on receipts with multiple purchases or just make a separate purchase (just let the cashier know). 

If you have to make a purchase using PayPal, print the sale transaction from Paypal.com. Just make a note about what the purchase it so you'll know what it was for. Let's face it. You're not going to remember every purchase made a year from now.

If you have a PayPal account, get a PayPal business debit card. It's a MasterCard so it's used practically everywhere.

If you make a purchase on TPT, print it out and place it in the folder. It will come in handy in the future. Did I mention every purchase for your store is Tax-deductible?

Tip #3:
Invest in a printer, ink, and paper!

If you don't have a printer, get one! Printing receipts for online purchases as you make them can be critical. Even though you can pull it up online, if the power goes out or the IRS wants a physical proof of a purchase, you'll already have it. You won't have to find it and pray that you didn't delete a purchase from your purchase history.

If you need to buy ink or paper, don't hesitate to buy it! Since it's for your business, it's tax deductible. I bought a wireless printer on Black Friday for $27.

Tip #4:
Keep track of all the giveaways!

If you host a giveaway and include gift cards, save your gift card receipts. If you give away a Shopping Spree to your TPT store, keep a record of it. I write down the  name of the giveaway, the name(s) of the winners of the giveaway, the start/end date of the giveaway,  and what products they won or want (shopping spree/winner's choice). I keep this record in my TPT Planner until the end of the month.

If you donate to a giveaway hosted by another seller, keep a record of it. I collect the same information as before and I also include the name of the giveaway and the host. This is also recorded in my TPT Planner.

If you donate to Donorschoose or a GoFundme Project, print out a receipt. It may be tax deductible, especially if the donation is from your business. Be sure to check with your tax preparer. It doesn't hurt to ask!

Tip #5
Use Microsoft Excel!

This is the part I dislike the most. The last few days of the month, I check through all my expenses and type them ALL in a Microsoft Excel Spreadsheet. Yes, this can be a tiresome ordeal, but this will give you an online copy of all your purchases you've made and items you've donated throughout the month. You can set the spreadsheet to do all the calculations for you and you can include whatever information you choose. I print it out and place it in my file folder as a cover sheet for each month.

My cover sheet is divided into 3 sections:
  • Monthly Expenses
  • Giveaway Information
  • Monthly Income

In the Monthly Expenses section, I include the name of the item or purchase, the date of purchase, and the price. All my TPT purchases are added and placed at the bottom.

In the Giveaway Information section, I include the date, the hosts (even if it was me), products, prices, and the winners. 

In the Monthly Income section, I include the number of items sold, the best selling product (and number sold), total sales, and total earnings.

I print it out. I collect all the receipts and paper clip them all together on the top and bottom. For those small in-store receipts, I place them in an envelope and label the envelope whichever month it is.

What does this do in the long run?

Keeping track of my inventory gives me a good reference point. I can check to see what items sold best during certain times of the year. I can decide if I need to cutback on expenses or if I can make more purchases (clip art addict and KG Font addict). It will be even more helpful when it comes Tax Season. I won't have to search my house for every little receipt. It will all be in the same place all neat and ready to go.

Other things to add to the folder:
    • Taxes from the Previous year
    • Idea list for next year
    • Important emails & forms (like plane tickets and hotel reservations)
    • End of the Year Statements
    • Annual Purchase Statement from TPT
    • Goals Check-List
    • Anything Busniess or Tax Related

    I hope you found this post to be useful. Here's a few freebies you can use for your file folder.

    Giveaway Information Sheets
    Inventory Check-List

    Enjoy! Class dismissed!


    1. Love this!! Some great tips, thank you for sharing!

    2. Thanks so much for taking the time to make such a great and detailed post. I am always amazed how TPTers are willing to spend their time helping other TPTers. What a community. You rock!!!
      ~ Christa Joy

    3. You are so organized Chandra! I need you to come visit me so you can set my whole world up in order! Lol

    4. These are great!! And what a timely tip!!! :D Thanks Chandra!!


    5. Chandra these are great tips for keeping track of your business expenses and getting ready for tax season! I have to share this! I would also caution sellers to make sure that their city doesn't require a business license or taxes for operating online. Teacher Ms H ~ Third Is the Word

    6. This is really great advice! You are on the ball! Thanks for sharing! =0)



    Related Posts Plugin for WordPress, Blogger...