Signed Spreadsheet Made Easy

Signed spreadsheet

hello welcome back to my channel today's video is going to be a little bit different as you can tell i'm not in my normal filming location i say that as if i have some kind of like setup or studio i don't aka i'm at a desk today not on my bedroom floor but this video i think is really really valuable and important and i want to get this out at the beginning of the year ever since i put out the video where i was talking about my 2020 like reselling year in review video i have had so many questions asking about spreadsheets don't we love them and the general question is just like how did you keep track of all that data how are you able to report on that a year later all that kind of stuff how do you stay organized and there's nothing your girl loves more than organization so in today's video it's going to be different and i'm going to attempt to screen record my computer screen and i'm going to attempt to like walk you through how i fill out and set up my spreadsheet and before we get too far into it i want you to know that there is going to be a link to this exact spreadsheet in the description box and you can use it for yourself i'm also going to be walking you down how to download it how to edit it yourself and things like that but if you feel like this kind of setup is going to work for you feel free to use it it's completely free it's in the description below but first i just want to get this out in the open let's just air all of my insecurities real quick i am in no way technologically savvy a professional at spreadsheets not good at giving financial advice necessarily as is true with all of my videos i am always sharing what works for me is this the best spreadsheet out there absolutely not i know that i know that for sure but this is what i've been using for over a year now and it works for me it's super easy it's super simple and the great thing about this template is after you've downloaded it you can remove things you can add things you can completely customize it and edit it to be something that's really going to work for you and your business but just a full disclosure i'm feeling super insecure about this video with all my videos i try my very best to like really research really get my facts in order really have everything like set and ready to go but with something like a spreadsheet i don't know how to make spreadsheets work for me in the most efficient way possible i'm just being real about that all the tools all the functions you can do to have things like add up and average and calculate not my thing if that is your thing maybe this is not the type of spreadsheet for you but this is like bare bones as basic as you can possibly get i just wanted to put that out in the open before we get started because i can just envision the comments now of people like correcting my way of doing it or like telling me that i'm being so inefficient or whatever here's how i do it take it or leave it okay and with that let's just jump right into it i'm going to screen record my computer right in front of me so you and i we're going to be walking through every single piece of this together at the same time i'm gonna be uploading this screen recording footage as the primary thing on the video i might be like way up in the corner somewhere at some point if there's room for me but if not that's okay because we don't care about looking at me we care about this spreadsheet so let's get going first things first when you go down to the link it'll send you to this exact spreadsheet right here what you're going to want to make sure right up front is that you are signed in to your google account you will not be able to make edits to this or to copy this if you're not signed in so make sure you're signed in up here next thing you'll notice right here it says view only so right now if you were to type on here nothing would happen and that's good because you all have the exact same link for the spreadsheet i don't want anybody to type in their information and have other people access it so so right here in the first row it says to edit you're going to go to file and then you're going to click on make a copy this is where you can name it whatever you want just click ok it'll open up in a brand new tab this is your spreadsheet you can type whatever you want into this and nobody else is going to see it this is yours you can edit you can customize it you can add remove it's all private it's just for you what i'd probably recommend first is delete this first row because that's really annoying to look at i'm going to reduce the size of this we can get it all on one screen but first let me just explain kind of the sections of this like i said you can change the color you can change the theme whatever you want to do but i have it broken into a green section a yellow section and a red section that's kind of intentional and they kind of mean different things so up here in the green section this is where you're gonna put all of your items that have already sold aka they're green they're good you've made your money on them down here in the yellow this is where you're going to keep track of all of your inventory and so i made it yellow because it's like these are the things that are going to become money in the future they're going to become profitable down here at the bottom in red these are your expenses this is things like shipping supplies printer supplies all that good stuff that goes down here in the red because that is just straight up expense additionally this top row up here that's a frozen row so when you scroll down it'll keep those labels on the columns for you and the point of that is when the spreadsheet gets super super long you'll still be able to see those labels on each column so let's just walk this through step by step giving you some examples the first section that we really care about is this yellow section so every time i come home from the thrift store and i've double checked everything i've washed everything i know that it's ready to list this is where i'm going to put it into the spreadsheet so for example let's say i have an american eagle sweater so you'll put american eagle under the brand sweater under the item let's say that it's gray and a size medium let's say i paid five dollars for it and i plan on listing it for thirty dollars all of these the selling price the fees the earnings the profit we don't know any of that yet because it hasn't sold but i do know when i will list it so i'm going to list it today january 19th of 2021 that's all we need to do at this point for another example let's say we have some made well jeans they're dark wash they're a size 30 and i paid seven dollars for them and i plan on listing them at forty dollars i'm also going to list them today so i'll put today's date and this yellow section is where i'm keeping track of every single thing that is live and for sale in my closet as well as stored in my inventory i want to talk about this price paid section for a second because you have a couple options you could itemize it exactly like what i did so you paid five dollars for this sweater and you paid seven dollars for these jeans or you could input your information using the average cost of goods method so if you have a ton of inventory you can just highlight this entire section go down here to the right bottom corner your average is going to be six you would change all of these cells to reflect an average cost of goods of six dollars either way is fine whatever you prefer and just for good measure i'm going to add one extra thing here let's say we have a nike sports bra it's black the size small i paid three dollars for it i'm listing it for 20 today so what i want you to notice now is that right here for the total there's a total under each section and for this one this is showing that our cost of goods for everything in our inventory is 15 it's totaling up everything in this little section right here now let's add in some examples for expenses so let's say we're just starting out we go to amazon we buy some poly mailers and just for the consistency over here for the price paid i'll put this over here let's say we paid 15 for poly mailers additionally let's say we're at target and we need some more printer ink let's say we paid 30 for printer ink so that's also going to total up your expenses right here now down here at the bottom it'll say total expenses this number right here is the sum of your expenses and the sum of the items in your inventory or your cost of goods so in other words this is going to be your total expenses pretty self-explanatory right now we haven't sold anything so our earnings are zero and our profit is negative 60. we have spent 60 dollars for our business but we have not made any of that back at this point so let's go through that example let's say that we sold this american eagle sweater i'm gonna copy all this data and i'm gonna paste it right here and i'm gonna turn it green because we sold it i'm gonna delete it from my inventory because it's no longer there let's say that somebody made me an offer for 25 so the selling price on the listing was 25 poshmark takes their 20 cut of that so for fees we would put five dollars which means that our earnings is going to be 20. so this is the amount of money that we are transferring from poshmark into our bank account this last column right here for profit this is our earnings minus what we paid for it so this is going to be 15. let's say that this sold on the 21st of january which means that it only took it two days to sell which is excellent this is a column that i just added on this year's spreadsheet the time of sale because i want to start keeping track of when i'm making all of my sales if it's the morning afternoon evening middle of the night whatever it may be let's say these sold at 12 30 p.m i'm just gonna put there for my personal reference and then the last column over here you definitely don't need to have but i like to keep track of sort of the way that i'm making my sales so in this scenario she sent me an offer and i accepted so i'm going to say accepted her offer and that's all i'm going to put there this would be where you put offers to liker's closet clear out full price sale whatever and this is just giving you valuable business information kind of about what your successful sale strategies are now let's direct our attention back down to the bottom row the totals notice our expenses are still the same it's adding up the 45 dollars we spent on poly mailers in ink and the 10 of inventory that has not sold plus the five dollars of inventory that did sell so all of this in this column is totaled up right here for a total of sixty dollars in expenses aka everything that we have invested in our poshmark business moving over to the right this is our total earnings this is reflecting right up here where it's saying earnings this is the amount of money that we have transferred off of the poshmark platform into our bank account but then i also really want to point this out that the profit down here at the bottom of the spreadsheet this profit is not going to be the same as this profit up here in the item sold category the profit up here this is telling us of the items that we sold what is the profit that we made on those specific things down here at the bottom this is talking about everything in our business as a whole right now as a business we have only taken 20 from poshmark and put it into our bank account but we have still expended 60. so right now we are still in a deficit we have not made any profit as a business yet even though over here we have made 15 of profit on that sweater i hope that that part makes sense this is where maybe my ignorance in spreadsheet making comes into play a little bit i don't know if this is the best way to lay out that information but it makes sense to me i think it's incredibly important to have those two profit values separated though because it's really easy to say oh i made 15 on poshmark so far because i sold that sweater and made a profit of 15. but if you're not doing good bookkeeping and you're not keeping track of all of the materials all of the supplies and all of the inventory costs you wouldn't know that you're still technically 40 dollars in the hole in other words you have spent more money for this business than you have made back all right you guys that is pretty much it for this part of the spreadsheet now here again is kind of where my ignorance in spreadsheet making comes in obviously you're going to sell more than this number of items and you're going to have more items in inventory than the spaces given here so i'm just going to put some values in here as examples let's say you have filled up all of these spaces and you're like well i have more inventory now so i need to make some more rows you're going to go up here to insert row below but here's where it comes in which i don't know how to fix this value right here the total if you'll go up here you'll notice it's doing cells e12 to e16 that's right here that's not including that brand new row that we just inserted so what you're going to need to do is you're going to need to go up here and change it to e17 and it'll show you that it's including all of the values in that section so now if we put a value here it's going to update is this highly annoying absolutely do i know how to fix it no i'm not exaggerating when i tell you that i spent at least an hour and a half trying to figure out how to have that automatically update when you insert new rows i won't bore you with the details but basically i couldn't figure out on my own i couldn't find the answer online and aj couldn't help me either so if somebody out there right now is watching this video and you know how to correct this situation i bet you my bottom dollar they've already told me about it in the comments so go down there check it out but what i've been doing and what works for me is i don't update those data ranges every single time i add a new row to the green section when i sell something and every single time i add something to the yellow section for inventory yes over time and in the long run it's going to be important business information for you to know how much you've input into your business and how much you've gotten out of it but on a day to day basis every time i add a new item i'm not going to go through the effort of updating those data ranges i'm just going to do it periodically and the last little thing about this page even though you're going to be going through an inserting rows here and here and here this down here the totals i don't think that these functions are going to be affected by that you won't have to go down here and update these data ranges at all these will just automatically update once you update the data ranges for each row i am sorry if i'm just boring you to tears right now but this next part gets a little bit more interesting so this first page of the spreadsheet is not all that's included here there's also a tab here for monthly profit and for weekly profit and these are what i enjoy updating the most first we'll just start with monthly profit so you'll go over here it's super simple this is a very straightforward spreadsheet you'll see first that right here there's a column for every month and then right here there's a column where you can input every month's profit so this is where i'll put the profit based on the number of sales so going back here to the sales and inventory tab putting in some values as an example here so let's say all of these sold in january down here at the bottom corner it will tell you the sum so i know that the profit for everything that was sold in january is 30 so then we'll go over here to monthly i'll put in my profit of thirty dollars for january and it'll put this point on the graph for you now every single month when we update it these values are going to change and they're going to show you an increase or decrease in your monthly profit which i just love this stuff this is so satisfying to me this is where you're going to be able to see if you're making steadily more and more profit every single month and if your business is growing and scaling but this might also show you where you have some dips in the monthly profit and kind of like the roller coaster of it all same thing goes for this last tab over here on the weekly profit so i'll do the exact same thing i'll go over here and i'll look at the sale date and i'll select everything within that seven day range i'll find the sum then i'll come over here and i'll put that as my profit for that week over here in the first column i've already input for you every single week's dates for 2021 so all you'll need to do is just input your values and then it will plot them on the graph like that all right and that is it i hope this video was successful in communicating how i do this because i feel like some of the things could be kind of confusing so if you have any questions at all please don't hesitate to ask me in the comments as i keep saying this is what works for me is this the most efficient best spreadsheet of your entire life no but the reason for me making this video and for putting this spreadsheet out there is just to give you a baseline free resource to get started with bookkeeping if you haven't already there are infinite endless numbers of spreadsheets that you can use to manage your poshmark business and whatever works for you is the best way the reason that i love this very simplistic spreadsheet is because it keeps all of my inventory in one place all of my sales in one place now i do have a recommendation for you if you are someone who would prefer something with a little bit more numbers and data and keeping track especially of how much you have to set aside for taxes i just downloaded this spreadsheet a few weeks ago and i've been loving it so far it was created by jen at a british posture on instagram and same thing there she has a free resource for you if you go to her instagram account you can download this spreadsheet for yourself and she also has a little step-by-step tutorial on how to fill it out i believe that it's saved in one of her instagram story highlights but i'll just show you that right here this is what you get when you download jen's spreadsheet so hers does a much better job than mine with like all the calculations and things like that she even has categories here if you sell on multiple platforms so you're calculating the total number of items sold your gross sales all of the fees on every platform your cost of goods down here she's categorized all of your expenses for you there's even a cell down here where you can calculate your miles driven because that's something that's tax deductible and then down here at the bottom it gives you your net sales your profit but this right here is the reason i downloaded the spreadsheet because it suggests the amount that you should be withholding from yourself to pay for taxes in the spring she goes into way more detail on all of this in her instagram story highlight so i won't do that right now but basically my purpose of using her spreadsheet is just to make sure that i am setting aside enough for myself so that i don't get slapped in the face with taxes when that time comes i am in no way a financial professional a tax professional a cpa nothing like that but also on jen's account she's uploaded a live discussion that she had with mark at not your dad's cpa he is a cpa for reseller taxes and so she did like a q a with him on her account it's uploaded there on her profile for you and he answers almost every single question that i had about doing reseller taxes and with that you guys that's the end of this video i hope that it made sense i hope that you can use this resource if you feel like it'll work well for you i've said it before i'll say it again it is extremely beneficial for you to be keeping track of all this stuff but do it however you want thank you so much for watching this video i really appreciate you and i hope that it was helpful and i will see you in my next one real soon [Music]