Create Your Towing Receipt Template for Inventory Effortlessly

Towing receipt template for Inventory

today I want to review with you for the first time ever on YouTube my spreadsheet which I developed specifically for resellers to help them track their inventory in their cost of goods sold you can download it using the link below and the best things about this spreadsheet are that it's simple and free simple and free there are a lot of really cool spreadsheets out there which help you track your inventory your cost of goods sold your income expenses your profit it helps you track your items by color by brand by a lot of different characteristics and those are the types of spreadsheets that I really like but the more features you add to a spreadsheet the more complex it becomes and the more potentially overwhelming it can be so I've purposely kept my spreadsheet as simple and as Bare Bones as possible and again my spreadsheet is specifically designed to help you track your inventory and your cost of goods sold you only need to track your cost of goods sold if you're using the acrel method for inventory which means that you only deduct your inventory when you sell it so if you go out and buy some inventory that's not a deduction it becomes an asset on your books but later let's say in a few months or a few weeks when you sell that inventory it's at that time when you deduct the original cost so if you don't have a record of those original costs and the dates that you purchase those items on you're not going to know what your cost of good sold is now there are various methods to tracking your cost of goods sold you can use the average cost method you can use an adjustment method the method that we're talking about today is called the specific identification method and it's where you track every item of inventory individually and that might seem overwhelming but if you make it part of your listing process which you have to do individually anyway it's not that bad but there might come a point when it does become too tedious and overwhelming at which point you can decide if there's a better method for you so let's dive into the spreadsheet and the first tab is this instructions tab there's a few simple instructions you can follow to remind you how to use the spreadsheet but most of the magic happens on this inventory tab so I'll just go through column by column so column B the skew tab it's not required it's just for those of you who have a skew number or some type of identification number that identifies Whatever item you're dealing with so next in column C through column G we have the five minimum pieces of information that are required to tracking your inventory so the first is your item description this is simply what the item is then you have your purchase date when you purchase the item how much you purchase it for is the purchase price and then this might be all you have filled out for a while until you sell the item when you sell the item you'll put the sale date here in column F and you'll put the sales price in column G now the sale date is what drives the cost of goods sold column so this has a note not to enter or delete the formulas because this column is full of formulas it simply says if there's a date here then populate the cost of goods sold sell with the original purchase price because that's what the cost of goods sold is it's simply your cost or what what you purchase the item for so Item B for example notice that we haven't sold it yet so there's no sale date there's no sales price so the cost of good sold column is not populated for that item now columns I and J are optional these are for you to populate only if you want to track the profitability by item so this item profit column will calculate automatically as well but the main purpose of the spreadsheet is to help you track your cost of goods sold and then you'll be able to see a summary of your cost of goods sold by month and also for a year on this inventory summary tab so first let's look at the cost of goods sold that we have in here in row six so this is the only sale we had in February so our cost of goods sold for February should show this $86 so we look at the inventory summary we look at February and we show a cost of goods sold of $86 and if you want to know what the cost of goods sold for the year is you simply look over here in the annual total and it also gives you your beginning inventory for the year your total purchases for the year and your ending inventory and these are values that you'll need to know when you do your tax return because typically if you do your taxes on your own it's going to ask you what your beginning inventory is what your purchases were and what your ending inventory is and it's going to use those numbers to calculate your cost of goods sold but this spreadsheet just helps you calculate your cost of goods sold directly so if you're using this spreadsheet for the first time you're going to want to enter all of your inventory and anything that has a purchase date with a year that's before the current year is going to show up as part of this beginning inventory St number so that's the quick overview of how it keeps track of your inventory and your cost of goods sold now I also have these other tabs on here that help you track your income and your expenses and this is just a secondary part of this spreadsheet if you want to try and use it so first you can come to this categories Tab and you can enter any expense category that you want to use to track your other expenses you can just override these or you can enter new expenses on these custom expense rows and then just come into this expense Tab and you'll enter enter the type of expense on the dropdown the date incurred a description of what it was and the cost and these expenses will automatically populate on this profit and loss summary tab which will bring in your expenses from the expenses Tab and also the cost of goods sold information from the inventory summary tab to give you your net income or your loss for each month and for the year now this is just a tool to help you it's not necessarily supposed to take place of your overall bookkeeping system but if it can help you then that's what it's designed to do and this spreadsheet can definitely be edited and tweaked and customized you can add rows so you'll just want to note that there are a couple hidden rows on the right so these are used to help populate the formulas you'll need to update those if you add additional rows and then there's also this refunds tab so if you have a refund you just have to enter the original purchase price what you sold it for and when it was refunded and then you also have to indicate if you're going to relist it or not because that's going to determine if we need to reverse the the cost of goods sold or not and depending on if that's a yes or a no we'll determine how it shows up on the profit and loss summary Tab and on the inventory tab so just as a quick example let's say that we sell this item B in October let's say we missed it and it sold in October so that's going to tell the cost of goods sold column to populate with this $50 and we shouldn't forget to put the sales price let's say we sell it just for $10 more so $60 so now in October we should see this cost good sold to $50 so let's check the inventory summary Tab and there it is and that increases our overall cost of good sold for the year and now that we don't have any additional inventory on hand you can see that our ending inventory is zero because all this stuff is sold so that's a quick overview of how the spreadsheet works the best thing you can do to get familiar with it is to get in there and start using it and that'll help you determine if it's for you if you want to keep it as part of your system I have clients who've been using it for the past 3 or 4 years so again it's super simple it's free you can download using the link below let me know in the comments if you have any suggestions or questions about it and be sure to come join my free accounting for online Sellers Facebook [Music] group