Make hard copy of sales receipts
I print 2 copies of sales receipts. One copy is added to the packaging. The 2nd copy is used in our packaging, finance, and inventory management departments. During packaging process, it is to pull the products for packaging. We write any other products added to the package including packaging supplies used. In the finance department, that copy is used to record the sales, packaging costs, and the shipping costs in our inventory and sales spreadsheet. It is also used to record the shipping cost in our bookkeeping spreadsheet. In our inventory management department, we use it to update the inventory of products sold and packaging supplies used in our inventory and sales workbook or inventory management worksheet.
How do I keep sales records in Excel?
To record sales in your inventory-sales spreadsheet, record the name of the product sold in the sales sheet.
Type the name exactly the way you record it in your inventory spreadsheet tab if you use the same document to manage your inventory.
Record the quantity sold.
Record the price paid by the buyer.
Record the tax paid by the buyer.
Keep in mind that for sales on marketplaces, the marketplace will remit the sales tax to the state on your behalf.
Even if you record the tax paid by the buyer, you need to keep in mind that it should not be included in your gross sales receipt.
Sales tax collected on your website from buyers from your own states, you will remit that to your state. Still, you do not include these sales tax in your gross receipt.
You can design your inventory spreadsheet to pull total summary in a way it is easy to retrieve financial data needed to file your business tax returns with IRS and your state.
Record the cost of the product sold or cost of goods sold (COGS).
This process allows your inventory spreadsheet to automatically reduce the product on hand by the quantity sold and decrease the remaining cost of that product sold by the cost associated with the number that is sold.
Your inventory spreadsheet will adjust for you to have year-end inventory up to date.
Review the summary sheet to make sure you withdraw from inventory the right cost of goods sold. You might use FIFO (First in First Out) method to allocate the cost of goods sold using the quantity and cost associated with the first entries of the product in inventory.
Conclusion: How do I keep sales records in Excel?
The video shows step by step how I keep track of sales records in Excel.
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