1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

How everyone keeps track on profit?

Discussion in 'Ebay' started by iamthefox, Mar 8, 2016.

  1. iamthefox

    iamthefox Regular Member

    Joined:
    Apr 17, 2014
    Messages:
    442
    Likes Received:
    65
    This might seem to be stupid question, and it is. I just find it's quite hard to keep tracking all my profit since the dropshipping involve a lot of transfer.I am also live in Thailand so the exchange rate is not constant so how does you guys do?
     
  2. zionbar

    zionbar Jr. VIP Jr. VIP

    Joined:
    Apr 6, 2015
    Messages:
    421
    Likes Received:
    188
    Gender:
    Male
    Occupation:
    Entrepreneur
    Location:
    Sunny Florida
    Unless there's a software that does that [ I don't know any ]

    The best way would be to keep an excel sheet of every transaction you make.

    Same goes with the currency, but they don't fluctuate in a matter that should change a lot for you usually...a few pennys here and there
     
  3. MonsterMag

    MonsterMag Power Member

    Joined:
    May 2, 2015
    Messages:
    602
    Likes Received:
    417
    Occupation:
    Self
    Location:
    My Journey Discussion
    As zionbar said: Excel sheet is the best way to go... create a new one for every month and keep track of everything.

    Mind your exchangerate and look it up every time you had an exchangetransaction!
    Include it in the sheet and calculate on the go. Once your excel is perfectly set with all the calculations you need, update it once a day. DON'T let it sit for a while, the biggest crap is going through old bills and invoices trying to figure out the exchangerates etc and then you will still forget a few...

    Edit:
    If you have someone doing your taxes, also create a folder for every month. as soon as you have an transaction added to your excel, print it and put it in the folder. At the end of the month print your excel and put it on top.
     
  4. loedown

    loedown Jr. VIP Jr. VIP

    Joined:
    Jun 29, 2009
    Messages:
    1,609
    Likes Received:
    504
    Home Page:
    My business bank account.
     
  5. zionbar

    zionbar Jr. VIP Jr. VIP

    Joined:
    Apr 6, 2015
    Messages:
    421
    Likes Received:
    188
    Gender:
    Male
    Occupation:
    Entrepreneur
    Location:
    Sunny Florida
    Yeah I wanted to say that too, I have an offline business as well and all the expenses and income are obviously stated in the bank statement, but the thing with drop shipping is that sometimes you use different payment methods and credit cards and not receiving the payments to the same bank account so...