Self employment
My first record of a sale is the email received from eBay immediately after a sale. A copy of this email is my paper record of each sale....
Then The email from Paypal comes and I will confirm what the mailing address should be the one on eBay's email.... then go to the record on eBay... My eBay
My spreadsheets are as follows.....
(1) A sales record... updated with each sale
This includes a short title of the listing, the buyer's name, date purchased, date mailed... Price of purchased item, cost of postage...... buyer's location, state/US (such as MA USA) or Province/Canada (such as MB CDN) and then a calculation of GST/HST for GST = 5 % provinces, Ontario HST = 13 %.. and then NB NS PE and NL HST = 15 %.
(2) Postage record... Postage, GST, HST for parcels delivered on one day, travel distance to the post office
(3) Purchase of inventory.... Canadian dollars, GST, Location... Travel distance
(4) Supplies required to run the business... Canadian dollars, GST... Travel distance
(5) Money overview ... transfers from Paypal, eBay fees (No GST), GST on fees, Paypal fees
(6) Use of the automobile... insurance, gas, Maintenance ... Business mileage as a percent of total mileage
(7) Internet cost.... Internet used for selling... a single number for each year..
(8) Business use of home- residence ... a single number for each year.... the area must be dedicated only to business use, and must be expressed as a percent of the total area in the residence
Data is added daily.... if new data is available
Then the record is complete on December 31... on the old year.
All data for tax is available on January 1... of the new year.
This action makes things... relatively... easy.
