Break a large inventory purchase into smaller items

Are you a card trader or someone who buys larger lots of items and breaks them into smaller groupings to sell? If so, we’re excited to announce some new capabilities to Seller Ledger’s inventory tracking. You can now break a larger inventory purchase into smaller items.

Thanks to all of our sellers on platforms like eBay, Whatnot, TCGplayer, Mana Pool and others for their suggestions.

To start, this feature is only available if you are using continuous inventory tracking in Seller Ledger. That’s because you’ll need to track the cost of the original item purchase before you can break it into smaller batches or individual items.

To learn more about how to record your item purchase, please read our support article here.

How do I break one item into many?

Once you’ve recorded your item purchase and loaded the costs for that item, simply go to the Inventory -> Stock page and find that item.

Then, select the item by checking the box in the left column. You will see the “Split Inventory” button change to active. Click that button.

This will bring up a form that looks just like the form to add costs to an individual purchase. But now, you get to record the individual items that you are breaking the larger item into.

Make sure that the costs of all of the individual items sum up to the original item cost and click Save.

Cost allocation

When choosing the cost of each individual item, you’ll want to research IRS rules on cost allocation, often using fair market value or proportional allocation. Arbitrary cost allocation is discouraged.

You’ll now see, in your Inventory -> Stock view, that the original item is grayed out, but 3 new items have been added to your inventory, with the proper cost allocations.

Tying costs to their sales

If you use unique SKUs for each of the individual items you just created, and include them when you list your items for sale, Seller Ledger will automatically match the sale to these new, individual items using the SKU value, and use the cost of each of those items to update your cost of goods sold and reduce your inventory.

If you forgot to include the SKUs in your listings or otherwise need to match the sold items after-the-fact from Inventory -> Sold, you’ll see these individual items listed when trying match, not the original bigger box.

As with all new features, we welcome any feedback you have.

Move off Spreadsheets Even Faster – Upload Expenses and Income via CSV file

Have you been tracking business expenses in a spreadsheet for a while? Does the leap to traditional accounting software feel like more work than it’s worth? Well, no more.

In our never-ending quest to save sellers time, we’ve added the ability to upload expenses (and income transactions, if you so desire) in bulk, using CSV formatted files. Seller Ledger lets you keep all of that hard work and gives you a leg up when you want to try automating your accounting and bookkeeping.

How to upload your expenses

Just go to the Expenses tab, and you will now see a tab that says “Expense Uploads”. This is also where you can find the ability to upload many mileage trips at once.

Just follow the formatting guidelines on the screen (or take a look at our sample CSV template) and load your transactions. Plus, as an added bonus, you can include category names in there which, if they are the same as the ones you have in Seller Ledger, will group and total up your expenses and ensure they show up in the correct line of your tax report.

For income transactions, just do the same thing from the Income tab.

Simplify cost of goods sold if you don’t track inventory

If you don’t track inventory, but do have a running list of your cost of goods sold purchases, just include the “category” column and make sure to label those transactions as “Cost of Goods Sold.” Then check out how much more accurate your numbers look, including seeing your overall gross profit.

What if I do track my inventory?

As it turns out, we also offer the ability to upload your inventory spreadsheet too.

Stay tuned for more improvements in this general area. And keep sending us your feedback!

Automate Accounting for Mana Pool Sellers

As you may have seen in our recent efforts to help card sellers via our TCGplayer integration, we are pleased to announce that you can now automate accounting for Mana Pool sellers as well.

Connecting your Mana Pool account

To link your Mana Pool account, simply click the “Add Channels, Banks and Accounts” button on your dashboard. Then, click the Mana Pool logo:

On the next screen, you’ll need to enter the email address you use with your Mana Pool account, as well as your API Key. This allows Seller Ledger to connect directly to your account and pull in your sales and fee history.

Once you do this, Seller Ledger will start importing your sales and fee history from Mana Pool, and will continue to update each and every day.