Expenses
Track your business expenses and mileage in one place. We’ll use this information alongside your sales data to generate accurate profit and loss statements.
Each row represents an expense and includes a date, description, category, and amount.
Recording expenses
Regular expenses
Add any business expense by selecting the appropriate category. We provide both standard business categories and specialized ones designed for resellers.
Tip: When recording travel related to sourcing inventory (like driving to the thrift store, taking rideshare to an estate sale, or renting a truck to pick up items), always use the “Sourcing Transportation” category. This helps us accurately calculate your total cost of goods.
Mileage tracking
For personal vehicles, you can track either the actual expenses (gas, repairs) or the distance traveled. If you choose mileage, we’ll automatically calculate the deduction using the US or Canadian mileage rates. Note that once you choose actual expenses for a vehicle, you must use that method for its lifetime.
For other transportation like rental cars and rideshare, you’ll need to enter the actual expense amount.
Note for Canadian sellers: The mileage rate lowers after the first 5,000 km. At this time, Auto Posher does not account for this reduced rate.
Important: Inventory costs
There are two ways to track your inventory costs, and which one you use depends on your accounting method:
Accrual Accounting: The cost of an item is recorded as an expense when you sell it. For this method:
- Each sale needs a “cost of goods” associated with it. You can enter this when initially creating the listing, or after the sale is complete
- When calculating your profit & loss statement, we’ll create a line item called “Cost of Goods Sold”, summing up the cost of goods across all sales
- Don’t worry about adding “Inventory Purchases” as expenses - if you do, these will be ignored
Cash Accounting: The cost of inventory is recorded as an expense when you buy it. For this method:
- Add your purchases as expenses under the “Inventory Purchase” category
- When calculating your profit & loss statement, we’ll create a line item called “Inventory Purchases”, summing up these expenses
- You can still add “cost of goods” to individual items to track your margins, but these won’t be included in financial calculations