Keeping Records of Your Sale

If you are just going to do a sale here and there, you probably won’t need an
extensive record keeping system. Here are a few reasons for doing otherwise


1) Tax Purpose -. You certainly will have to pay income tax and want to
claim every single legitimate deduction. You need good records to do this so that you will have a complete list of every transaction you have made including who, what and how much.

2) Customer List - You are creating your own customer list in the process. If a person bought or bid on a certain item, he may be very interested in similar items in
the future.

3) Good service means happy customers - If you don’t keep good
records, you will soon be floundering and making mistakes. If you have
several auctions going, you will soon get lost and make pointless
and expensive mistakes. Learn from my foolishness and keep
comprehensive records right from the very first transaction.

4) Identification of profitable items – It lets you know which merchandise is
profitable and which isn’t.

5) Legal Protection - In the event of any future problems, you will have all your
Information at your fingertips.