Video Script
Welcome to the cost basis page! We know how accounting can be a hurdle to selling on a new marketplace so we’ve tried to make it very easy for you with our cost basis and cost of goods sold pages.
Here on the cost basis page, you can enter any of the various costs used to account for your total cost basis of each item. For example, if this item has a manufacturing cost of $6 each, and it costs me 50 cents to put a label on each item, and those 2 numbers are used as the cost basis in my bookkeeping inventory balance, then at the end of every month, I can head over to my cost of goods sold report and it will show me my total cost of goods sold for each month as well as my total inventory cost basis and retail value at month end. I can then either take these numbers and manually give them to my accountant each month, or I can provide my accountant access as an “analyst” role on the user permissions page which gives them access only to the report sections. Also on this page, at any time if you would like to see what your current inventory cost basis is for all your products, or the retail value of all products if they were sold using your current asking price, you can see those numbers here. For those of you who need to know your total cost basis at the beginning and end of each year for proper accounting, these calculations make it easy for you.