Recording Stock for Tax Reporting

[class_c_clothing]

Any advice...I keep my Excel income and expenses spreadsheet but not sure if I should record all stock as I buy it as a monthly expense or just the cost of the actual items I sell and then keep the cost of remaining stock at hand as a separate thing?

[whoisbiggles]

FWIW - my sales spreadsheet looks like this:

Item Description	Sale price	postage received	total proceeds	ebay fee	postage cost	I paid	net profit	sale date
	$249.00	$0.00	$249.00	$27.39	$30.00	$110.00	$74.83

I have all my stock listed on the one spreadsheet. At tax time I filter on the sale date to capture the yearly sales for my tax return.

I am sure there are different ways - this is simple enough for me to manage.

I only use Mypost business for postage - which I download the yearly report to tie back into my spreadsheet if I ever have to prove to the ATO my postage costs.