Magical tax reporting for eBay resellers | Flipwise Podcast Ep 04

In the fourth episode of The Flipwise Podcast, co-founders ‪@justinresells‬ and Michael talk through recently released features and what's coming next on Flipwise which includes an income statement and some magical tax reporting tools!
You can check out Flipwise here: flipwise.app

[@HandyHannahB]

How will we track non cash expenses, like mileage? I currently track it in the ledger. Just wondering how it'll be on the tax report, but not the income statement.

[@justinresells]

we will give you the ability to mark certain ledger entries as non-cash as a part of this work

[@constanceboyd4375]

Once I have moved them in Flipwise from Ended to Donated, Damaged etc. I would want to delete from eBay's Ended category without that affecting Flipwise entry :)

[@justinresells]

yes, you can delete from eBay and it will remain in Flipwise

[@twiddler5593]

So, will the tax report have a gross sales total that matches the eBay 1099-K form? I can never get the other eBay reports or my own records to match the 1099-K figure. Part of the reason might be that the 1099-K does not include sales that were made late in December but the funds have not been paid out yet. And refunds could be part of the issue. Maybe, but not sure. Also, will the report correlate to the Schedule C details? For example, Schedule C has a line for Office Expenses and a separate line for Supplies. Shipping supplies would appear to fit in either.

[@flipwiseapp]

You can read more about this here: help.flipwise.app/article/11-why-does-flipwise-report-a-different-amount-for-gross-income-than-ebay

[@constanceboyd4375]

Can we move Ended Items to Donated or Damaged?

[@flipwiseapp]

Yes!