How to Track Facebook Marketplace Sales

Tracking your numbers on Facebook is super important. The platform doesn’t make it easy, but we’ve got a simple way for you to keep track of where all that money goes! In this short video tutorial (which only takes about 3 minutes!), I’ll show how to easily monitor sales and expenses with just one spreadsheet – no need to jump through hoops trying to figure out complicated formulas or stare at screens 24/7 waiting for something interesting to happen… you can just get back to work!

A Simple Spreadsheet

This is quick, it’s easy, and it doesn’t require any fancy software – just a simple spreadsheet that you can update as needed. So go ahead and give it a try!

About the Spreadsheet

The video below explains how to use the provided free spreadsheet to keep track of all transactions, including the date of the order, the order number, whether it has been delivered or not, the Facebook name versus the shipping name, the tracking number, the price of the item sold, the fee, the tax collected, the cost of goods, the shipping costs, and the state shipped to.

The spreadsheet also allows the user to input whether or not they have been paid by Facebook for the transaction. The video explains that the spreadsheet can be used with either Google Sheets or Excel.

The spreadsheet calculates the user’s profit margin by subtracting the cost of goods from the income received from the sale of the item. This allows the user to easily see their profit or loss for each transaction.

They charge sales tax, now what?

I have also provided information on establishing nexus,

Nexus refers to the connection or presence of a business in a state that is sufficient to trigger a tax obligation in that state. Essentially, if a business has nexus in a state, it means that the business is subject to that state’s tax laws and regulations, including the requirement to collect and remit sales tax.

How do you know if you have nexus?

Nexus can be established in several ways, including having a physical presence in a state, such as a store, warehouse, or office, or having employees or independent contractors working in that state. Selling online can also create nexus. (consult with your tax accountant to see if you have created nexus). Other factors that can create nexus include sales thresholds, advertising or marketing activities, and affiliations with other businesses in the state.

When it comes to online sales, the concept of nexus can be especially important because online retailers may have customers in many different states. If a business has nexus in a state where it has online customers, it may be required to collect and remit sales tax on those transactions.

It’s important for businesses to understand whether they have nexus in each state where they conduct business, as failing to comply with state tax laws can result in penalties and fines. Businesses can determine their nexus status by reviewing each state’s tax laws and regulations or consulting with a tax professional.

If a business determines that it has nexus in a state, it will need to register with that state’s taxing authority and obtain a sales tax permit. Once registered, the business must collect and remit sales tax on taxable transactions in that state. Businesses must also file regular sales tax returns, typically on a monthly or quarterly basis, reporting their taxable sales and the amount of sales tax collected.

To simplify the process of collecting and remitting sales tax in multiple states, many businesses use automated software that can calculate the appropriate tax rate for each transaction and generate sales tax reports and returns. Some states also participate in the Streamlined Sales Tax Project, which aims to standardize sales tax laws and procedures across multiple states. To learn more about Nexus, you can go to our article and video about it.

Overall, the video provides a simple and effective way for Facebook Marketplace sellers to keep track of their transactions and ensure that they are accurately reporting their income and expenses. The free spreadsheet provided can be easily customized to fit the needs of each individual seller.

As always, if you have any questions, feel free to reach out to us. We’re happy to help!

Here is an editable link for you to use. You can adjust it to your own situation. Click here for the Google sheets Spreadsheet