The document provides 10 tips for online sellers to keep proper records in Tally. It recommends keeping receipts, tracking mileage, printing online statements, using spreadsheets to organize expenses, using an accordion folder filing system, retaining credit card and bank statements, past tax returns, and accounting for inventory using spreadsheets. It also discusses using payroll accounting software to simplify payroll processes like calculating taxes, wages, and deductions.

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2. Ten Ways for Online Sellers to Keep Records in Tally
1. Keep receipts - If your receipt does not show all the necessary information,
you may write it on the back. You need to show: the cost of each item, the date
purchased, who sold you the item (store name), and how you will use the item in
your business (i.e. inventory). If you have purchased equipment for the business,
also jot down when you began using the item for business purposes. Keep all
receipts - even ones you may not think are relevant off the top of your head. When
figuring taxes, they may become useful.

3. Record your mileage - If you use your vehicle to drive to the
post office or to scout for inventory, you are allowed certain
deductions. Whether you take the standard mileage rate or a
percentage of your actual gasoline and maintenance
on the car, you will have to know how many miles your vehicle
was driven. You will also need to know how many of those miles
were for business purposes. Track your mileage by jotting down
the odometer reading, where you are going, and for what purpose
every time you get in the car.

4. Print out online statements - Periodically print out online
statements. These include everything from internet postage
statements to income statements from online selling venues.
This information will come in handy while filling out tax forms
- not to mention in the case of an audit. You never know how
long these online statements will be available on the web, so
print new information frequently

5. Make spreadsheets your new friends - Spreadsheets can
be invaluable. Whether you keep them on your computer
screen with predefined categories, or print out blank ones to
fill in along the way, spreadsheets are a great way to
organize information. Use them to track how many miles you
drove and when. Use a spreadsheet to tally expenses with
separate columns for where, when, why, what, and how
much you spent

6. Use an accordion-style folder filing system - Where do
you stuff all of those receipts and print-outs? Drawers and
shoeboxes do not cut it. Invest in an accordion-style folder.
You can make your own tabs fitting the categories you use:
inventory expenses, supplies, mileage records, etc. This will
make sifting through it all much easier come tax time. Start a
new file each year.

7. Keep credit card statements - Credit card
statements may be used to help when figuring
your taxes. You may use
them as receipts for business purchases as long
as they show the necessary information. You
may also deduct the business percentage of any
interest you pay to credit card companies

8. Keep bank statements - Bank statements help jog your
memory about what you purchased and when. They may be
used as receipts as long as they show the necessary
information. Are you charged service fees on your business
banking
Account? Bank statements show those fees - which are
deductible.

9. Keep previous tax returns - Keep previous tax returns
much longer than you ever thought necessary. Just because
you no longer have a copy of it, does not mean you cannot
still be audited on it. For serious issues, the IRS can audit you
for up to six years. If they feel something is outright fraud,
there is no time limit. If you expensed an asset, then later sell
that asset, you may have to pay recapture taxes for up to five
years. You need to have these records to properly record that
information

10. Account for your inventory - Use your new friend, the spreadsheet, to keep track of your
inventory. Write everything down as you buy it. Record what you purchased, where, the date, etc.
When that item sells, go back to your spreadsheet to mark it as sold. Note the selling price. This
will make your life unbelievably more organized.
Payroll Accounting Software- Payroll accounting software is basically an inclusive tool that has
been designed to be able to the accounting needs of small businesses and other organization.
This software helps in calculating tax withholdings, employee wages, salaries, bonuses, and tax
deductions in an accurate yet timely manner. This kind of software has a lot of features that
minimize manual labor as well as paperwork. It would be the perfect choice to be able to keep track
of the weekly, monthly, quarterly and annual paychecks, as well as the payroll tax-related forms.
Additionally, it helps in preparing the comprehensive MIS reports, return forms, utilities,
transaction entries, graphical representation and master entries. Through the utilization of payroll
accounting software, you would be able to eliminate a substantial amount of time and effort
required in manual processes, as well as makes the processing of payment a lot more accurate,
simpler and quicker. This is able to easily integrate with the accounting systems, the general
ledger, as well as the vertical business solutions. A lot of the available payroll accounting software
has numerous options and can incorporate easily into the present environment you are in.

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