How to Keep Your Poshmark Finances Organized with Expense Reimbursements
⏱️ Reading Time: 5 minutes
As a Poshmark reseller, keeping track of expenses is crucial to ensuring your business remains profitable. Like many resellers, I often find myself purchasing inventory using my personal bank account—especially when I spot a great deal on designer pieces. However, mixing personal and business finances can create confusion when it comes to bookkeeping and taxes, making it harder to track profit margins and potentially leading to issues during tax season. That's where an Expense Reimbursement Form becomes an invaluable tool.
Why Poshmark Resellers Need an Expense Reimbursement Form
If you’re like me, you probably buy inventory from various sources—thrift stores, retail arbitrage, outlet sales, or even online markdowns. Sometimes, I don’t have my business card handy, so I use my personal funds to make a quick purchase.
Rather than letting these transactions become a tangled mess, I document every purchase with a reimbursement form, ensuring that my business account pays me back and that my records are clear. This helps with:
- Tracking profits accurately – Knowing exactly how much I spent on inventory.
- Simplifying tax time – Proper documentation prevents confusion when filing taxes.
- Separating business and personal finances – Keeping things organized in case of an audit.
- Understanding my true costs – Avoiding underreporting business expenses, which affects profit margins.
When Should You Use an Expense Reimbursement Form?
As a reseller, I use a reimbursement form whenever I:
- Purchase inventory with personal funds instead of my business card.
- Pay for packaging supplies, like tissue paper, polymailers, or labels, out of pocket.
- Cover business-related shipping expenses when buying items for resale.
- Purchase tools or equipment for listing photos, such as lighting kits or mannequins.
What Should an Expense Reimbursement Form Include?
To keep things simple and professional, my reimbursement form always includes:
- Date of Request – The date I submit the reimbursement to my business account.
- Payee Name – My name, since I’m paying myself back.
- Expense Date – When I made the purchase.
- Expense Description – What I bought (e.g., “Nike sneakers from TJ Maxx”).
- Total Amount ($) – The exact amount spent.
- Payment Method – Whether I’m reimbursing myself via bank transfer or check.
- Approval Signature – Since I’m the business owner, I sign to confirm the reimbursement.
Expense Reimbursement Form Template
Below is a simple template you can use to track your reimbursements. You can print this out or create a digital version for easier management.
How to Store and Organize Your Forms
To keep your records clear and accessible, consider these organization methods:
- Digital Filing: Scan completed forms and save them in a dedicated cloud folder (Google Drive, Dropbox, etc.) categorized by month or year.
- Spreadsheet Tracking: Maintain a Google Sheet or Excel file with columns for dates, amounts, and descriptions, linking each entry to a scanned form.
- Physical Filing System: Use labeled folders to store printed copies, keeping all receipts attached for tax purposes.
- Accounting Software: Consider integrating reimbursement records into accounting tools like QuickBooks or Wave for automated tracking.
Expense Reimbursement Form Template
Expense Reimbursement Form
- Date of Request: ____________________
- Payee Name: ____________________
- Expense Date: ____________________
- Expense Description: ______________________________________
- Total Amount ($): ____________________
- Payment Method (Check/Transfer): ____________________
- Receipt Attached (Yes/No): ____________________
- Approval Signature: ____________________
Best Practices for Tracking Resale Expenses
Here are some tips I follow to make sure I stay on top of my finances:
- Always keep receipts: I staple my purchase receipts to my reimbursement form.
- Log every expense immediately: I don’t wait until the end of the month—I document as I go.
- Use a spreadsheet or accounting app: Tools like QuickBooks, Wave, or even a simple Google Sheet help me keep track.
- Reimburse myself regularly: Instead of waiting months, I move money from my business account to my personal account at least once a week for any inventory purchased with personal funds.
- Set business spending rules: I try to always use my business card, but when I can’t, I follow a clear reimbursement process.
Final Thoughts
Running a resale business on Poshmark or any other platform requires strong financial management. If you’re using personal funds for inventory or business-related expenses, having a structured Expense Reimbursement Form helps ensure your business finances remain clear, organized, and tax-compliant.
By keeping personal and business finances separate, you’ll have an easier time tracking profits, planning inventory budgets, and filing taxes—all while making sure you get reimbursed for every dollar spent on your growing business.
Do you track your resale expenses? Share your methods in the comments below!
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