How To Transition To Sync With Etsy For Bookkeeping

How To Transition To Sync With Etsy for QuickBooks

In this post, I’m going to walk you through how to transition from the journal entry method of Etsy bookkeeping that I call the Etsy Bank Method to using the Sync with Etsy App for QuickBooks Online. If you'd like to watch a video tutorial of this process, click here

Since Sync with Esty came out around February 2021, many of us had already done our January bookkeeping. So there are a few adjustments we need to make if we’re going to make the switch to Sync with Etsy as of 1/1/21. By choosing a 1/1/21 start date for Sync with Etsy we keep the bookkeeping method for the entire year consistent, however we need to make sure that the January bookkeeping we have already done does not create duplicate information in QuickBooks.

This post contains affiliate links. For more information, please see my disclosures.

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How To Reconcile Your Etsy 1099 To Your Bookkeeping Profit & Loss Report

How To Reconcile Your Etsy 1099 To Your Profit & Loss Report

Are you wondering why the amount on your Etsy 1099 doesn’t match the numbers you have in QuickBooks Online and how to fix it? In this post, I'll show you step-by-step how to tie out the profit and loss reports that you have in QuickBooks Online Simple Start to the 1099 you received from Etsy. (If you’d rather watch the video, click HERE.)

For every year that you have gross sales over $20k from your Etsy shop, you should receive a 1099. This amount will also be reported to the IRS. When you prepare your end of year financials, you may notice that the amount on your 1099 doesn’t quite match the amount you have in QuickBooks Online.

This post contains affiliate links. For more information, please see my disclosures.

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How To Set Up Sync With Etsy In QuickBooks Online

How To Set Up Sync with Etsy and QuickBooks Online

QuickBooks Online has just released a new integration that lets you connect any version of QuickBooks Online (Simple Start, Plus or Advanced) with your Etsy shop. This free integration allows you to automatically bring your Etsy sales and fees from Etsy to QuickBooks Online. After testing this new program, I’ve been impressed with how well it works. This is a very different integration than QuickBooks for Etsy (QuickBooks Self-Employed).

This post contains affiliate links. For more information, please see my disclosures.

In this post, I’m going to walk you through how to sync your Etsy shop with QuickBooks Online. Now, if you don’t already have QuickBooks Online, you can use my referral link here to get it. This is the program I use personally and recommend for Etsy shop owners. 

(Two notes as we get started: Sync with Etsy can only be connected to one Etsy shop at a time and it is currently available only to sellers in the U.S.)

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How To Track Your Etsy Inventory

This post shares a simple way to keep up with your Etsy product inventory

As an Etsy Seller, you’re constantly sourcing the raw materials you need to create your handmade items. But it's easy to forget where you purchased an item, the price you paid, or the product ID. That’s why it’s a good idea to keep track of your inventory information.

But let’s be honest. You didn’t start your Etsy shop so that you could keep up with your raw material—you started it so you could generate an income by sharing your creations with others. Fortunately, keeping good inventory records isn’t complicated. You can either create a spreadsheet or use a printable sheet like this.

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How To Record Jane Transactions In QuickBooks Online

How To Record Jane Transactions In QuickBooks Online

Jane is a popular online marketplace boutique where you can buy and sell clothing, home, and accessory products. In this post, I'm going to walk you through how to categorize the income and properly record Jane transactions in QuickBooks Online Simple Start.

This post contains affiliate links. For more information, please see my disclosures.

As you have probably realized, Jane takes a commission on the sale you make on the platform. The deposit you receive from Jane is the sale price, plus shipping income, less commissions, and less refunds. We need to break out all of those components in our bookkeeping records. Let's take a look at how we should handle that in QuickBooks. 

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How To Record Your Shopify Store Gift Card Sales & Redemptions In QuickBooks Online

How To Record Your Shopify Store Gift Card Sales & Redemptions In QuickBooks Online

Before you begin recording your Shopify gift card sales and redemptions, be sure to watch the video I created that shows you step-by-step how to do your monthly Shopify bookkeeping. The method I describe in this post is based on the method I demonstrated in the overview video. You can watch the first video HERE.

This post contains affiliate links. For more information, please see my disclosures.

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Why You Should Not Use QuickBooks for Etsy (QuickBooks Self-Employed) for Your Etsy Shop Bookkeeping

Quickbooks makes their Self-Employed product sound like the perfect solution for Etsy sellers. However, there are a few serious issues. Be sure to read this post to find out why you should NOT use QuickBooks Self-Employed for your Etsy shop bookkeeping.

The advertisements for QuickBooks for Etsy are so appealing! "Instant integration with your Etsy shop." "Track your sales, expenses, and tax-deductions." "Tidy up your shop's finances." With all of those promising claims, who wouldn't want to use QuickBooks for Etsy, otherwise known as QuickBooks Self-Employed, for their Etsy shop?

Let me explain why you might want to think twice before selecting this particular platform for your shop bookkeeping (in all but a few select circumstances). I'll also offer a great alternative. In case you're wondering, I'm both an accountant and an Etsy seller, so I have unique skills in evaluating QuickBooks for Etsy. Let's get started!

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Ultimate Holiday Gift Guide For Business Owners

Looking for a gift for an entrepreneur? Then be sure to check out this Ultimate Gift Guide for Business Owners. It's full of ideas to help you choose to the perfect gift.

Wondering what to get the business owner in your life? Keep reading because I’ve got an epic round-up of tried and true ideas that will help find the perfect gift. You can think of this post as your personal holiday gift guide for business owners. The best part is that you can use this list as a resource year-round when it’s time to send a gift to a business owner.

This post contains affiliate links. Please see my disclosures for more information.

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Do Etsy Sellers Need Insurance?

Many Etsy sellers ask whether they need insurance. Be sure to check out this article to learn more about the various options there are for insurance.

Many people love the idea of turning their handmade hobby into a side hustle. Opening an Etsy shop is one of the best ways to make that dream come true. However, there are certain things to consider before starting your journey selling handmade products. One item to consider is the need for insurance.

Do Etsy Sellers need insurance? The short answer is no; an Etsy seller is not required to have insurance to sell through Etsy. However, it is always a good idea when starting a new business or side hustle to assess the need for insurance.

Although Etsy doesn't require sellers to carry insurance, it may still be a smart business move to purchase insurance for your small business. In addition, Etsy has other terms and conditions for selling on their site that you need to follow.

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How to Do Your Amazon Seller Bookkeeping in QuickBooks Online

How to Do Your Amazon Seller Bookkeeping in QuickBooks

Amazon Seller Central is a popular platform for selling products online. But bookkeeping for this platform presents some unique challenges. In this post, I'll share best practices for how to record your revenue and expenses in QuickBooks Online. 

(This information is for educational purposes only and does not constitute tax or legal advice. This post contains affiliate links. For more information, please see my disclosures.)

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