Thank you for your videos! We are a small business and recently started selling products on Etsy and Amazon. The Etsy Quickbooks integration seemed a little overwhelming and confusing at first, but your video really helped us understand it. Your channel is an amazing resource for small business owners - thank you for sharing your knowledge!
I understand how the Etsy bank works thanks to this video. I do not understand the Etsy deposits into my business checking account that happen on a weekly basis and how that fits into the picture. Thank you Sarah!
At first, you will need to categorize those deposits to Etsy Bank. In future, those deposits in your checking will Match to the Etsy Bank feed. The concept is a bit weird to grasp, but I would recommend just really studying the ins and outs of Etsy Bank to understand how it all works together.
Hello! Thanks so much for all the videos, they've been a big help. Have you been affected with the Sync with Etsy app not working in QBO since April 4th? It was finally fixed a couple days ago, but now not working again. I'm guessing I'll just need to go with the old way of dealing with Etsy in QBO and NOT use the Sync with Etsy app, but I wondered how you were handling it. (Yes I've been on chat help with both QBO and Etsy--both say it's the other's fault. Yes I've been reading all the posts in the QBO community forum. I have tried different browsers, incognito, cleared cache, disconnected and reconnected app. But alas....today sales are not importing AGAIN.)
Your question got lost in the shuffle, sorry! After the April connection issue, I did decide to discontinue using Sync with Etsy, instead, I use my tried and true journal entry method: th-cam.com/video/qg4V3KJB6_w/w-d-xo.html For the month of April, I just ran a P&L in QB, compared the Etsy lines to what I would have calculated for the journal entry, and then posted an entry for the difference. This will get your QB numbers back on track even though many of the orders/sales were missing in April.
@@SmallBusinessSarah thanks so much! The April fiasco was such a bummer. Really sorry the Sync with Etsy is not a reliable tool. Your videos have been a huge help. Cheers!
Just found this! Thank you! i started this journey in september 2020 so im waiting for my data to load into quickbooks so i can pay the man properly hahah.
Hi Sarah! Do you know when you will be uploading your follow up video? I came across your page and I am not sure if I should follow your method without the " Sync with Etsy" or wait for the video? Please let me know :)
How do we add product purchase price (cost of the product) ? For each listing we could enter the cost of the product. Every time sales is made from that particular listing . It will add the cost and show us the net profit on that sales.
hi!! this is amazing!! my wife use ETSY shop for her business, and I try to keep her books. To do this I am starting with QB online this year, and my question is could I link and sync ETSY from 1/1/22 and forward?. And my second question is if QB has sync with SHOPIFY and FAIRE. THANKS FOR YOUR VIDEOS, ARE SO HELPFUL
You can go back and bring in Etsy data starting from 1/1/22. They don't have something exactly like this for Shopify or Faire. I think they are starting to promote their QB Commerce for things like this, but I haven't tested it yet.
Sarah, pertaining to 3:44 - 4:15 of this video... how do you deal with those charges? They show up on my Business Checking account, but not my Sync With Etsy made account. I was thinking of recording them as a transfer - as I don't want to double count them. The Sync With Etsy created account has the original charge for these, so when Etsy pulls money from my Business Checking to cover it - I feel I should mark as a transfer and not as an expense again. Is this correct? Or am I thinking about it all wrong? I also marked all the deposits of money from the Sync With Etsy created account to my Business Checking account as transfers. It was already recorded as income in the Sync With Etsy created account at time of sale.
Yes, same concept as your other question which I just answered as well. Those charges from Etsy you should categorize/transfer them to Etsy (shop name). Going forward, these will also appear as a Match. You are right that if you recorded them as expenses you will be double-counting expenses.
Thank you for your videos they have been super helpful! I have a US account with Etsy but I have a Canadian business. Deposits are in Canadian funds. Do you know if the integration would work for me? Also, sales tax might mess things up! Any suggestions?
I just subscribed to quickbooks self employed and I could not integrate it with my Esty account after watching this video I think I will just subscribe for the simple start and follow your step thank you 🙏
So glad I stumbled upon this. I'm flailing right now with QB Self Employed - overcounting etsy expenses and undercounting income etc. So, I guess I will buy QB Online and then this sync option going back to the beginning of the year. My (initial) question -- how to include sales/revenue that is outside of the etsy shop (about 5% of my total) using QB Online?
When you sign up for QuickBooks Online you should link all of your business financial accounts to QuickBooks. So whenever you have deposits from other revenue streams, you can just categorize those to their own Category, name of your choosing.
Totally new to quickbooks and hope to use your videos to help me set it up. Im already confused about what plan I need. If I sell on Amazon and have 2 Etsy shops do I need the Essential plan. You mentioned simple start in another video but it says you can only connect 1 sales channel so do I need Essential?
No you don't need Essentials. Maybe you are talking about the new QB commerce? If you are just doing your bookkeeping like I show in all of my videos, then Simple Start is perfect, here's my affiliate link: www.SmallBusinessSarah.com/quickbooks
hi Sarah im, new to quick books and was so confused about the website so came here to learn. ty so much for teaching us> I make money leis so I return money on the lei to clients. but Etsy doesn't track that. how would I report this?
I would make sure to always withdraw the money I use for the leis from my business bank account. Then, in the bank feed, when you see a withdraw of money, categorize that to Cost of Goods Sold.
I love your videos and I love that there is an integration now! Before I jump to qbo...does this integration import your actual sales receipt so you don't have to enter it as well or just the fees?
Hi Sarah! Can you tell me if the Etsy SKU information can populate in QBO via the interface? And if it doesn't, how do we add that information into QBO (I'm assuming on the Sales Receipt?). We also use Shopify and that interface brings in the Dept and SKU info!
I don't think the SKU information populates into the sales receipt automatically. You may have to do a separate sales receipt to affect inventory in QB. I would recommend monthly otherwise it will be extremely time intensive.
Hi, I'm really confused, I am new to QBO, I set up the sync with Etsy but it has imported just my sales. This being the gross amount of the sale but no transaction fees. Is there something I am missing? I think I need to show the gross sale as income and then all the different transaction fees related as expenses. I am in the UK so maybe this is how it works for us here? Any guidance would be really appreciated... Not using QB self employed if that makes a difference...
@@SmallBusinessSarah thank you, I suspected that might be the case. I've just found another lovely video from you called "best way to record your Etsy shop sales and fees without integration" I think that will work for me 🤞 thank you so much!
Hi Sarah! I just found your videos after finding a major issue with Quickbooks Self Employed! What a crap bookkeeper I am. I have so much to learn! So by taking your advice, if I switch to QB Online, what would you recommend I do for my second Etsy shop? Not too much income in the second one. Would you recommend just an old fashioned book keeping for that one? Or can you link me to one of your videos explaining it? Thank you so much… you have been such a lifesaver in figuring this all out.
This is my old video to answer your question: th-cam.com/video/6jdIWNSnRpg/w-d-xo.html However, just recently Etsy started redoing their Financial reporting and CSV files. I'm in the process of creating new content about my recommendation. But it will be a similar holding account method, journal entry, as this video.
I need help with categorizing my Etsy income fees and deposits with the self employment. I feel like something is off. Do you have a tutorial just for that? It looks like I have a lot of sales and deposits listed as income and I’m worried it’s doubled up
Very interesting! Thanks so much. Question though... for those of us who have been using your Etsy Bank method... is this something we should be doing instead now? Is there any reason to do the Etsy bank method anymore? Ive been using that since January 2021 and would love more info perhaps in your next video on what to do if we are switching from Etsy Bank method to this one. I am just imagining have 2 Etsy buckets and my information being a little confusing to swap mid year but maybe I am overthinking?
Allyson - I am in the same boat and I don't know if it was the right thing to do but I had already reconciled my Jan and Feb with Sarah's Etsy Bank Method and when I loaded the Sync with Etsy App I selected it to start at March 2021. I saw how well its did and liked how it brought in all the income and fees, I went back and changed my sync date to Jan 1 2021 and deleted my 2 reconciliations for Jan and Feb. I don't know if this is the right thing to do but when I looked at the numbers on my profit and loss they matched up with the first sync. The only thing I am not sure what to do with is my weekly Etsy income deposits that are going to my Etsy Mock Bank account that I set up with Sarah's Etsy Bank Method. From what I can tell I can leave it where it is. Can't wait to learn more.
@@2catsandtheirmom thanks for sharing how that went! I ended up just doing the old Etsy bank method (using the etsy entry app) for March and figured I would hold off on her next video before I change anything over. Its not hard to do it this way but I feel like having that info happen more or less daily would be more useful to look at numbers in real time compared to inputting it once each month. Hoping Sarah can chime in on the official suggestions of what to do for those of us using her old method! Was your account messy when you synced for March only? I picture having the chart of accounts being all messy and duplicated and Im scared to mess up anything when so far my bookkeeping for 2021 has been clean and polished haha.
@@arcanefox3791 No not messy at all. Like I said I did March first and then decided to Just start with a clean slate for the year and went in to MY APPS and edited the date to Jan 1. Once you do this, it takes about 15 minutes to get everything transferred over. I held off deleting my 2 journal entries for Jan and Feb until I finished. Ran a report and I knew I would see duplication but once I went in and deleted the 2 journal entries and went back to report it was all fine. I then went in and re-routed all of my weekly deposits for the Old Bank Method to the New Etsy Bank. I cannot wait until her new video comes out. : )
These are good questions which I will address in the next video. However, I will do my best to explain here. If you used the old Etsy Bank Method for January & Feb, but used Sync with Etsy starting March 1st, you don't need to change what you did for Jan & Feb. The only weird thing is that you will have two groups of Etsy Income and Expense accouts this year. You should go to +New and record a transfer of your ending Etsy Bank balance to the new Etsy bank that Sync with Etsy created. If you did the old method for Jan & Feb and then did Sync with Etsy as of 1/1, then you should delete your Jan & Feb entries. You will also need to re-categorize your Jan & Feb Etsy deposits to the new Etsy bank account. And then finally you will record the transfer from the old Etsy bank to the new. I promise I will create the follow-up video, things have just been hectic!
Sarah you have been so helpful. I finally synced my all the way back to Jan 1 with the Etsy Sync App on QB and deleted my Jan Feb Mar journal entries that I had already created using your system. My BIG questions is - when I set this up under your system last year, we changed the Etsy deposits to go in to a Mock Etsy account. Do I need to change account for the deposits now and if so to where. I tried my back account but got an error message.
If you linked Sync with Etsy as of 1/1/21, then all Etsy deposits this year will need to be categorized to the new Etsy bank account that Sync with Etsy created. But don't change last year!
I'm just now starting to work on getting everything sorted out and just made an acct. with quickbooks self employed two days ago. I'm confused on the Etsy Sync and then adding my business checking into the mix. It looks like my business made more than it did when I add my checking acct into the mix. Basically it looks like the income from the Etsy Sale is listed as income, but then when I get the Etsy Transfer into my checking its also taking into acct, that sale that already posted. How do I reconcile that? I hope I'm explaining this correctly
This video isn't using QuickBooks Self-Employed. The Sync with Etsy integration is with QuickBooks Online, a different product altogether than self-employed.
Unfortunately the QBO stopped importing transactions... this has totally messed with the smooth process. Can you please give advice how we can correct this.
Sync with Etsy was doing so good for so long! But you are right, there was a glitch in April. Word on the street is that QB is trying to fix things, but I'm not sure if the fix has worked yet. This is how I do Etsy bookkeeping without Sync with Etsy: th-cam.com/video/qg4V3KJB6_w/w-d-xo.html . April will be a bit weird, because some of the information came in through sync with Etsy and some didn't. At the end of the month I would compare your April P&L to the financial summary mentioned in the video, and post an entry for the differences. Balance goes to Etsy Bank. Then you can continue on with the journal entry method fresh in May if sync with Etsy hasn't been fixed.
I tried syncing with Etsy and it's syncing 0 of my transactions -- is there any support for this app? I contacted quickbooks and they couldn't help me. I love this app in the past and I'm SO disappointed it's NOT working at all :( Any help appreciated. Thank you!! @@SmallBusinessSarah
Where should I start??? I made the mistake of not doing it right from the start. I have two personal bank accounts, and one personal credit card that I used all year 2021, to make purchase (for supplies) from and receive deposits to. Where should I start to get organized with this chaos?
You can link your personal accounts to QB, you will just have more transactions than necessary to sort through. I recommend getting business accounts opened as soon as possible so that 2022 is a bit easier for you!
This is awesome - when do you plan to cover beginning balance? Also, you did not mention anything about Sales Tax, which you spent a bit of time on in your previous videos, does this new tool break that out as well? Appreciate your work on You Tube, it's a lifesaver (and thanks for your newsletter as well!)
@@SmallBusinessSarah I have a new client that is using Sync with Etsy and the sales tax collected is not showing on the sales tax liability report. They are in MO and it is not a state Etsy remits sales tax, so it just gets dumped into an "etsy sales tax" account, which again, doesn't actually reflect on the liability report. Any Suggestions?
Is the version QuickBooks simple start the one that you are recommending for the basic shop. I know it's for US based etsy accounts but it will still bring in Canada sales correct. Thanks
The answer to your question is in Sarah's video and in the description of the integration app itself 😉, which is one etsy shop per QBO integration. Let's hope QB changes that to allow connections to multiple etsy shops from the same QBO integration app.
Hi Sarah, Question: Knowing exactly what products are sold is important to me, so I enter my sales receipts from Etsy manually by individual product that I have set up in the Sales from Product Income categories. Since the sync with etsy app won't do that, can I go in and edit the sales receipt and choose from my product listings in the Sales from Product Income that I already have in place?
You can edit the Sales Receipts that Sync with Etsy brings in, and I think it should work. Just be advised I have not actually tried this, so it's possible there could be unintended consequences I don't know about!
So I admit I have not finished watching this or your other recent videos - I just came across them today, but I'm stumped at trying to reconcile Etsy - but only find the csv files - I'm used to using PDF files with beginning and ending balances. My Etsy bank register in QB has a balance in the $thousands - so something is off ... any idea what's wrong? and how to get those beginning/ending balances so i can reconcile like i'm use to doing? Also I messed up and although my bank account snapshots (transactions/banking) all have accurate balances, when I go to the individual accounts and reconcile, they're off and the more i try to fix, the more I mess them up. I have read and re-read how to 'fix' them but I'm clearly missing something :( off to watch your videos ... thank you!
I like it okay. It usually works very well, although sometimes there will be little glitches in time where transactions are not brought over. These days, I tend to all of my clients using my journal entry method, which I find fairly simple and straightforward. th-cam.com/video/qg4V3KJB6_w/w-d-xo.html
@@SmallBusinessSarah Yeah, it's nice until it stops working. I'd love to switch over to your method but there's so much that Etsy app already dumped into my QBO and I'm dreading having to manually back it all out and reconstruct it.
I have tried using the etsy sync app for quickbooks. It isn't syncing so I then tried using etsy entry app on your website. Is the esty entry app not working?
The Etsy Entry App on my website is old, there should be a note at the top not to use it anymore. This is the current system I'm using: th-cam.com/video/qg4V3KJB6_w/w-d-xo.html
Hi Sarah, I'm trying to follow your video but I hit a speed bump. When I try to click on where to deposit it only gives " cash" as an option. What am I doing wrong? I've had an Etsy shop for years and it deposits to my business bank account. TIA! And thanks for this video!
I have three Etsy shops. I have Sync with Etsy import my busiest store, and the chart of accounts show simply "Etsy" for the various expenses. With your method I'm using for my other accounts, I was planning on labeling each individual store separately (IE "Etsy BLP, Etsy TKT") for the chart of accounts, as I have labeled their Etsy banks. I noticed on your balance sheet that you have banks for each of your Etsy stores, but the chart of accounts seem to be all the same bucket. Isn't it important to have those stores listed separately in the chart of accounts, to see how each individual store is doing? If so, can I just leave what Sync creates alone, and add my additional descriptions to the other two stores?
I always create separate income and expense accounts for each shop, and label them in a similar method that you are planning. Sometimes I use the same Etsy Bank account for multiple shops, but not with the Sync with Etsy bank. And it can be just as easy to use separate Etsy bank accounts too.
It will often include a few transactions from 12.31 of the year before. Just delete those couple of transactions. I think it has to do with time zones.
I'm sure you're aware that the sales totals reported from Etsy to QB include the sales tax amount remitted by Etsy to the states. Are you aware of a means of entering this in QB in order to avoid being taxed on the incorrect amount? I'm a QB Self Employed user.
There is a big difference between self-employed and regular QB online. Yes, QB self-employed will overstate your income, I have an article on my website about that. This is a new integration with Quick Books Online, NOT self-employed. It will not overstate your income.
Unfortunately with self-employed, you can't make adjustments. So I would use your 1099 income number for taxes (less any sales tax you actually received) and not your self-employed figure. You can use your self-employed expense figures
Question. I have a personal bank card that i linked to my etsy shop when i first started my shop in 2020. This year, more like just now this month I opened the Quickbooks online for small businesses account and they gave me a new checking account and card with them. So i now have 2 cards. I made the mistake of not having 2 separate cards for personal and business expenses. I would like to fix that at this moment. Should I start using my new quickbooks checking account with etsy finances? So remove my personal account and use the new account for all things etsy and business only? please help, i dont want to ruin things. I would use the new quickbooks card for only business expenses and i would transfer money to my personal checking for personal expenses.
Hi there! I followed your steps, and pulled in all data starting at 1/1/2021. However, the feed pulled in a few things from 2019. Do I go into the Etsy (Company) register. and manually delete the 2019 items? Also even though it says 'bank', the Etsy (Company) doesn't show up on the banking tab. Should there be a Opening Equity amount that you mentioned in the (Part 7 Video 2)?
The few 2019 items are a time zone issue. I would use the statement csv files to determine if you need to keep those items or not. And yes, you probably will need a beginning balance for the new Etsy bank. And it will not show up on the Banking Tab because it's not linked to a bank account, but it does have a register.
My issue is that I have a million receipts for things I buy online. Any tips on how to organize those to get my expenses calculated for tax purposes? I buy from amazon, ebay, aliexpress, and local craft stores. I'm not even going to try to find those receipts, the ones from craft stores. Too much work and not sure I will be able to tell what each thing is. I don't have one card I use for all business purchases.
@notbookluvr do you use a credit. I have one Capital One business credit card and I use it for all my purchases (I don't mix my personal and business cards) -- it is tied in to quickbooks just like the Etsy Sync App. It is easy peasy. I do nothing. The credit cards expenses are fed in to my QB account and I initially categorize, things, like phone, supplies, prints, etc. and then It auto categorizes for you each month I do check it every month but that only takes about 3 minutes and if I need to edit or make a new category of expenses I can. I am very detailed so I have lots of categories and it is a great way to see where my money is going in monthly printed reports. It has relieved me of hours and days of bookkeeping.
You can use the quickbooks app to take snapshots of your receipts, and it does a pretty good job of scanning and pulling the info (date, price and account) and then you can match it to expenses. I use this all the time, and then for that expense you have an attachment with it of the snapshot. You can also setup email forwarding where QB lets you make an e-mail address through it, and you just forward receipts to it. So, when I buy fabric for example I just forward that confirmation e-mail to my quickbooks email. QB does all the work to scan it for the info and when I see the charge on my debit card I simply click "match" and thats that. No more paper for me. I make sure everything is digital and no messy crinkly receipts of wasting paper printing online receipts :)
When I sync my Etsy shop, QB automatically registers all transactions as “undeposited funds” other current assets and NOT as a bank just like in your sample. Can I change this to a bank account manually or do you not recommend that and why?
Thank you so much! I just signed up for Greenback last month. (I also just transferred over from Quickbooks Self Employed to Quickbooks Online.) So do you recommend that I cancel my Greenback account and only use the Sync with Etsy integration?
Thank you for your videos! We are a small business and recently started selling products on Etsy and Amazon. The Etsy Quickbooks integration seemed a little overwhelming and confusing at first, but your video really helped us understand it. Your channel is an amazing resource for small business owners - thank you for sharing your knowledge!
You are so welcome!
Thank You! Just followed along and integrated my Etsy shop and QB...THIS. IS. AWESOME! 👏 👏 👏
It really is awesome!
incredible content Sarah Korhnak. I smashed that thumbs up on your video. Keep up the terrific work.
Thank you so much!
I understand how the Etsy bank works thanks to this video. I do not understand the Etsy deposits into my business checking account that happen on a weekly basis and how that fits into the picture. Thank you Sarah!
At first, you will need to categorize those deposits to Etsy Bank. In future, those deposits in your checking will Match to the Etsy Bank feed. The concept is a bit weird to grasp, but I would recommend just really studying the ins and outs of Etsy Bank to understand how it all works together.
These are exciting news!
Great info!!!! Thanks so much 🙏
Hello! Thanks so much for all the videos, they've been a big help. Have you been affected with the Sync with Etsy app not working in QBO since April 4th? It was finally fixed a couple days ago, but now not working again. I'm guessing I'll just need to go with the old way of dealing with Etsy in QBO and NOT use the Sync with Etsy app, but I wondered how you were handling it. (Yes I've been on chat help with both QBO and Etsy--both say it's the other's fault. Yes I've been reading all the posts in the QBO community forum. I have tried different browsers, incognito, cleared cache, disconnected and reconnected app. But alas....today sales are not importing AGAIN.)
Your question got lost in the shuffle, sorry! After the April connection issue, I did decide to discontinue using Sync with Etsy, instead, I use my tried and true journal entry method: th-cam.com/video/qg4V3KJB6_w/w-d-xo.html For the month of April, I just ran a P&L in QB, compared the Etsy lines to what I would have calculated for the journal entry, and then posted an entry for the difference. This will get your QB numbers back on track even though many of the orders/sales were missing in April.
@@SmallBusinessSarah thanks so much! The April fiasco was such a bummer. Really sorry the Sync with Etsy is not a reliable tool. Your videos have been a huge help. Cheers!
Just found this! Thank you! i started this journey in september 2020 so im waiting for my data to load into quickbooks so i can pay the man properly hahah.
The man always wants paid! LOL
Hi Sarah! Do you know when you will be uploading your follow up video? I came across your page and I am not sure if I should follow your method without the " Sync with Etsy" or wait for the video? Please let me know :)
Took me a while, but here you go! th-cam.com/video/MAfljPoTvLM/w-d-xo.html
How do we add product purchase price (cost of the product) ?
For each listing we could enter the cost of the product. Every time sales is made from that particular listing . It will add the cost and show us the net profit on that sales.
I keep things simple! This is how I handle inventory purchases and COGS. th-cam.com/video/NoCOga8NAvo/w-d-xo.html
hi!! this is amazing!! my wife use ETSY shop for her business, and I try to keep her books. To do this I am starting with QB online this year, and my question is could I link and sync ETSY from 1/1/22 and forward?. And my second question is if QB has sync with SHOPIFY and FAIRE. THANKS FOR YOUR VIDEOS, ARE SO HELPFUL
You can go back and bring in Etsy data starting from 1/1/22. They don't have something exactly like this for Shopify or Faire. I think they are starting to promote their QB Commerce for things like this, but I haven't tested it yet.
Sarah,
pertaining to 3:44 - 4:15 of this video... how do you deal with those charges? They show up on my Business Checking account, but not my Sync With Etsy made account. I was thinking of recording them as a transfer - as I don't want to double count them. The Sync With Etsy created account has the original charge for these, so when Etsy pulls money from my Business Checking to cover it - I feel I should mark as a transfer and not as an expense again.
Is this correct? Or am I thinking about it all wrong?
I also marked all the deposits of money from the Sync With Etsy created account to my Business Checking account as transfers. It was already recorded as income in the Sync With Etsy created account at time of sale.
Yes, same concept as your other question which I just answered as well. Those charges from Etsy you should categorize/transfer them to Etsy (shop name). Going forward, these will also appear as a Match. You are right that if you recorded them as expenses you will be double-counting expenses.
Could you sync the inventory with QuickBooks online to Etsy?
Thank you for your videos they have been super helpful! I have a US account with Etsy but I have a Canadian business. Deposits are in Canadian funds. Do you know if the integration would work for me? Also, sales tax might mess things up! Any suggestions?
I have not encountered your scenario yet, sounds confusing! I'm sorry I don't have any advice to give!
I just subscribed to quickbooks self employed and I could not integrate it with my Esty account after watching this video I think I will just subscribe for the simple start and follow your step thank you 🙏
This is for Simple Start and higher, not self-employed. I do not recommend self-employed.
Self employed is even easier to link. You can connect more than one Etsy shop. You can link your shop through the bank linking feature.
Happy Dancing!
So glad I stumbled upon this. I'm flailing right now with QB Self Employed - overcounting etsy expenses and undercounting income etc. So, I guess I will buy QB Online and then this sync option going back to the beginning of the year. My (initial) question -- how to include sales/revenue that is outside of the etsy shop (about 5% of my total) using QB Online?
When you sign up for QuickBooks Online you should link all of your business financial accounts to QuickBooks. So whenever you have deposits from other revenue streams, you can just categorize those to their own Category, name of your choosing.
Totally new to quickbooks and hope to use your videos to help me set it up. Im already confused about what plan I need. If I sell on Amazon and have 2 Etsy shops do I need the Essential plan. You mentioned simple start in another video but it says you can only connect 1 sales channel so do I need Essential?
No you don't need Essentials. Maybe you are talking about the new QB commerce? If you are just doing your bookkeeping like I show in all of my videos, then Simple Start is perfect, here's my affiliate link: www.SmallBusinessSarah.com/quickbooks
@@SmallBusinessSarah thank you! Im going to start over with simple start.
Which is the 2nd video to this one? Is there a link?
th-cam.com/video/MAfljPoTvLM/w-d-xo.html
In the UK the integration only imports income, no fees 😢 Is there any sense in using it at all then?
Try this method instead if Sync with Etsy isn't working: th-cam.com/video/qg4V3KJB6_w/w-d-xo.html
So this gets rid of the excel spreadsheet step? If so thats so exciting!
Yep! Easy least!
Peasy! Not least!
Amazing!
hi Sarah im, new to quick books and was so confused about the website so came here to learn. ty so much for teaching us> I make money leis so I return money on the lei to clients. but Etsy doesn't track that. how would I report this?
I would make sure to always withdraw the money I use for the leis from my business bank account. Then, in the bank feed, when you see a withdraw of money, categorize that to Cost of Goods Sold.
I love your videos and I love that there is an integration now! Before I jump to qbo...does this integration import your actual sales receipt so you don't have to enter it as well or just the fees?
It brings in sales through a sales receipt, and it also captures all the fees.
Hi Sarah! Can you tell me if the Etsy SKU information can populate in QBO via the interface? And if it doesn't, how do we add that information into QBO (I'm assuming on the Sales Receipt?). We also use Shopify and that interface brings in the Dept and SKU info!
I don't think the SKU information populates into the sales receipt automatically. You may have to do a separate sales receipt to affect inventory in QB. I would recommend monthly otherwise it will be extremely time intensive.
How would we reconcile to make sure all the figures match? Thank you
If I click all transactions the deposits and fees are off. Can you help? Thank you
Hi, I'm really confused, I am new to QBO, I set up the sync with Etsy but it has imported just my sales. This being the gross amount of the sale but no transaction fees. Is there something I am missing? I think I need to show the gross sale as income and then all the different transaction fees related as expenses. I am in the UK so maybe this is how it works for us here?
Any guidance would be really appreciated... Not using QB self employed if that makes a difference...
I didn't think that Sync with Etsy was available outside the US. Maybe they are still working out some kinks for sellers outside the US? Not sure.
@@SmallBusinessSarah thank you, I suspected that might be the case.
I've just found another lovely video from you called "best way to record your Etsy shop sales and fees without integration" I think that will work for me 🤞 thank you so much!
Hi Sarah! I just found your videos after finding a major issue with Quickbooks Self Employed! What a crap bookkeeper I am. I have so much to learn! So by taking your advice, if I switch to QB Online, what would you recommend I do for my second Etsy shop? Not too much income in the second one. Would you recommend just an old fashioned book keeping for that one? Or can you link me to one of your videos explaining it? Thank you so much… you have been such a lifesaver in figuring this all out.
This is my old video to answer your question: th-cam.com/video/6jdIWNSnRpg/w-d-xo.html However, just recently Etsy started redoing their Financial reporting and CSV files. I'm in the process of creating new content about my recommendation. But it will be a similar holding account method, journal entry, as this video.
I need help with categorizing my Etsy income fees and deposits with the self employment. I feel like something is off. Do you have a tutorial just for that? It looks like I have a lot of sales and deposits listed as income and I’m worried it’s doubled up
I don't recommend using QB Self-employed because you can end up double counting. I don't have a tutorial about QBSE because I don't use it.
Very interesting! Thanks so much. Question though... for those of us who have been using your Etsy Bank method... is this something we should be doing instead now? Is there any reason to do the Etsy bank method anymore? Ive been using that since January 2021 and would love more info perhaps in your next video on what to do if we are switching from Etsy Bank method to this one. I am just imagining have 2 Etsy buckets and my information being a little confusing to swap mid year but maybe I am overthinking?
Allyson - I am in the same boat and I don't know if it was the right thing to do but I had already reconciled my Jan and Feb with Sarah's Etsy Bank Method and when I loaded the Sync with Etsy App I selected it to start at March 2021. I saw how well its did and liked how it brought in all the income and fees, I went back and changed my sync date to Jan 1 2021 and deleted my 2 reconciliations for Jan and Feb. I don't know if this is the right thing to do but when I looked at the numbers on my profit and loss they matched up with the first sync. The only thing I am not sure what to do with is my weekly Etsy income deposits that are going to my Etsy Mock Bank account that I set up with Sarah's Etsy Bank Method. From what I can tell I can leave it where it is. Can't wait to learn more.
@@2catsandtheirmom thanks for sharing how that went! I ended up just doing the old Etsy bank method (using the etsy entry app) for March and figured I would hold off on her next video before I change anything over. Its not hard to do it this way but I feel like having that info happen more or less daily would be more useful to look at numbers in real time compared to inputting it once each month. Hoping Sarah can chime in on the official suggestions of what to do for those of us using her old method! Was your account messy when you synced for March only? I picture having the chart of accounts being all messy and duplicated and Im scared to mess up anything when so far my bookkeeping for 2021 has been clean and polished haha.
@@arcanefox3791 No not messy at all. Like I said I did March first and then decided to Just start with a clean slate for the year and went in to MY APPS and edited the date to Jan 1. Once you do this, it takes about 15 minutes to get everything transferred over. I held off deleting my 2 journal entries for Jan and Feb until I finished. Ran a report and I knew I would see duplication but once I went in and deleted the 2 journal entries and went back to report it was all fine. I then went in and re-routed all of my weekly deposits for the Old Bank Method to the New Etsy Bank. I cannot wait until her new video comes out. : )
These are good questions which I will address in the next video. However, I will do my best to explain here. If you used the old Etsy Bank Method for January & Feb, but used Sync with Etsy starting March 1st, you don't need to change what you did for Jan & Feb. The only weird thing is that you will have two groups of Etsy Income and Expense accouts this year. You should go to +New and record a transfer of your ending Etsy Bank balance to the new Etsy bank that Sync with Etsy created. If you did the old method for Jan & Feb and then did Sync with Etsy as of 1/1, then you should delete your Jan & Feb entries. You will also need to re-categorize your Jan & Feb Etsy deposits to the new Etsy bank account. And then finally you will record the transfer from the old Etsy bank to the new. I promise I will create the follow-up video, things have just been hectic!
what about cost of goods???
I keep things simple, this is how I handle it: th-cam.com/video/NoCOga8NAvo/w-d-xo.html
Sarah you have been so helpful. I finally synced my all the way back to Jan 1 with the Etsy Sync App on QB and deleted my Jan Feb Mar journal entries that I had already created using your system. My BIG questions is - when I set this up under your system last year, we changed the Etsy deposits to go in to a Mock Etsy account. Do I need to change account for the deposits now and if so to where. I tried my back account but got an error message.
If you linked Sync with Etsy as of 1/1/21, then all Etsy deposits this year will need to be categorized to the new Etsy bank account that Sync with Etsy created. But don't change last year!
I'm just now starting to work on getting everything sorted out and just made an acct. with quickbooks self employed two days ago. I'm confused on the Etsy Sync and then adding my business checking into the mix. It looks like my business made more than it did when I add my checking acct into the mix. Basically it looks like the income from the Etsy Sale is listed as income, but then when I get the Etsy Transfer into my checking its also taking into acct, that sale that already posted. How do I reconcile that? I hope I'm explaining this correctly
This video isn't using QuickBooks Self-Employed. The Sync with Etsy integration is with QuickBooks Online, a different product altogether than self-employed.
Unfortunately the QBO stopped importing transactions... this has totally messed with the smooth process. Can you please give advice how we can correct this.
Sync with Etsy was doing so good for so long! But you are right, there was a glitch in April. Word on the street is that QB is trying to fix things, but I'm not sure if the fix has worked yet. This is how I do Etsy bookkeeping without Sync with Etsy: th-cam.com/video/qg4V3KJB6_w/w-d-xo.html . April will be a bit weird, because some of the information came in through sync with Etsy and some didn't. At the end of the month I would compare your April P&L to the financial summary mentioned in the video, and post an entry for the differences. Balance goes to Etsy Bank. Then you can continue on with the journal entry method fresh in May if sync with Etsy hasn't been fixed.
I tried syncing with Etsy and it's syncing 0 of my transactions -- is there any support for this app? I contacted quickbooks and they couldn't help me. I love this app in the past and I'm SO disappointed it's NOT working at all :( Any help appreciated. Thank you!! @@SmallBusinessSarah
Where should I start??? I made the mistake of not doing it right from the start. I have two personal bank accounts, and one personal credit card that I used all year 2021, to make purchase (for supplies) from and receive deposits to. Where should I start to get organized with this chaos?
You can link your personal accounts to QB, you will just have more transactions than necessary to sort through. I recommend getting business accounts opened as soon as possible so that 2022 is a bit easier for you!
This is awesome - when do you plan to cover beginning balance? Also, you did not mention anything about Sales Tax, which you spent a bit of time on in your previous videos, does this new tool break that out as well? Appreciate your work on You Tube, it's a lifesaver (and thanks for your newsletter as well!)
I will cover beginning balances in the next video and sales tax. Rest assured Sync with Etsy does handle sales tax appropriately.
@@SmallBusinessSarah I have a new client that is using Sync with Etsy and the sales tax collected is not showing on the sales tax liability report. They are in MO and it is not a state Etsy remits sales tax, so it just gets dumped into an "etsy sales tax" account, which again, doesn't actually reflect on the liability report. Any Suggestions?
Is the version QuickBooks simple start the one that you are recommending for the basic shop. I know it's for US based etsy accounts but it will still bring in Canada sales correct. Thanks
Yes. It will still bring I all of your world wide sales. As long as you are based in the U.S. it will work.
Can you integrate multiple etsy shops to your quickbooks online account using the app or do you have to use a journal entry for the other etsy shop?
The answer to your question is in Sarah's video and in the description of the integration app itself 😉, which is one etsy shop per QBO integration. Let's hope QB changes that to allow connections to multiple etsy shops from the same QBO integration app.
Mine doesn't look like this at all. QB gives me an error and tells me I'm not subscribed to the product :(
Are you sure you are using Sync with Etsy? It's free. There is a new QB Commerce product, but I haven't tested that.
Hi Sarah, Question: Knowing exactly what products are sold is important to me, so I enter my sales receipts from Etsy manually by individual product that I have set up in the Sales from Product Income categories. Since the sync with etsy app won't do that, can I go in and edit the sales receipt and choose from my product listings in the Sales from Product Income that I already have in place?
You can edit the Sales Receipts that Sync with Etsy brings in, and I think it should work. Just be advised I have not actually tried this, so it's possible there could be unintended consequences I don't know about!
@@SmallBusinessSarah Ok, thank you!
So I admit I have not finished watching this or your other recent videos - I just came across them today, but I'm stumped at trying to reconcile Etsy - but only find the csv files - I'm used to using PDF files with beginning and ending balances. My Etsy bank register in QB has a balance in the $thousands - so something is off ... any idea what's wrong? and how to get those beginning/ending balances so i can reconcile like i'm use to doing?
Also I messed up and although my bank account snapshots (transactions/banking) all have accurate balances, when I go to the individual accounts and reconcile, they're off and the more i try to fix, the more I mess them up. I have read and re-read how to 'fix' them but I'm clearly missing something :(
off to watch your videos ... thank you!
It's tough to say what might be causing the issue without seeing things for myself.
This tutorial is several years old now... do you still like sync with Etsy today ?
I like it okay. It usually works very well, although sometimes there will be little glitches in time where transactions are not brought over. These days, I tend to all of my clients using my journal entry method, which I find fairly simple and straightforward. th-cam.com/video/qg4V3KJB6_w/w-d-xo.html
@@SmallBusinessSarah Yeah, it's nice until it stops working. I'd love to switch over to your method but there's so much that Etsy app already dumped into my QBO and I'm dreading having to manually back it all out and reconstruct it.
I have tried using the etsy sync app for quickbooks. It isn't syncing so I then tried using etsy entry app on your website. Is the esty entry app not working?
The Etsy Entry App on my website is old, there should be a note at the top not to use it anymore. This is the current system I'm using: th-cam.com/video/qg4V3KJB6_w/w-d-xo.html
Hi Sarah, I'm trying to follow your video but I hit a speed bump. When I try to click on where to deposit it only gives " cash" as an option. What am I doing wrong? I've had an Etsy shop for years and it deposits to my business bank account. TIA! And thanks for this video!
Is QB new for you? Have you linked your business checking account to QB first? If it's not that, I'm not sure what is happening!
I have three Etsy shops. I have Sync with Etsy import my busiest store, and the chart of accounts show simply "Etsy" for the various expenses. With your method I'm using for my other accounts, I was planning on labeling each individual store separately (IE "Etsy BLP, Etsy TKT") for the chart of accounts, as I have labeled their Etsy banks. I noticed on your balance sheet that you have banks for each of your Etsy stores, but the chart of accounts seem to be all the same bucket. Isn't it important to have those stores listed separately in the chart of accounts, to see how each individual store is doing? If so, can I just leave what Sync creates alone, and add my additional descriptions to the other two stores?
I always create separate income and expense accounts for each shop, and label them in a similar method that you are planning. Sometimes I use the same Etsy Bank account for multiple shops, but not with the Sync with Etsy bank. And it can be just as easy to use separate Etsy bank accounts too.
I’m lost with this sync! I added the Etsy sync to start on 1/1/21. But the bank register is showing transactions before 2021. What do I do?
It will often include a few transactions from 12.31 of the year before. Just delete those couple of transactions. I think it has to do with time zones.
Do you still use this? I've been reading so many complaints about it
I do use it and like it. Anything specific you are worried about?
Is this option of Sync With Etsy only available in the US as it's not appearing in my quickbooks online in the UK?
Right now it's only available in the U.S.
I'm sure you're aware that the sales totals reported from Etsy to QB include the sales tax amount remitted by Etsy to the states. Are you aware of a means of entering this in QB in order to avoid being taxed on the incorrect amount? I'm a QB Self Employed user.
There is a big difference between self-employed and regular QB online. Yes, QB self-employed will overstate your income, I have an article on my website about that. This is a new integration with Quick Books Online, NOT self-employed. It will not overstate your income.
Unfortunately with self-employed, you can't make adjustments. So I would use your 1099 income number for taxes (less any sales tax you actually received) and not your self-employed figure. You can use your self-employed expense figures
Will this be compatible with Quickbooks Canada ?
All I know is that right now it's only available for U.S. Etsy sellers. Sorry!
Question. I have a personal bank card that i linked to my etsy shop when i first started my shop in 2020. This year, more like just now this month I opened the Quickbooks online for small businesses account and they gave me a new checking account and card with them. So i now have 2 cards. I made the mistake of not having 2 separate cards for personal and business expenses. I would like to fix that at this moment. Should I start using my new quickbooks checking account with etsy finances? So remove my personal account and use the new account for all things etsy and business only? please help, i dont want to ruin things. I would use the new quickbooks card for only business expenses and i would transfer money to my personal checking for personal expenses.
Yes, I would start using your new checking account exclusively for business transactions. That will make your bookkeeping much easier.
@@SmallBusinessSarah thank you very much! I really appreciate it, I will switch them today.
Hi there! I followed your steps, and pulled in all data starting at 1/1/2021. However, the feed pulled in a few things from 2019. Do I go into the Etsy (Company) register. and manually delete the 2019 items?
Also even though it says 'bank', the Etsy (Company) doesn't show up on the banking tab. Should there be a Opening Equity amount that you mentioned in the (Part 7 Video 2)?
The few 2019 items are a time zone issue. I would use the statement csv files to determine if you need to keep those items or not. And yes, you probably will need a beginning balance for the new Etsy bank. And it will not show up on the Banking Tab because it's not linked to a bank account, but it does have a register.
My issue is that I have a million receipts for things I buy online. Any tips on how to organize those to get my expenses calculated for tax purposes? I buy from amazon, ebay, aliexpress, and local craft stores. I'm not even going to try to find those receipts, the ones from craft stores. Too much work and not sure I will be able to tell what each thing is. I don't have one card I use for all business purchases.
@notbookluvr do you use a credit. I have one Capital One business credit card and I use it for all my purchases (I don't mix my personal and business cards) -- it is tied in to quickbooks just like the Etsy Sync App. It is easy peasy. I do nothing. The credit cards expenses are fed in to my QB account and I initially categorize, things, like phone, supplies, prints, etc. and then It auto categorizes for you each month I do check it every month but that only takes about 3 minutes and if I need to edit or make a new category of expenses I can. I am very detailed so I have lots of categories and it is a great way to see where my money is going in monthly printed reports. It has relieved me of hours and days of bookkeeping.
You can use the quickbooks app to take snapshots of your receipts, and it does a pretty good job of scanning and pulling the info (date, price and account) and then you can match it to expenses. I use this all the time, and then for that expense you have an attachment with it of the snapshot. You can also setup email forwarding where QB lets you make an e-mail address through it, and you just forward receipts to it. So, when I buy fabric for example I just forward that confirmation e-mail to my quickbooks email. QB does all the work to scan it for the info and when I see the charge on my debit card I simply click "match" and thats that. No more paper for me. I make sure everything is digital and no messy crinkly receipts of wasting paper printing online receipts :)
@@2catsandtheirmom that info is in the last sentence of my post.
@@2catsandtheirmom also, quick books is ridiculously expensive. I'm looking for an alternative.
When I sync my Etsy shop, QB automatically registers all transactions as “undeposited funds” other current assets and NOT as a bank just like in your sample. Can I change this to a bank account manually or do you not recommend that and why?
Hmm. I really have not run across this issue. So QB did not created a new Etsy Bank account? I'm not sure how to advise, sorry!
Thank you so much! I just signed up for Greenback last month. (I also just transferred over from Quickbooks Self Employed to Quickbooks Online.) So do you recommend that I cancel my Greenback account and only use the Sync with Etsy integration?
I haven't had much experience with Greenback, but Sync with Etsy will be cheaper, because it's free!
@@SmallBusinessSarah thank you! I cancelled my greenback! 😍