Best Way to Record your Etsy Shop Sales and Fees in 2024 - QuickBooks Without an App or Integration

Hey Etsy shop owners, I know it's tempting to just record each deposit from Etsy as Etsy Income and call it a day. Unfortunately, if you do that, you miss out on a clear picture of your shop performance, and you will never tie to your 1099 from Etsy at year-end! Each deposit from Etsy is a mash-up of sales, refunds, and a bunch of fees, yet there is no report in Etsy that shows you the breakdown of these components per deposit. So, I have found that the best way to accurately and easily record my Etsy Sales and Fees in QuickBooks is monthly, with a method I call the Etsy Bank Method.
This method is fast, easy, and accurate and shows you how to get the numbers you need from the new Shop Payment Account Activity Summary that Etsy came out with in 2022.
The Etsy Bank Method is perfect for anyone who does not want to use the Sync with Etsy integration, or for anyone who has a second Etsy shop, and can't use Sync with Etsy for the second shop.
If you are a new shop, or can't afford QuickBooks Online right now, then this is my recommendation for how to do your Etsy shop bookkeeping: • Bookkeeping Spreadshee...
I'll be using QuickBooks Online Simple Start which you can find here: www.SmallBusin...
That is my referral link because QuickBooks is the only program I use or recommend.
This video is for information purposes only and does not constitute tax or legal advice.
You will need to add some accounts to your Chart of Accounts in QuickBooks. This video makes it super easy to do that: • Etsy Seller's Customiz...
Check out my entire playlist of Bookkeeping for Etsy Sellers that walks you through your Etsy Shop bookkeeping in QuickBooks step by step. • Bookkeeping for Etsy S...
Questions about taxes for Etsy sellers? Get a FREE tax guide here: SmallBusinessSarah.com/etsytaxguide
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