I just picked up a client who has an etsy store. 2021 is a nightmare to try and manually book. I'm really glad they made it more accounting friendly in 2022.
Wow, thank you so much for this update! I have been using your bank method since last year as I have 2 Etsy shops and this just made my life easier! I am very intimidated with anything accounting and this is very helpful! I'm really grateful for people like you who takes the time to help others. I am from Canada and this is still applicable to us here. Much love! Thanks!
Thank you for explaining so clearly! I did journal entries for the end of month, but when there was a refund, it also showed in my bank feed. The numbers don't match of course because of taxes, but where should I put these entries?
Quick question about removing/not including the "sales tax paid by buyer".... do you have to do this, or can I add it as a line on my taxes to reflect the statement and use the "total sales" without doing the calculation. I know it's an extra line, just not how it would affect things overall!
I recommend just doing it my way so that it's a bit easier to tie out to the Etsy 1099 figure at year-end. Etsy does not include the sales tax collected in the 1099 at year-end.
@@SmallBusinessSarah I'm in Canada so we don't get a 1099 from Etsy - we only get the CSV and the breakdown on the finance page! I'll double check if these figures are on there and match up! Thanks for getting back to me!
Super helpful but what numbers do you report on your turbotax self employed . Where do you plug in the Etsy numbers?? I've done the reports - but have no idea where to enter the numbers on-line in turbotax. do you have a video showing this? Thanks!!
A video on where to put these numbers on your Schedule C through TurboTax is definitely on my list! Just keep in mind, the IRS expense categories are not really geared towards the online small business owner. You will most likely have quite a few expenses that have to go to other.
I have a Bachelor's Degree in Accounting so that helps! But many of the techniques I teach are simply the best ways I have found to do bookkeeping quickly, easily, and accurately for myself and my clients. Nothing beats hands on practical experience. My clients mostly find me from this channel or through articles on my website.
I just picked up a client who has an etsy store. 2021 is a nightmare to try and manually book. I'm really glad they made it more accounting friendly in 2022.
Wow, thank you so much for this update! I have been using your bank method since last year as I have 2 Etsy shops and this just made my life easier! I am very intimidated with anything accounting and this is very helpful! I'm really grateful for people like you who takes the time to help others. I am from Canada and this is still applicable to us here. Much love! Thanks!
I'm so glad it's helpful!
Thank you for explaining so clearly! I did journal entries for the end of month, but when there was a refund, it also showed in my bank feed. The numbers don't match of course because of taxes, but where should I put these entries?
The refund amount that hit your bank feed you should categorize to Etsy Bank. That should make your month end Etsy Bank numbers balance.
Quick question about removing/not including the "sales tax paid by buyer".... do you have to do this, or can I add it as a line on my taxes to reflect the statement and use the "total sales" without doing the calculation. I know it's an extra line, just not how it would affect things overall!
I recommend just doing it my way so that it's a bit easier to tie out to the Etsy 1099 figure at year-end. Etsy does not include the sales tax collected in the 1099 at year-end.
@@SmallBusinessSarah I'm in Canada so we don't get a 1099 from Etsy - we only get the CSV and the breakdown on the finance page! I'll double check if these figures are on there and match up! Thanks for getting back to me!
Super helpful but what numbers do you report on your turbotax self employed . Where do you plug in the Etsy numbers?? I've done the reports - but have no idea where to enter the numbers on-line in turbotax. do you have a video showing this? Thanks!!
A video on where to put these numbers on your Schedule C through TurboTax is definitely on my list! Just keep in mind, the IRS expense categories are not really geared towards the online small business owner. You will most likely have quite a few expenses that have to go to other.
Once the money gets deposited into your bank account, what do you do? Are you able to match it to the etsy bank?
Categorize the Etsy deposits to Etsy Bank. You won't be matching to anything.
From where did you learn all these things and from where did you get clients ?
I have a Bachelor's Degree in Accounting so that helps! But many of the techniques I teach are simply the best ways I have found to do bookkeeping quickly, easily, and accurately for myself and my clients. Nothing beats hands on practical experience. My clients mostly find me from this channel or through articles on my website.
Hi,Sarah
Is there any way i can work with you?
I'm not taking on any hourly/consulting work at this time.
Please could you give me a link for more info about your Etsy bank method? I'm lost )
This is the main video for that method: ruclips.net/video/qg4V3KJB6_w/видео.html
@@SmallBusinessSarah Awesome, thank you!