Here is a quick overview of Etsy QuickBooks on how to import transactions from Etsy into QuickBooks and the way to sync the Etsy app with QuickBooks. You will also learn about the benefits of syncing with Etsy to keep your finances and business expenses organized. For further details dial our toll-free number +1-818-295-3510.
You can import your transactions from your Etsy payment account into QuickBooks by syncing with the Etsy app. It will automatically enter and categorize each sale, fee, and refund. By doing this you can save a lot of time and keep your books updated. Now let’s know, how to import transactions from Etsy shop into the QuickBooks Online.
Import Transactions from Etsy Shop into QuickBooks Online
Read the information given below to set up the app and bring your Etsy transactions into QuickBooks.
Step 1: Setting Up Accounts in QuickBooks
You have to make sure these accounts are set up in QuickBooks before using the Sync with Etsy app to import your transactions:
- Etsy bank account is where your money from sales is deposited.
- Etsy charges your seller fees to this bank or credit card account.
You can check if these accounts are already in QuickBooks by going to your chart of accounts:
- Go to Settings ⚙.
- Select Chart of Accounts.
- Look for the accounts in the list.
Step 2: Set Up & Sync with Etsy App
Connect QuickBooks to your Etsy shop after setting up the account:
- From the left menu, select Apps from QuickBooks
- Click on the Find apps tab.
- enter “Etsy” in the search field, then select Sync with Etsy from the list.
- Click on Get App Now.
- Now, follow the instruction on the screen to set up the app, which are:
- Give permission to Intuit to access your Etsy shop.
- Select the bank accounts which you set up in step 1 so that the app knows where to enter transactions.
- Choose the import start date.
When the setup is finished, the app starts importing your Etsy transaction into QuickBooks. Soon after the first import, the Etsy payment account is checked by the app t least once every three hours and brings in the latest transactions.
Step 3: Adjust your Books for Past Transactions
If you choose to import past Etsy transactions in step 2, the app may duplicate transactions already in your books. They may be counted twice in your accounting as a result of this. You must review your QuickBooks income and expenses that you posted before you set up the Sync with the Etsy app, so your accounting stays accurate.
These adjustments are needed to be made only after the first import. By syncing with the Etsy app, new transactions are imported, which automatically creates transfers to match deposits or charges to your bank or credit card account. This will prevent transactions from being counted twice.
Step 4: Reconcile Etsy Account and Bank Account
Review your “Etsy <Name of your shop>” account each month and ensure that it matches the statement from the bank you use for your Etsy payment account. The transactions in your payment account for that period are shown on Etsy’s statements, but there are no beginning or ending balances.
How Does the App Categorize Etsy Transactions in QuickBooks
The app saves all of your Etsy payments transactions in a bank account called “Etsy <Name of your shop>.” Here is a detailed look at the types of transactions it enters in a form of a table:
|Etsy activity type||Etsy activity type|
|Advertising & Promotional (fee)Etsy Ads (fee)Offsite Ads (fee)||Expense|
|Gift Wrap (fee)||Expense|
How to Sync Etsy with QuickBooks Self-Employed
QuickBooks Self-Employed keeps your business finances and expenses organized. All the transactions and seller fees are imported from Etsy which are automatically categorized. You can also include sales and expense data from Square, PayPal, and any bank account or credit card you use for business expenses. You can connect your Etsy account to QuickBooks Self-Employed through the banking page.
- From the Gear icon (⚙), select Bank accounts.
- Enter Etsy in the search box. Then select Continue. If you have already connected a bank account before, click on Connect another account.
- Enter your log-in credentials for Etsy, then select Connect securely.
Benefits of Syncing with Etsy
Sync with the Etsy app is a simple and smart way to bring Etsy payment account transactions into QuickBooks which categorizes each sale as well as listing and transaction fee. Its key benefits are:
- Remove the need for manual data entry: Import Etsy payment account transactions into QuickBooks automatically.
- Reconciliation is simple: Match your Etsy deposits to your bank deposits with ease.
- Obtain knowledge: On your Profit and Loss report, you can clearly see your Etsy shop income and expenses.
Hope this article was helpful to know Etsy QuickBooks integration. And now you are able to connect your Etsy shop to QuickBooks within minutes to keep your transaction organized. You can connect with the certified QuickBooks experts through the toll-free number +1-818-295-3510, for any kind of queries related to the topic.