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Turbo tax quick books8/10/2023 ![]() For example, all sales are categorized as Income, advertising and listing fees are categorized as Advertising Expense, shipping label purchases are categorized as Office Expenses, and transaction and payment processing fees are categorized as Other Expenses. These individual line items are also brought into QuickBooks for Etsy.Ī lot of the Etsy items are automatically categorized due to the integration. For example, in your Etsy Shop Payment Account, you will see each sale, listing fee, transaction fee, and advertising fee listed separately. This connection brings in every single transaction with Etsy into QuickBooks Self-Employed, line for line. It’s easy to integrate your Etsy shop when you first open your QuickBooks for Etsy account or later in the process. How Does the Integration to the Etsy Shop Work? ![]() For business expenses you select what type of expense it is out of a limited number of options. ![]() Then you label each income or expense item as either business or personal. It’s super simple to establish these connection. You only see your income and expense items, you don’t see any information regarding your asset (cash or receivables) or liability balances (credit cards or loans).Īll of your revenue and expense transactions are brought into QuickBooks Self-Employed through secure electronic connections with your bank or credit card companies. With the focus on separating business and personal finances, QuickBooks Self-Employed does not function like a true accounting program. While it may be true that many freelancers co-mingle business and personal finances, this is not best practices, regardless of the size of the business. The premise is that self-employed individuals often mix their business and personal finances, so Self-Employed makes it easy to separate business from personal transactions. QuickBooks for Etsy, also known as QuickBooks Self-Employed, is a financial tracker designed for self-employed individuals. Click here to learn how to set-up the Sync with Etsy App with QuickBooks Online Simple Start.Īnd now to the rest of the article! How Does QuickBooks for Etsy Work? So while the rest of this article will discuss why you should reconsider using QuickBooks Self-Employed and the integration with Etsy through that program, I highly endorse the alternative integration, QuickBooks Online Simple Start and the Sync with Etsy App. Etsy promotes an integration with QuickBooks Self-Employed, a very different bookkeeping program than the rest of the QuickBooks Online suite of products. Let me be clear, Sync with Etsy is not the integration promoted by Etsy. ![]() This integration is called the Sync with Etsy App and it works with QuickBooks Online products, such as Simple Start. Soon after I wrote this article, a very different integration between Etsy shops and QuickBooks came out. For more information, please see my disclosures. 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 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). 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?
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