QBSE for Etsy UK Sellers.

Hi U1511M!

Welcome to QuickBooks Community. I'm here to assist you in categorising the transactions.

First, please note that linking your Etsy account is just the same as linking a bank account. Since you linked both, you'll want to make sure that this won't cause a duplicate. You have the option to exclude or delete the transaction that causes discrepancies.

There are different categories in QuickBooks Self-Employed depending on the transaction. For example, for the Etsy processing fee, you can categorise it as Transaction/processing fee. You simply need to review the Category column. Select a general type, and choose a more detailed category.

Please check this article for your reference: Categorise transactions in QuickBooks Self-Employed.

Also, it's always best to refer on your bank statement when categorising transactions. This is to ensure that everything is accurate and matches your real-life bank account.

You'll want to check if Etsy provides receipts for these fees. That's what you'll want to attach to the transaction. Please check this article for more details: Record or attach expense receipts.

Lastly, I added this link if you need help in filing your taxes: Year-end Taxes.

Post a comment below if you need anything else. I'll help you!

Thank you for your response.

I still have some questions, if that is alright.

So under the Etsy account, will I need to exclude all Etsy sales and Etsy deposit transactions? So the only transactions under this account will be fees. Or, do I mark the deposit transactions as transfers? 

When excluding the transactions, will QuickBooks pick up on this and do it automatically? Would it be wise to add a note on the transaction detailing why I have excluded it or is that pointless?

Also, before excluding a transaction, should I fill out all the necessary details? I.e type, category and any notes? 

Thanks in advance!

Thanks for getting back to us, U1511M. I'd be happy to answer all your queries.

You have the option to exclude all Etsy's sales and deposits as long as they're duplicating your transactions. QuickBooks will not pick up the transactions automatically, so you'll need to exclude them manually. 

And yes, you can also add notes to your transactions before excluding them. Here are the steps to complete the process:

1. Click Transactions in the left panel.
2. Find the transaction you want to exclude and select it to expand the view.
3. Select the Exclude this transaction checkbox.
4. Hit Save.

Additionally, the following resources are good references. These will provide you with more details on how to manage your transfers as well as deposits in QuickBooks Self-Employed:

Transfers: Owner's Deposit.

Categorise money transfers in QuickBooks Self-Employed.

I want to ensure that your questions are addressed accordingly. I'll be your helping hand whenever you one. Have a nice day!