Recording Business Income from Etsy/Bank Account

Thank you for adding a post, Kael. I can share with you some information about classifying your bank transaction in QuickBooks Self-Employed (QBSE).

Etsy and your bank have a unique connection with QBSE. You need to match the categories of your transactions to avoid duplicate entries. In your case, you can classify the bank deposit as business income. Sometimes, there can be crossed wires where transactions get downloaded more than once. You'll have to go through your online banking history to identify and exclude duplicate entries. Here's how: Handle duplicate transactions in QuickBooks Self-Employed.

On the other hand, you can learn more about categorising download transactions through this link: Categorise transactions in QuickBooks Self-Employed.

In case you want to split a single transaction between a business and personal, or into multiple categories. Use this article as your guide: Split transactions in QuickBooks Self-Employed.

Let me know if you have any other questions about classifying your bank transactions, I'll be right here to help. Keep safe!

I appreciate you for taking some effort here in the community, @Kael.

I understand that you want to know if your transaction is categorised correctly and how this will show on your report.

It depends on how you categorise a transaction. If you categorise it as income, then it will reflect on the reports. As for sub-accounts, you'll see their transactions separately.

Feel free to exclude or delete categorized accounts if it causes duplicate and split transactions, and put them to the right accounts.

Here’s a way on how to edit an existing account to a subaccount:

1. Navigate to Settings and select Chart of Accounts.
2. Look for the account and tick the Dropdown Arrow ▼ in the Action column. Then hit Edit.
3. Go to Is sub-account and then enter the parent account.
4. Select Save and Close.

Here are other tips on how to create subaccounts in QuickBooks Online.

I’ve also added this article to guide you more about categorising income and expense accounts.

Additionally, I suggest you to contact your accountant to guide you fully concerning taxes.

Drop a comment below if you need more clarification with regards to categorising accounts. I am always here to assist you. Have a wonderful day ahead @ Kael!