Etsy Changing Bank Accounts for Deposits - Best Practice?

Hello there, @Cheryl TB. I'll share some information on how you can move transactions from your Etsy payment account into QuickBooks Online (QBO).

First, ensure the bank account where Etsy deposits your money from sales and the bank or credit card account where Etsy charges your seller fees are set up in QBO before the Sync with Etsy app imports your transactions.

You can review if these accounts are already in QBO by going to your chart of accounts:

1. Go to Settings ⚙.
2. Select Chart of Accounts.
3. Look for the accounts in the list. 

If they don’t exist in QBO yet, follow these steps to add new accounts to your chart of accounts.

Second, if the account is set up, you’re ready to connect QBO to your Etsy. Here's how:

1. In QBO, select Apps from the left menu.
2. Select the Find apps tab.
3. In the Search field, enter “Etsy” and select Sync with Etsy from the list.
4. Click Get App Now.
5. Follow the on-screen instructions to set up the app, including these steps: 

• Permit Intuit to access your Etsy shop.
• Select the bank accounts you set up in step 1 so the app knows where to enter transactions.
• Select the import start date. 

After you finish setup, the app begins to import your Etsy transactions into QBO. Depending on the number of transactions, it may take a few hours to finish.

Lastly, if you choose to import Etsy transactions from the past in the second step, the app may add transactions that you already have in your books. This may cause them to be counted twice in your accounting.

Before you set up the Sync with Etsy app, you can review your Etsy transactions' income and expenses. Learn how you can make adjustments to your books if you notice any so that your accounting stays accurate.

For detailed information about automatically importing transactions from Etsy to QBO, refer to this article: Import transactions from your Etsy shop into QuickBooks Online.

Importantly, if you’re not sure what to do, reach out to your accountant. If you don't have one, we can help you find a ProAdvisor.

Please keep in touch if there's anything else I can do to help you succeed with QBO. I've got your back. Have a great day!

This is helpful for the initial set up.

However, I'm still confused on how to handle the fact that I'm changing banks from a personal account to a business account (different account numbers, etc) and I will be changing the bank account where Etsy is sending the funds.

Do you have suggestions on how best to handle that?  Can I go back into the Etsy integration and change the bank account there?

-Cheryl

Thanks for getting back on this thread, @Cheryl TB. Here's what I know about this matter.

To change the QuickBooks Account you've connected with your Etsy app, you'll first want to disconnect it from the currently connected shop. These are the steps to effectively switch accounts when using Etsy:

1. Sign in to the QuickBooks company connected to your Etsy shop.
2. On the left navigational bar, go to Apps.
3. Select My Apps and then click Disconnect.
4. In the pop-up window, select Confirm Disconnect.
   
   

Additionally, If the previous connection to your other Etsy shop added transactions you don't want in your QuickBooks, you can remove them manually.

Once done, you can now begin connecting the account that you want to integrate with your Etsy app.

For more common questions about the sync with Etsy app, You can refer to this article.

I'll be leaving these articles to help you in the future:

• Reconcile your accounts in QuickBooks
• Categorize and match bank transactions in QuickBooks Online

Let me know if you need further assistance with this by leaving a comment down below. I'd be more willing to help you. Keep safe and have a good one!

Thank you for the information.  You've given me some good reading for tonight!

Is this the best course of action?  To connect one bank account, then switch and connect another?  If I waited to connect until the new bank account was set up, is there another way to get the data over into quickbooks?

I'm looking for the best/most efficient way to approach.

Thank you.

I can share some other ways on how to handle your bank accounts, @Cheryl TB.

You may also consider adding your transactions through the WebConnect process, so you no longer need to disconnect and reconnect bank accounts. 

You’ll have to manually download the transactions from the bank. Then, upload the file to your account. Here's how:

Download bank transactions:

1. Go to your online banking account to get your file.
2. Check or follow your bank’s instructions to get a copy of the data and then save it on your computer.
3. Ensure that the data range is at least one day before your oldest transaction to avoid duplicates.
4. Please take note of the supported file format and size. It should be either a Comma-Separated Values (CSV) or a QuickBooks Online (QBO) file. 
5. Download your transactions and save the file to your desktop.

To upload the file to your QuickBooks account: 

1. Go to the Banking menu and select the bank where you’re uploading the transactions from the Banking tab.
2. Click the Link account drop-down and select Upload from file. 
3. On the window that appears, click the Browse button and choose the file that you’ll be downloading. 
4. Click on Open, then Next.
5. Follow the onscreen instructions. Match the columns on the file with the banking fields in QuickBooks, then select Next.
6. Click on Let's go. QuickBooks will now add the transactions to your account.

Check these articles for more information about sending a request to support your bank and adding your bank transactions manually:

• Find your bank or credit card account when you connect to online banking
• Manually upload transactions into QuickBooks Online

After adding your transactions, you can now match and categorize those transactions and reconcile them to ensure your books are accurate and there aren't any duplicate transactions:

• Categorize and match online bank transactions in QuickBooks Online
• Reconcile an account in QuickBooks Online

If you have other questions about adding your bank transactions, I'm happy to answer them for you. Just post it here as a reply and I'll take a look at it. Have a good one.

Is there a way to similarly upload the Etsy information?  As an example, if I got Etsy hooked up to the correct bank account on February 15th. Could I somehow manually upload the Etsy data from January 1 to February 15?  Would that work?  Or is it just better to connect Etsy to the old bank account.  Then disconnect and reconnect it to the new bank account once Etsy starts sending funds to the new bank account??

Thank you for getting back to us, Cheryl TB.

I'd like to share how you can upload data from Etsy into QuickBooks Online.

You can connect your QuickBooks Online account so you don't have to manually upload transaction from Esty app.

Here's how:

1. In QuickBooks, go to Apps from the left menu.
2. Select the Find apps tab.
3. Enter “Etsy” in the search field and tap Sync with Etsy from the list.
4. Click on Get App Now.
5. Complete the onscreen set up for your Etsy account.

I've included this article for more information: Import transactions from your Etsy shop into QuickBooks Online.

Once you're done, don't forget to reconcile transactions in your QuickBooks Online account.

Please let me know how this goes or if you still have other questions about managing your data from Etsy into QuickBooks. I'll be around if you need help. Have a nice day!

I don't think you read the entire conversation chain here..

I know how to sync Etsy.  My issue is that I am changing bank accounts from a personal checking account to a business banking account and I'm trying to figure out the best way to do that.  Currently Etsy is sending payments to my personal checking account.  I want to change my Etsy payments to go to my business account.  At the same time I've purchased Quickbooks and I want my Quickbooks to start retroactively back to January 1.  

So the question really is.. what is the very best way to get Etsy data over to Quickbooks when there will be records of Etsy payments going to one bank account at the beginning of this year and then changing to another bank account? 

I understand from a previous response that I can disconnect Etsy and reconnect it with the new bank account.  But I'm wondering if there is a way to manually put the Etsy information for the old bank account into Quickbooks so I don't connect then disconnect then reconnect the Etsy app?

I'm trying to understand the best way to accomplish my goals here.  I hope that makes sense.

-Cheryl

Thanks for getting back to us here on the Community page, Cheryl TB. 
 

Allow me to share additional information about getting Etsy data over to QuickBooks. 

In QuickBooks Online, you can manually enter the Etsy transaction for the time where it took place. However, you'll need to disconnect and reconnect from your personal account to your business account for future downloads.

For your reference: you can scan through this article: Import transactions from your Etsy shop into QuickBooks Online. This will give you in-depth details on how your transactions are imported in QuickBooks as well as tips in reconciling your Etsy account.

Additionally, in case you see duplicate transactions, you can follow the steps in this article to make adjustments: Make adjustments when you import past Etsy transactions in QuickBooks Online.

You can post questions at any time you need help with QBO. We'll be more than happy to assist you again.