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Level 2

How do I account for a sale on Etsy (so I can track items sold) if Etsy automatically deposits funds into my bank account with fees already deducted?

I can't use undeposited funds to sort it all out because the funds are already deposited in my checking account. Do I pay it from my checking account? If so, how would I account for fees? I'm very confused. 

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Best answer December 10, 2018

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Level 6

How do I account for a sale on Etsy (so I can track items sold) if Etsy automatically deposits funds into my bank account with fees already deducted?

You have to enter the sale, deposit it into undeposited funds, make a deposit, at the bottom of the page, put your merchant acct fee as a negative Amt.  your net sale will match your bank feed deposit.

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Level 6

How do I account for a sale on Etsy (so I can track items sold) if Etsy automatically deposits funds into my bank account with fees already deducted?

You have to enter the sale, deposit it into undeposited funds, make a deposit, at the bottom of the page, put your merchant acct fee as a negative Amt.  your net sale will match your bank feed deposit.

View solution in original post

Level 2

How do I account for a sale on Etsy (so I can track items sold) if Etsy automatically deposits funds into my bank account with fees already deducted?

Thank you SO much for your answer! To clarify, after you enter the sale, then you receive a payment (which goes to undeposited funds)? And when you say "make a deposit", you mean only in QB, not actually putting money in the bank, right? (Sorry to be so dense. This is all so new to me!)
Level 1

How do I account for a sale on Etsy (so I can track items sold) if Etsy automatically deposits funds into my bank account with fees already deducted?

I also minus out the processing fee from the Undeposited Funds Account.  However, the timing is off when the actual funds are deposited.  I have to pull out the order receipts to be sure I am crediting/debiting the correct sales.  The deposits match up but the deposit date does not.  I would prefer to input my recordkeeping at one time and not having to go back through all the receipts.  I created a clearing bank for Amazon Marketplace to deal with this same problem.  I minus out the fee and deposit the amount Amazon will be sending to me as a deposit. I transfer the money to my checking when the deposit is actually made. This seems to make my recordkeeping to run smoother.  I think I will set up a Bank account for Etsy as well.    Lynda's comments on recording fees this way would be greatly appreciated. thanks
Anonymous
Not applicable

How do I account for a sale on Etsy (so I can track items sold) if Etsy automatically deposits funds into my bank account with fees already deducted?

Another way to do this is to set up Etsy as a 'bank' account and track the activity in that account, including sales and fees, and then record the Etsy periodic deposits as transfers between the accounts.

We now offer an app for this, which handles the accounting in this way.  It also imports your sales details on sales receipts, including items and shipping and other amounts and lets you map your Etsy sales items to QB items.  See [link removed] 



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