cancel
Showing results for 
Search instead for 
Did you mean: 
drentlawkris5
Level 1

Should I exclude Order sales from Income when my true income is what Etsy deposits

for instance, I make a sale but for each sale, Etsy deducts tax, shipping, transaction fees then is exporting what they deposit too so it seems like Im getting Income from both. Per Etsy, my sales were a lot less than what QB says
2 Comments 2
Giovann_G
Moderator

Should I exclude Order sales from Income when my true income is what Etsy deposits

Thanks for reaching out to us, drentlawkris5.

 

I'll share some information about managing Etsy transactions in QuickBooks Self-Employed (QBSE).

 

To answer your questions about excluding order sales from your income is no. We recommend leaving it the way it appears to ensure that transactions are imported correctly.

 

The single transaction in Etsy may break into multiple pieces when connected to QuickBooks Self-Employed. The actual sales will be imported first in QBSE since the sales tax and shipping only sync once a month. You can review the following information directly in your Etsy account.

 

The software automatically categorizes transactions. Etsy payments orders are considered your Business income. While the deposits made into a bank account from your payment accounts are categorized as a transfer.

 

Check out this article for more information:

 

 

QuickBooks Self-Employed program tracks your income and expenses. If you want to track your sales tax, you can add it manually. Please refer to this resource on how you do it: Manually track sales tax in QuickBooks Self-Employed.

 

Let me know if you have further questions about Etsy transactions. I'll be here to help you.

my-answer-is-nonsense
Level 5

Should I exclude Order sales from Income when my true income is what Etsy deposits

@Giovann_G , this is gonna be confusing because etsy has already deducted the sales tax and fees, and if you won't exclude the order sales in qbse, they will be included when estimating the taxes. Therefore, etsy sellers will be double-taxed in this case? I don't think that's right. Can you clarify this?

Need to get in touch?

Contact us