How do I categorize etsy deposits into my bank? If it is already imported from etsy from the sale isn’t it a duplicate?
Thanks for the reply. Let me assist you with the Etsy transactions.
The way we link Etsy to QuickBooks Self-Employed is the same way we link a bank account. Currently, we are unable to match the downloaded transactions from Etsy and the bank.
What you'll want to do is exclude the duplicate transaction from the bank. Simply check the box of that transaction, then select the Exclude icon at the top.
I added this article if you need help in categorizing transactions and importing receipts in QuickBooks Self-Employed:
Keep on posting here if you need anything else. Stay safe!
Yes, it's expected that a particular transaction will have cash in and cash out records in ETSY, and they are imported in QBSE as such. Therefore, yes, they will cancel out.
In your bank:
Therefore, if both your ETSY and your bank accounts are connected to QBSE, one transaction will have 3 records. So, you'll want to be sure you only categorize one cash-in record as Income and treat the rest as Transfers. Income will be reported in your Profit and Loss. The Transfers are not, and are not included in estimating your tax.
I also added this link if you need help in exporting the data: Export transactions and get reports in QuickBooks Self-Employed.
Please know that QuickBooks Community has your back if you need assistance. Wishing you and your business continued success.
Welcome back to the Community, Em84.
It could be that the fees shown in QuickBooks are sales tax or shipping fees. Please note that the actual sale from sales tax and shipping fees comes into QBSE once a month. Also, QuickBooks is dependent on the data we receive from Etsy.
I've added these articles for additional reference and guide:
I'll be right here to keep helping if you need more help.
Thanks for coming back, Em84.
Etsy may break single transactions into multiple ones. The actual sales come into QuickBooks Self-Employed but things like sales tax and shipping only sync once a month. You can find this information o your Etsy account. To verify the $50.00 if it is a fee or tax, it would be best to contact the Etsy support team. QuickBooks depends on the transactions being fed through by Etsy.
If there are duplicates, you can exclude them instead. Let me show you how:
I've added the splitting and categorizing transaction articles for your reference. These resources help you organize your events properly and provide extra knowledge on how to split a single transaction between a business and personal, or into multiple categories.
Please let me know if you have other concerns about handling bank transactions in QuickBooks Self-Employed. I’m here to ensure your success. Have a good day.