Etsy deposits

Forum|Forum|4 years ago
February 18, 2022
8 replies
8 views

How do I categorize etsy deposits into my bank? If it is already imported from etsy from the sale isn’t it a duplicate?

QuickBooks Self-Employed

AlexV

Level 10

Hi Em84!

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!

Anonymous

I kept looking and found for every deposit there is an equal negative transfer from etsy. Wouldn’t that equal it out?

AlexV

Level 10

Hi Em8!

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 ETSY:

you receive a payment ($100)= cash in
the payment (-$100) is deposited into your bank = cash out (negative transfer)

In your bank:

the transferred money ($100) from ETSY = cash in

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.

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