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TheHandmadeDesigner
Level 1

Linking bank accounts and Etsy on Self Employed. Does income get counted twice?

I just purchased quickbooks self-employed for my new etsy business. I plan to sell on Etsy, but also through word of mouth and Facebook. I am confused on linking accounts. So, I link my Etsy account, a bank account, and PayPal. But, I have Etsy showing income, but when it gets deposited into my bank account, does that income get counted twice? Same with PayPal, when I have Etsy telling me I have income, but then it goes to my PayPal, then transferred to my bank account. I just want to make sure my transactions are not being counted more than once. If this makes sense, lol. Thanks for any input!

3 Comments 3
MarsStephanieL
QuickBooks Team

Linking bank accounts and Etsy on Self Employed. Does income get counted twice?

Hi there, @TheHandmadeDesigner.

 

You can add these three accounts to the Bank account page in QuickBooks Self-Employed if these weren't connected yet. This is because if one of your accounts is connected to QuickBooks Self Employed and you wanted to reconnect it again, you will get duplicate transactions.

 

Also, If you're new to QBSE, you can only get the last 90-days transactions from your bank account.

 

Here's how to add your bank accounts:

 

  1. Go to Settings, select Bank accounts.
  2. Click the Connect to other account button.
  3. Enter the name of the bank in the text box and click the Search icon.
  4. Click the Connect button.
  5. Choose the Sub-accounts you want to include, then turn on the Radio button beside it.
  6. Click Continue, then select Done.

 

I've included this article and screenshot in case you need to delete duplicate transactions downloaded from your bank: Handle duplicate transactions in QuickBooks Self-Employed.

 

 

I'll be here if you have other questions or concerns. Let me know in the comment section and I'll help you further. Take care.

TheHandmadeDesigner
Level 1

Linking bank accounts and Etsy on Self Employed. Does income get counted twice?

Thank you for the help. But I already have the 3 accounts connected. That seems crazy that I have to go through my transactions to find duplicates. I had a sale on Etsy, so it shows up as income on QB. Then, it gets deposited in my bank account, and is shown as income again. So, I manually have to go through and exclude them? I feel like there is so much room for error. Would it be beneficial to just only have my bank account connected, since that's where all the funds are coming and going from anyway?

ZackE
Moderator

Linking bank accounts and Etsy on Self Employed. Does income get counted twice?

Thanks for following up with the Community, TheHandmadeDesigner.
 

You're correct, since each bank connects to QuickBooks differently, sometimes there can be crossed wires where transactions get downloaded more than once. You'll have to go through your online banking history to identify and exclude duplicates if they come about. You can use the resources in MarsStephanieL's post to handle these records.
 

There's many benefits that come along with connecting bank and/or credit card accounts to Self-Employed. Doing so allows you to skip manual data entry. Your books will also categorize the downloaded information. All you have to do is approve the work.
 

I've included a couple resources about online banking and categorizing transactions that may come in handy moving forward:

 

If there's any additional questions, I'm just a post away. Have a great day!

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